Market outlook of the IT security spending in the government sector market
Technavio’s research analyst predicts the global IT security spending in the government sector market to grow at a CAGR of over 9% during the forecast period. The frequent occurrence of high profile data breaches is a key driver for this market. The increased dependency on web applications has led to an unprecedented rise in cyber-attacks, including advanced persistent threats (APTs). The high dependency on web applications for online purchases has increased identity thefts. With the emergence of social networking sites, it has become easy for attackers to extract users' information.
Technavio’s analysts anticipate that the high implementation cost of IT security solutions would pose a challenge for the market during the forecast period. A complete IT security solution requires software licensing, system design and customization, implementation, training, and maintenance. This demands high implementation cost of IT security solutions for government organizations, which is a key challenge restricting the growth of IT security spending in the government sector.
Solution segmentation and analysis of the IT security spending in the government sector market
- Products
- Services
The products segment dominated the market during 2015, with a market share of over 50%. However, the services segment is expected to have the highest growth rate of over 10% in the market during the forecast period. One of the major reasons for this is cost-effectiveness and easy deployment of IT security services.
Geographical segmentation and analysis of the IT security spending in the government sector market
- Americas
- APAC
- EMEA
During 2015, the Americas accounted for the largest market share of over 45%However, the market share of the Americas is expected to decline by the end of 2020 due to the early adoption of IT security solutions in the government sector. The increased instances of network attacks and security threats in this region have made several organizations deploy IT security solutions very early on.
Competitive landscape and key vendors
The global IT security spending in the government sector market is highly fragmented because of the presence of numerous small and large vendors. The vendors in the market compete on the basis of price, quality, innovation, service, reputation, distribution, and promotion. The high vendor competition has led to an increased number of mergers and acquisitions.
The leading vendors in the market are -
- Check Point Software
- Cisco
- Fortinet
- Juniper Networks
- Symantec
Other prominent vendors in the market include Arbor Networks, Barracuda Networks, Dell SonicWall, F5 Networks, FireEye, Palo Alto Networks, Sophos, and Trend Micro.
Key questions answered in the report include
- What will the IT security spending in the government sector market size and growth rate be in 2020?
- What are the key factors driving the global IT security spending in the government sector market?
- What are the key market trends impacting the growth of the IT security spending in the government sector market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the vendors in the global IT security spending in the government sector market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA?
- What are the key outcomes of the five forces analysis of the IT security spending in the government sector market?
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