The Global IT security spending grew in 2008 despite the global economic slowdown, and will continue to rise owing to soaring demand from emerging countries.

The global IT security spending is projected to rise phenomenally despite the global economic downturn, said industry research firm Gartner, as reported by ITWeb. The IT security expenditure for 2009 is believed to grow nearly 9%.

The global IT security industry revenue for the year 2008 was recorded at $13.5 Billion, up 18.6% from $11.3 Billion during 2007. The IT security industry showed remarkable resilience against the economic downturn, as double digit growth amidst tough market conditions is a testimony of fact that security is a top priority for chief information officers (CIO) and IT security leaders.

In terms of regional growth, Easter Europe led other regions in 2008 with the growth of 35%, followed by the Middle East and Africa, Latin America and the Asia Pacific region with around 30%. While North America and Western Europe had the highest market share of 46.4% and 29.9% respectively in 2008, their share had been declining for last few years in favor of emerging regions.

Market Research firm RNCOS in its report "Global IT Security Market Forecast to 2012" has said that the global IT spending will increase in 2009 on account of new product delivery methods like host-based offering and software as a service. Besides, soaring demand from the SMBs segment and rapidly developing IT infrastructure worldwide will give thrust to the IT security market. High demand for IT security applications in developing economies and regions such as China, India, Africa and the Middle East will also boost the market growth.

In addition, the adoption of advanced IT-enabled business solutions by corporates and businesses in various industrial sectors such as telecommunications, retail and finance will give impetus to the global IT security industry.

According to a Research Analyst at RNCOS, "With rising incidences of IT security breaches in different parts the world, businesses are losing their reputations and clients. Hence, there is strong market for IT security solutions. As the demand for appliance-based products in particular segments, like secure web gateway and e-mail security, is rising, the IT security has a bright future ahead."

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