Security and Business Continuity Remain Highest IT Spending Priorities According to IDC Survey
FRAMINGHAM, MA – SEPTEMBER 25, 2003 – Nearly two years after the events of 9/11, ongoing threats from hackers, viruses, and worms continue to make security a top priority for IT and business professionals alike. Similarly, August's widespread electrical blackout in the U.S. reinforced the need for business continuity preparedness. With these issues at the top of the IT agenda, IDC expects worldwide spending on security and business continuity to grow twice as fast as IT spending over the next several years, reaching more than $116 billion by 2007.
"Corporate spending on security and business continuity has been held back by two factors – uncertainty about the severity of risk posed by security threats and ongoing budget austerity," said John F. Gantz, chief research officer and senior vice president at IDC. "However, any skepticism about the potential consequences of a security breach is fading fast as enterprises seek to improve their ability to manage organizational risk."
Although spending decisions have been delayed, corporate security remains the number 1 priority of IT professionals. Forty percent of nearly 1,000 IT managers surveyed by IDC in July 2003 rated security as their highest priority. And security was the only area where the number of respondents who indicated that spending had increased was greater than those saying it had decreased over the previous six months.
This focus on improving enterprise security will cause spending on security and business continuity products to surpass $70 billion by the end of 2003. While much of this spending will be directed toward immediate security needs, growth will be sustained by the security demands of privacy regulations, including HIPPA and the Gramm-Leach Bliley Act (GLBA). IDC expects spending on hardware, software, and services to be relatively uniform throughout the forecast period.
IDC's Worldwide IT Security and Business Continuity Forecast, 2002-2007 (IDC #30136) presents a new market forecast for worldwide IT security and business continuity. The forecasts presented are an aggregate of more than 200 discrete IDC market forecasts from 8 regions in 20 categories and numerous sub-categories that were current in July 2002. In addition, IDC also surveyed almost 1,000 IT managers about their current enterprise projects and spending priorities.
IDC is the premier global market intelligence and advisory firm in the information technology and telecommunications industries. We analyze and predict technology trends so that our clients can make strategic, fact-based decisions on IT purchases and business strategy. Over 700 IDC analysts in 50 countries provide local expertise and insights on technology markets. Business executives and IT managers have relied for 40 years on our advice to make decisions that contribute to the success of their organizations.
IDC is a subsidiary of IDG, the world's leading technology media, research, and events company. Additional information can be found at www.idc.com.
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