IT security market to grow
It added that the growth reflects a compounded annual growth rate (CAGR) of 22.5%.
"Increase in mobile computing activities, including wireless Internet access, has removed the traditional IT security perimeters, thus compelling both corporate and individual users to seek out more stringent security solutions," it said.
BMI-T added that it had also found that the growing complexity of IT environments, due to new and developing business processes and systems, was resulting in increased exposure to threats and higher risk, which in turn drives the IT security market.
Phuculwa Lupuwana, BMI-T Research Analyst and author of the report, said that the IT security software market segment has constantly been accounting for more than 50% of the total SA IT Security market, followed by the IT security hardware and services market segments respectively.
BMI-T anticipates that this trend will continue throughout the forecast period from 2006 to 2011, it said.
Globalisation, regulatory compliance and corporate governance are impacting the way that companies manage and store their business data, particularly for organisations that deal with, or are part of global companies, it said, adding that it expects IT security to play a crucial role in the selection of business partners and suppliers.
"Losses related to security breaches from both financial and business reputation point of view are increasingly becoming a reality for South African companies. IT security is now regarded as one of the critical areas of business continuity planning, with a growing focus on data security and integrity," said Lupuwana.
BMI-T said that it believes that as more businesses realise the importance of IT security this fuels the demand for various IT security solutions, including managed services, which presents opportunities for vendors to enter into service level agreements with businesses.
"Industries such as the telecommunications and the financial services sectors will continue to be on the forefront of IT security and business continuity adoption, due to their business risk levels. However other industries, including the public sector are expected to quickly catch up," Lupuwana concluded.
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