The worldwide security software market was worth $22.1bn last year -- up by 3.7 percent from 2014.
Firms are tackling the unrelenting hacker threat by investing in security information and event management technology. The tech handles threat detection and security incident response through the real-time collection and analysis of security events. Spending in this area is growing faster than in any other segment of the security market, up 15.8 per cent, according to analyst Gartner. The sharpest decline in the security spending was on consumer-focused software, which fell 5.9 per cent year on year.
Gartner said interest in technologies focused solely on preventing security breaches is on the wane, in contrast to offerings that enable detection and response.
"Organizations are shifting security budgets from prevention to prediction, detection and response, and security vendors need to be capture this shifting spend," it said, pointing to identity governance and administration and data loss prevention technologies as growth areas.