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IT Security Market Report 2011
Key Note Publications Ltd, June 2011
In 2010, the UK IT security market grew by 10.5% to be worth £5.28bn. This large amount of growth is parallel to the growth of the IT industry, as more people are using tablet, laptop and desktop computers. The market has been subject to a large amount of growth since 2006, and a stunt in growth was minimal despite the global recession.
IT security is becoming an ever bigger problem for large businesses. In 2008, 72% of large businesses reported a security incident. However, this figure skyrocketed to 92% in 2010, according to the Information Security Breaches Survey 2010, published by PricewaterhouseCoopers. This large increase over 2 years shows that the demand for IT security can only rise in the coming years, as companies are faced with the bleak prospect of having to clear the aftermath of an IT security breach.
In February 2011, the Office of Cyber Security and Information Assurance announced that cyber crime is costing the UK economy £27bn a year. This figure far exceeds the value of the IT security market and proves that companies are more likely to save money if they invest in their IT security infrastructure. The IT security market needs to emphasise the destruction that is caused by IT security breaches and emphasise the absolutely necessity for companies to invest in an excellent IT security system.
A worrying development for companies across the UK is that many IT security attacks are no longer motivated by money but have a political motivation. This type of security attack can be embarrassing, because it is usually in the public domain and can easily damage a brand or company’s reputation. Decentralised groups of hackers such as Anonymous have targeted companies that have angered them through their actions, such as Sony coming under attack for suing George Hotz, a hacker.
Looking to the future of the market, IT security companies need to invest a lot of money to stay ahead of competitors and hackers. The IT security industry is similar to an arms race; hackers are looking to find of new ways of infiltrating computers and it is up to IT security companies to stay one step ahead of them.
In the next 5 years, the value of the IT security market looks set to continue to grow. Key Note has forecast that the market will be worth £8.3bn in 2015, an increase of 57.2% since 2010. However, year-on-year growth is expected to slow a small amount in the next 5 years. The market can expect to benefit from extremely healthy year-on-year growth and more attitudes will change, with IT security being considered a ‘must’ instead of an ‘add-on’.
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