The market is expected to grow to $67.2 billion (€50 billion)

Jun 11, 2013 20:11 GMT  ·  By

Gartner believes that the worldwide security technology and services market will grow by 8.7% this year to $67.2 billion (€50 billion). Furthermore, by 2016, the market is expected to grow to over $80 billion (€64 billion).

“With security being one of the top IT concern areas, the prospect of strong continued growth is assured,” noted Ruggero Contu, research director at Gartner.

“The consistent increases in the complexity and volume of targeted attacks, coupled with the necessity of companies to address regulatory or compliance-related issues continue to support healthy security market growth.”

Eric Ahlm, research director at Gartner, added, “To support the growing need for security analytics, changes in information security people, technologies, integration methods and processes will be required, including security data warehousing and analytics capabilities, and an emerging role for security data analysts within leading-edge enterprise information security organizations.”

The fact that the security market is growing is demonstrated by the fact that many companies are ready to hire a large number of people in this field.

For instance, defense giant BAE System has announced that it’s recruiting 293 graduates and trainees in the UK this year. Over 44% of them will join Detica, a subsidiary that provides security and intelligence solutions.

“Detica has over 2,600 staff globally, but we’re planning on recruiting 600 people this year of whom 130 will be graduates based in the UK.

“Our growth reflects a huge demand for technologies which defend against cyber attack, combat fraud and help businesses effectively manage the sometimes overwhelming amounts of data available to them,” said Martin Sutherland, Detica’s managing director.

“We are recruiting IT, engineering, maths and physics graduates and offer an excellent training and development programme giving our recruits the chance to work on some of the most exciting and cutting edge IT challenges in the world.”