According to the latest data released by research company International Data Corporation, the Turkish Security Software market, comprising identity and access management (IAM), secure content and threat management (SCTM), and security and vulnerability management (SVM) solutions, is set to expand at a compound annual growth rate (CAGR) of 12.1% over the coming years.
IDC revealed that the market will reach a total of $127.14 million in 2017, with the finance, government, and telecommunications verticals being the biggest spenders during the intervening period.
“The continuously evolving regulatory landscape will remain the most important driver of the Turkish security software market during the forecast period,” says Yesim Arac, a research analyst for software and services at IDC Turkey. “Regulations such as Law No. 5651 (enforcement of IP and related laws), ISO 27001, and the Payment Card Industry Data Security Standard (PCI DSS), among others, will continue to drive security software investments across the country, particularly in the finance, government and telecommunications verticals.”
IDC revealed that compliance initiatives around these regulations will generate spending across functional markets and increase awareness around a whole plethora of related issues. The areas that will receive particular attention will be identity and access management with advanced authentication capabilities, security and vulnerability management (particularly log correlation solutions), and secure content and threat management (particularly endpoint security or network security software).
“The government’s large-scale projects will also drive security software spending in the coming years, mainly due to the increasing use of endpoint devices such as tablet PCs, expanding digital content, and the buildout of new datacenters,” continues Arac. “The security software investments in other verticals will primarily be driven by regulation, GDP growth, regional political tension, and the emergence of new security threats.”
Turkey is increasingly becoming the target of high-profile cyberattacks, which are posing significant threats at a national level and further driving investment in security. “The increasing number and frequency of cyberattacks has pushed organizations to update their priority agendas and adjust their IT security budgets accordingly,” says Arac.