According to the market research firm Gartner, Global spending on information security products and services will reach $86.4 billion in 2017, an increase of 7 percent over 2016. The research firm also states that the spending is expected to grow to $93 billion in 2018.
Talking about the growth the research firm said that it is attributed to continued data breaches and growing demands for application security testing within the infrastructure protection segment.
Spending on emerging application security testing tools, particularly "interactive application security testing" (IAST) will contribute to the growth through 2021.
"Rising awareness among CEOs and boards of directors about the business impact of security incidents and an evolving regulatory landscape have led to continued spending on security products and services," said Sid Deshpande, principal research analyst at Gartner.
"However, improving security is not just about spending on new technologies. As seen in the recent spate of global security incidents, doing the basics right has never been more important. Organizations can improve their security posture significantly just by addressing basic security and risk related hygiene elements like threat centric vulnerability management, centralized log management, internal network segmentation, backups and system hardening," said Deshpande.
The report also notes that the EU General Data Protection Regulation (GDPR) is expected to drive 65 percent of data loss prevention (DLP) buying decisions through 2018.
Organizations that do not have strong DLP in place are looking to increase their capabilities, while those with some form of data loss prevention (DLP) already implemented, are determining what additional capabilities they need to invest in.
By 2021, more than 80 percent of large businesses in China will deploy network security equipment from a local vendor.
China's recently approved cyber security law will contribute to the further displacement of U.S.-manufactured network security products with local Chinese vendors. Despite an increase of 24 percent in 2016, Gartner expects end-user spending growth in Asia/Pacific to return to single-digit yearly growth from 2018 onward, as a result of a decline in average selling prices (ASPs), due to the more competitive pricing of Chinese solutions.