The analyst company’s report, “Global network security markets: an evolving market”, points to September 11 as the catalyst for worldwide business security awareness.
The report forecasts considerable global IT security investment in 2003, culminating in vendor revenues for firewalls and virtual private networks (VPNs) hitting the $7.5bn mark by 2005, and e-security services revenues increasing at an average annual rate of 24% between 2001-2005, to $14.5bn.
Datamonitor expects the increasing complexity of security solutions forcing IT managers to take up offers to outsource the managing and monitoring of solutions, such as firewalls and VPNs.
As a result, global outsourced security services is expected to be the fastest growing area of the e-security services market, with a predicted CAGR of 35% between 2001-2005, reaching $2.9bn,equating to 20% of all security services revenues.
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