Global spending on information security will reach $75.4 billion (£49.5bn) in 2015, which represents an increase of 4.7 per cent over 2014.
The forecast was done by research giant Gartner, which says increase in spending is being driven by government initiatives, increased legislation and high-profile data breaches.
Among the biggest growth opportunities for technology providers, according to Gartner, are in security testing, IT outsourcing, and identity and access management.
Endpoint protection platforms are starting to become a commodity, leading to a downgrade in the forecast for these segments in 2015.
"Interest in security technologies is increasingly driven by elements of digital business, particularly cloud, mobile computing and now also the Internet of Things, as well as by the sophisticated and high-impact nature of advanced targeted attacks," said Elizabeth Kim, research analyst at Gartner.
Gartner has also touched on the subject of the rise of the dollar, which lead to an increase in prices of security products made in the US.
“Pricing went up as much as 20 percent for most security products in the European region, for example. Gartner expects the main customer response will be to forgo some spending for the next quarter or so,” it says.
The company also said that network malware sandboxing is the most widely adopted advanced threat detection technique deployed in the face of increasingly fast threats.
“Several high-profile breaches have broadened the perceived need for zero-day malware detection in a sandbox, but it can increase costs for the midsize or understaffed security client. Incumbent security platform vendors introduced less costly, often cloud-based, malware detonation sandboxes as platform extensions,” it concluded.