Security spending to hit $13.5bn by 2006

Monday, 11 August 2003, 11:44 AM EST

Global revenues in enterprise security technology are predicted to reach $13.5 billion by 2006, up from $7.1 billion in 2002 last year.

Intrusion protection, vulnerability assessment technology and security management tools are tipped to be key revenue generators in a new report by market watcher Datamonitor called Enterprise Security Product Markets.

While North America will remain the largest market, predicted to reach $6.9 billion in 2006, Latin America, followed by Asia Pacific will be the fastest growing markets during the 2002-2006 period. Datamonitor expects security spending to increase by 25 per cent on average each a year in Latin America, and 23 per cent in Asia Pacific over its forecast period. Between 2002-2006, Datamonitor predicts the security market in Europe, the Middle East and Africa (EMEA) will be enjoy a compound annual growth rate of 18 per cent.

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