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The worldwide IT security market is set to grow, according to a new study.

An increase of almost 16 per cent is projected in the Global IT Security Market Forecast to 2012.

The report claims the IT services sub-sector will continue to develop, with an increasing amount of business IT firms spending more and more of their budget on safeguarding information.

According to the research, the security software market will reach $11.6 billion (£6.3 billion) by the end of the year.

Meanwhile, the security appliance sector within the IT services industry is forecast to be worth $4.09 billion.

While the combined industry is expected to grow by around 16 per cent in the next four years, the security appliances market alone could be set for an increase of around 27 per cent, according to the study.

Elsewhere, a Logica survey claims firms are not reporting IT security breaches to their clients.

A recent Connect survey found that the two major concerns about outsourcing services like IT support were 'loss of control' (56 per cent) and 'budget over-runs' (43 per cent)