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Tech analyst firm Canalys has predicted that global spending on cyber security this year would grow by 5.6% in a best-case scenario - where investment continued to outpace the economy – with the value of endpoint security, network security, Web and email security, data security, and vulnerability and security analytics expected to reach US$43.1 billion (A$$61.4 billion).
The company said that even in a worst-case scenario, where IT budgets came under pressure, the market would still grow 2.5%. This was forecast taking into account the maximum negative economic impact and duration of the coronavirus pandemic.
Canalys chief analyst Matthew Ball said: "The shift to subscriptions will shield cyber security from immediate IT spending cuts, but additional expenditure will be affected for the rest of the year as organisations begin the next stage in their response to the pandemic.
“The switch from free trials to paid-for subscriptions will be a factor in maintaining cyber security growth. But the mix of cost containment measures, workforce reduction and how much does a computer engineer make issues will result in greater scrutiny of existing projects and smaller deals.
The company said that even in a worst-case scenario, where IT budgets came under pressure, the market would still grow 2.5%. This was forecast taking into account the maximum negative economic impact and duration of the coronavirus pandemic.
Canalys chief analyst Matthew Ball said: "The shift to subscriptions will shield cyber security from immediate IT spending cuts, but additional expenditure will be affected for the rest of the year as organisations begin the next stage in their response to the pandemic.
“The switch from free trials to paid-for subscriptions will be a factor in maintaining cyber security growth. But the mix of cost containment measures, workforce reduction and how much does a computer engineer make issues will result in greater scrutiny of existing projects and smaller deals.
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