Ovum: A/NZ security software market to hit $US730m in 2015

Ovum: A/NZ security software market to hit $US730m in 2015

Globally, the market would be worth $23.3 billion by 2015, according to the analyst firm

The security software market across Australia and New Zealand is set to become a $US730 million industry by 2015, according to analyst firm, Ovum.

In 2010, the industry was worth $US450 million, an 8.2 per cent growth year-on-year.

A compound annual growth rate of 10 per cent is expected until it hits $US730 million by the end of 2015.

For Asia-Pacific, the security software market reached $US2.49 billion in 2010.

According to Ovum, this will grow to become a $US4 billion industry in the region by 2015.

Globally, the security software market was worth $US16.76 billion in 2010 and is predicted to reach $US23.3 billion by 2015.

Ovum ranks Symantec as the vendor with the most market share in the business. McAfee comes in second and Trend Micro is third on the list.

The maturing cyber-criminal market means more sophisticated attacks are constantly launched against enterprises to steal valuable data.

Earlier this year, Sony’s PlayStation Network was hit by a cyber attack in which the company reportedly lost customer credit card details.

“These [perpetrating] organisations, which include governments, have the resource to ramp up the threat level and launch advanced and persistent attacks, which are difficult to defeat,” Ovum principal analyst, Graham Titterington, said in a statement.

“The competitive market in the region makes this threat a particular concern.”

And this is driving up demand for security solutions and spurring the growth.

“The major changes that will drive growth of the market during the next few years are cloud computing, increased mobility and business use of social networking," Titterington said in the statement.

“The security issues these phenomena raise can be significant and need to be tackled accordingly.”

Greater interoperability of systems between organisations, use of shared user authentication systems and increasing use of virtualisation technology were also listed as things that will impact security software adoption.

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