Gartner reports the IT security outsourcing segment recorded the fastest growth in that sector. As big as that market is, it is a very difficult one to size. "Tech is a cottage industry which includes tens of thousands of VARs (value-added-resellers), IT solution providers, and SIs (systems integrators) who wrap IT security services around the IT infrastructures they implement and support - but (most of) these firms don't break out and report cybersecurity revenues as a separate bucket," states the Cybersecurity Market Report.
"Big branded tech companies with sizable professional services organizations providing cybersecurity services have yet to set up specific divisions or revenue reporting which analysts need in order to capture accurate market figures. There's also many new players getting into cybersecurity.
CPAs and attorneys who used to answer their clients' what-if and what-now questions around data breaches - are now starting up lucrative cyber consulting divisions."
The IT Security Spending Survey - published by SANS Institute in February 2016 - states "Tracking security-related budget and cost line items to justify expenditures or document trends can be difficult because security activities cut across many business areas, including human resources, training and help desk. Most organizations fold their security budgets and spending into another cost center, whether IT (48%), general operations (19%) or compliance (4%), where security budget and cost line items are combined with other related factors. Only 23% track security budgets and costs as its own cost center."
SANS makes an astute observation which may account for the shortfall in IT spending projections by some researchers and analysts.
The Cybersecurity Market Report will be updated with new cybersecurity spending data in the fourth quarter of 2016.
Sign up for CIO Asia eNewsletters.