Worldwide spending for information security services and products will reach $86.4 billion in 2017, up 7% compared to the previous year, according to Gartner’s industry forecast. Experts expect manufacturing companies to be among those that will submit purchase orders for information security products, amid the ongoing developments in equipment and technology.
Still, you should consider automated PO management software for faster yet more accurate completion of such orders, whether or not you are in the manufacturing business.
For 2018, Gartner expects companies to spend $93 billion for security testing products and services within infrastructure protection market. The firm attributed the anticipated growth to a continual occurrence of data breaches and an increasing demand for application security testing as part of DevOps.
A growing popularity of the public cloud, software-as-a-service (SaaS) security solutions, and virtual appliances will also drive growth for hardware support services, according to Gartner. Still, security services will outpace growth in consulting, implementation and IT outsourcing, the forecast noted.
Sid Deshpande, Gartner principal research analyst, said that CEOs are becoming more conscious of how IT security breaches affect business serves as one reason for an increased level of spending, as well as the continuous development of regulatory policies on products and services.
Investing in Security
While spending more on IT security technologies is good, companies should not only focus on that, Deshpande said. The implementation of basic security measures such as threat centric vulnerability management, backups and system hardening is just as important.
The forecast also noted that the EU General Data Protection Regulation would positively influence spending on IT security through 2018. By 2020, as much as 40% of managed security service contracts merge with other services.
As companies are projected to spend more on IT security, how does your business intend to keep up with managing and tracking different purchase orders?