With the expansion of the Internet globally, security services for the same have been growing at a rapid pace too — especially since the threat of malware and spyware have become commonplace in the past few years. Market research firm Gartner expects the global spending on information security products to reach $86.4 billion in 2017.
Attacks such as the WannaCry and Petya ransomware earlier this year, the widespread malware-ridden apps on Android app store and multiple data breaches have given a steep rise in the demand of application security testing within the infrastructure protection segment.
Gartner’s report mentions that spending on emerging application security testing tools like Interactive Application Security Testing (IAST) will be a major contributor to the industry at least until 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, Gartner, in a statement.
This might, in turn, lead to a slowdown in the hardware support services industry as more users and corporates accept and start relying on virtual appliances, public cloud and SaaS editions of security solutions.
The spending is further expected to grow to $93 billion in 2018.
“Organisations can improve their security posture significantly just by addressing basic security and risk-related hygiene elements like threat-centric vulnerability management, centralised log management, internal network segmentation, back-ups and system hardening,” added Deshpande.
The report said that the EU General Data Protection Regulation (GDPR) is expected to drive 65 per cent of data loss prevention (DLP) buying decisions through 2018.