By Greg Wilson
According to IDC, the combined revenues of the IT security market—including software, hardware and services— will reach US$45 billion by 2006.
The value of the total IT security market is expected to skyrocket over the next three years. According to research from IDC, the combined revenues of the IT security market — including software, hardware and services — will reach US$45 billion by 2006.In 2001, the total IT security market was worth US$17 billion.The security hardware market will register the strongest growth rate between 2001 and 2006, with a 25% compound annual growth rate (CAGR). Services market will rack up a 24% CAGR and the software space will grow at 16% per year.“Although many IT markets declined from 2001 to 2002, a recent IDC survey shows security spending remains a top priority for most organizations,” says Brian Burke, senior research analyst for IDC's Security Products service. “New corporate initiatives involving identity management and Web services will continue to fuel IT security growth over the next five years,” he adds.IDC predicts that the evolution of the IT security market will be dominated by a combination of products and services implemented to work together and improve an organisation’s network security.