Small- to medium-sized businesses (SMBs) worldwide are set to spend more than $11.4bn on beefing up their IT security and infrastructure this year in a bid to thwart increasing electronic threats.
This spending trend will increase at double digit rates annually over the next several years, according to the latest study by New York-based Access Markets International (AMI).
These results were based on surveys of SMBs conducted by AMI in over 20 countries representing key developed and emerging markets. In almost all countries, IT security continues to be among the top concerns for SMBs.
“Over 75% of all medium businesses (100-999 employees) and almost 60% of the small businesses (1-99 employees) surveyed in the developed economies indicated that enhancing IT security was very important for them,” says Anil Miglani, senior vice-president at AMI-Partners. “The corresponding proportion of businesses [that consider enhancing IT security to be important] was somewhat lower in the emerging markets but not by too much.”
Total global SMB spending on IT security is growing rapidly, driven by the continuing growth in the adoption of several security products like anti-virus, anti-spam, anti-spyware and firewalls/VPNs. IT adoption and spending by SMBs has been rising rapidly in recent years, driven by SMBs’ increasing awareness of electronic threats, increasing reliance on IT and the growing volume of business-critical data.