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Gartner, Inc. has issued a report predicting that the worldwide spend on IT security is in the midst of an 8.4 percent uptick in 2012, and it is expected to continue to rise through 2016. The $60 billion anticipated for 2012 compares to $55 billion last year, with a projected spend at $86 billion in 2016.
According to the report, entitled "Forecast Overview: Security Infrastructure, Worldwide, 2010-2016, 2Q12 Update", roughly 45 percent of the responding CIOs anticipated increases to their security budgets, while 50 percent expected their security budgets to remain flat. Only 5 percent of CIOs were anticipating budget decreases. Respondents from some emerging markets, such as Brazil, China and India, anticipated increases that were higher than the worldwide averages.
Advanced persistent threats, enhanced targeting efforts, and the increased sophistication of attacks were spotlighted as key reasons for the budget increases. Gartner predicts that organizations will continue to seek the security expertise necessary to mitigate the vulnerabilities and address whatever circumstances might arise.
Managed security services, gateway appliances, and security information and event management (SIEM) are identified as the fastest growing market segments, while cloud-based security received an honorable mention for above-average growth.