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17 June 2013 by Enterprise Innovation editors
The IT security products market in Asia Pacific excluding Japan (APEJ) is set to grow at a CAGR of 11.7% and reach $5.79 billion by 2017, according to IDC.
IDC research shows that the market revenues reached $3.34 billion in 2012, jumping 12.3% from 2011.
Findings suggest that compliance, threat landscape, product refresh cycles especially to address increasing networking speeds have been the drivers behind this growth.
Adoption and expansion of cloud, mobile, and wireless technologies have also created new and different threats to the network, increasing the scope of the market.
Naveen Hegde, research manager of APAC infrastructure software research at IDC, said demand is clearly on a strong positive curve.
Hegde observes that the need for security has never been greater because everyone wants to be risk averse to cope with the threats from new technologies.
“As the industry undergoes a transformation enabled by cloud, mobility, social and big data, compliance-backed security will be playing a very crucial part in enabling this transformation,” he said.
Hegde added that many APEJ organizations have set expansionary budgets for IT security for next six to 12 months. Organizations now pay more attention to security than they did a couple of years ago.
He said the endpoint function is leading the overall market in terms of revenue size followed by unified threat management and identity access management segments.