Video | Business Headlines | Internet | Science | Scientific Ethics | Technology | Search

 


Spending on IT security reaches $142.6 million

For Immediate Release

Spending on IT security reaches $142.6 million in 2003, growth fuelled by virus scares driving demand for security services, says IDC

Auckland, 23rd February 2004

At its peak the recent Mydoom virus was hitting some New Zealand businesses with over 2000 messages per minute. This sort of repetitive bombardment of businesses by external threats has certainly raised the profile of IT security in New Zealand. Since 1996 IDC has asked New Zealand CIO's what their biggest challenge will be for the coming year. In 2003, information security jumped from a typical position of around 14 to be the 4th biggest issue for CIO's, and this growing concern for security is being reflected in strong market growth.

IDC's recent report on the "New Zealand Security Solutions Market, 2003 – 2008" reveals that the IT security market in New Zealand was worth $142.6 million in 2003 and is forecast to be worth almost $450 million by 2008, a compound annual growth rate (CAGR) of 26.5% (Figure 1).

Over the forecast period, the IT security hardware market is forecast to grow the fastest with an expected CAGR of 34.7%. The services market is also forecast to grow rapidly with a CAGR of 25.1%. IT security services will contribute the most in terms of revenue to the New Zealand IT security market, accounting for at least 38.8% of the total market over the entire forecast period.

“The security software market is changing, customers are moving away from purchasing point products that address a specific concern, to more proactive, centralised and integrated solutions”, says Jane McPherson, Market Analyst. The Internet, mobile computing, corporate growth, strategic ecommerce initiatives and the use of VPN's are driving the adoption of security software. This adoption, particularly around secure content management, is set to continue in the future, fuelling growth in the security software market in New Zealand.

“The New Zealand IT security hardware market is forecast to increase over the forecast period, rising from $38.64 million in 2003 to $171.1 million by 2008", says Jane McPherson, "this growth will be driven largely by the expansion in the SME space and the uptake of broadband communications as increased network traffic could pose potential security problems”.

With the IT environment quickly moving towards one which is ‘connected anywhere and anytime’, vendors that are able to take up the role of an educator and provide integrated products and associated services will be best placed to profit in this security-conscious hardware market. Opportunities are greatest amongst large businesses, as they tend to be ahead in their adoption of IT and at present are likely to show early signs for emerging market trends. Security requirements of large businesses tend to be more intensive and often strategic.

About IDC:

IDC is the foremost global market intelligence and advisory firm helping clients gain insight into technology and eBusiness trends to develop sound business strategies. Using a combination of rigorous primary research, in-depth analysis, and client interaction, IDC forecasts local and worldwide markets and trends to deliver dependable service and client advice. More than 700 analysts in 43 countries provide global research with local content.

IDC's customers comprise the world's leading IT suppliers, IT organisations, eBusiness companies and the financial community. Additional information can be found at . -ENDS-


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Sci-Tech
Search Scoop  
 
 
Powered by Vodafone
NZ independent news