UK security products market could reach US $1.7 billion in 2019
Almost half of UK businesses plan to increase their ICT spending this year. UK enterprises understand the value of investing in newer ICT divisions to drive productivity and growth in their organisations.
Results of a survey of 178 UK enterprises conducted by Kable shows that the amount of respondents headed toward lowering their ICT budgets and the portion leaning toward keeping their investments unchanged will decline.
The growing amounts of cyber-attacks and malware have generated investments in security products and services. Identity and access management (IAM) and backup & archive are leading security divisions among UK enterprises with 63 percent of businesses planning to invest in each of them over the next two years. Kable's forecasts for the UK further confirm that the security products market will reach an estimated figure of $1.7 billion (£1.2b) in 2019, growing at a CAGR 5.5 percent from 2015 through 2019.
UK businesses have been changing their enterprises operating models with cloud computing technologies such as SaaS, PaaS, and IaaS as well as increasing their investments in IaaS in comparison to SaaS in 2015. IaaS market size is predicted to grow at the highest CAGR of 46.3 percent from 2015 to 2019, expecting to override SaaS with $5.6b (£3.8b) by 2019.
“The pervasive adoption of security solutions and its services is expected to grow in the coming years, as the implementation of various disruptive technologies such as cloud, mobility, and social media, is creating newer security challenges and threats for mission-critical enterprise data,” says Renjitha Balkrishan, an analyst at Kable.