China IT security market to see rapid development over next 5 years, says IDC

IDC expects China’s IT security market to experience an on-year growth of 12.7% in 2013 to reach a market size of US$1.83 billion.

In line with the forecast, IDC predicts that the CAGR of China’s IT security market from 2012 to 2017 will reach 12.2%.

According to IDC’s figures, China’s IT security market reached US$1.66 billion in 2012, an increase of 12.9% on year.

The security appliance market at US$830 million, accounted for 51.3%, while the security service and software market accounted for 24.5% and 24.3%, respectively.

Due to an overall slowdown in economic growth, multiple fields in the IT industry experienced slow growth in 2012; however, the IT security market maintained a rapid growth.

“Compared with developed countries, China’s IT security investment in 2012 only accounted for 1% of the overall IT industry; in addition, influenced by the recent Prism event, the government is expected to issue new security policies to protect the national information security system,” said Pei Wang, research manager responsible for IT Security Market Research in IDC China.

SOURCE: digitimes.com