Security Market Segment LS
Friday, 04 September 2020 09:08

IDC sees expenditure on managed security services growing in Aust, NZ

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IDC sees expenditure on managed security services growing in Aust, NZ Image by Pete Linforth from Pixabay

Expenditure on managed security services in Australia and New Zealand is set to grow, despite the coronavirus pandemic, the technology analyst firm IDC says.

In a blog post, the company said managed security services, threat detection and response services, and data security and privacy solutions would all attract higher spending.

Security services revenue in Australia was forecast to reach $5.5 billion by 2024. For New Zealand, spending was set to grow from NZ$464 million (A$427.8 million) in 2019 to NZ$821 million in 2024.

The forecast represented a five-year compound annual growth rate of 12.3%, IDC said.

Emily Lynch, A/NZ Associate Market Analyst for IT Services and author of IDC Australia/New Zealand's recently released Impact of COVID-19 and Future of Trust on Australia and New Zealand Managed Security Services report, said: "COVID-19 has changed security priorities significantly, and managed security services in A/NZ are set to benefit.

"Organisations are facing additional challenges in maintaining their security environments. Working from home and remote learning expand the cyber-attack surface and exponentially increase the number of vulnerable endpoints."

IDC said the new methods of working increased the need for network security, identity access management and software-defined WAN solutions.

"Many A/NZ organisations intend to invest in specialist managed security services providers to help them navigate new ways of working at scale and improve their threat detection and response capabilities," said Lynch.

"These investments enhance an organisation's security posture and demonstrate a commitment to growing trust in their partners and ecosystems."


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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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