The worldwide security technology and services market will reach $67.2bn in 2013, up 8.7% from 2012, according to research firm Gartner.
The market is expected to grow to more than $86bn by 2016 as companies continue to expand the technologies they use to protect critical data.
Consistent increases in the complexity and volume of targeted attacks, coupled with compliance-related issues continue to support security market growth, said Ruggero Contu, research director at Gartner.
Analysts said mobile security, big data and advanced targeted attacks would be the main forces shaping the security technology market.
Changes in how security addresses employee-owned consumer devices in the enterprise creates opportunities for technology service providers, they said.
These changes include the shift from device security to data or app security and the increasing desire by business to understand what devices are being used and how.
Gartner predicts that the amount of data required for information security to detect advanced attacks while supporting new business initiatives, will grow rapidly over the next five years.
This growth presents unique challenges when looking for patterns of potential risk across diverse data sources, with businesses seeking risk-prioritised, actionable insight.
"To support the growing need for security analytics, changes in information security people, technologies, integration methods and processes will be required,” said Eric Ahlm, research director at Gartner.
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This will include security data warehousing and analytics capabilities and an emerging role for security data analysts in leading-edge enterprise information security organisations, he said.
According to Gartner, attackers have devised effective attack strategies centred on penetrating some of the most commonly deployed signature-based security controls.
This is achieved most often by using custom or dynamically generated malware for the initial breach and data-gathering phase.
Advanced attackers are now capable of maintaining footholds inside an organisation once they successfully breach security controls, said analysts.
Attackers remain persistent on the target organisation's internal network either through the use of malware, or if detected, through the use of user credentials gathered while the malware was active.
Analysts said that mitigating the threat of advanced attacks requires a defence-in-depth strategy across multiple security controls.
Gartner recommends that organisations employ a defence-in-depth, layered approach model and aim to exceed existing security and compliance mandates to either prevent or detect new attack strategies.