A recent study by Gartner found that the security software market generated more than $17 billion in revenue in 2011, representing an increase of more than 7 percent from sales in 2010. Small and medium-sized businesses were among the top drivers for this growth.
The security software market continued to experience sales, despite an uncertain economy and the demand to reduce IT spending within the private sector, Gartner noted. This suggests that the need to protect mission-critical data and processes, like phone and fax services, outweighs budget restraints.
"Products within the security market are undergoing rapid evolution, in terms of both new delivery models - with Security-as-a-Service showing increasing popularity - and new technologies being introduced, often by startup companies," Gartner research director Ruggero Contu said. "Key vendors continued to expand their product portfolios in 2011, buying companies where appropriate and expanding their reach into emerging markets."
According to Global Industry Analysts, the global business software market will generate more than $384 billion in revenue by 2015. A major part of this market will be security, especially as more companies adopt cloud computing and bring-your-own-device BYOD) policies.