Internet security market is expected to reach $42.8 billion globally by 2020, according to Allied Market Research report
According to a report released on November 20 by Portland, OR-based Allied Market Research titled, “Global Internet Security Market – Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013 – 2020,” the global internet security market is expected to reach $42.8 billion by 2020, registering a CAGR of 8.1% during 2014 – 2020. The market, driven by demand for software solutions, would experience a shift towards the adoption of cloud based systems. About 80 % of the top companies, today, identify with cloud based security services which have become a prominent market trend.
The rapid uptake of internet based applications ranging from education to government, retail to IT & telecommunications, BFSI to manufacturing and others are threatened by the explosive growth of virus and spam attacks. Cybercrime Practices like, Unethical-hacking, botnets, distributed denial of services (DDoS), malware, spyware, spams, viruses and other such threats, are estimated to reach a figure of $1 trillion, globally. The high burden of security threats is providing growth platform for internet security market to grow at a consistent rate.
Recently, at an International Security Conference held at Europe, serious concerns were raised against ‘Malvertising’, i.e. Malware attack through advertisement links on web-spaces. As such attacks are continuously evolving; the need for efficient internet security solutions is highlighted. The internet security market would flourish in future mainly due to rising online financial transactions and internet usage.
Software security solutions contribute to about 80% of the overall internet security market revenue, owing to widespread adoption of individual & corporate users. However, industry leaders such as Intel, HP and Symantec are investing to develop cloud based security solutions. As an impact of these efforts, managed services would grow at the highest CAGR of 28% over the forecast period, surpassing the revenue contribution by hardware solutions.
Key findings of the study:
- Global market for internet security is moving forward with BFSI, retail, government and education to provide major growth thrust during the forecast period (2014 – 2020)
- Security adoption in education application segment will grow at a CAGR of 13.9% during the forecast period, fastest among all applications
- Asia-Pacific would prove to be one of the most lucrative markets, both in terms of size and growth. It should reach$12.2 billion by the year 2020, at a CAGR of 10.9%
- The adoption of internet security in education applications should grow rapidly, especially in the Asia-Pacific region at a CAGR of 19.2%.
The market growth is strengthened due to factors such as favorable regulations & policies along with e-commerce & e-governance initiatives. As this industry is in its near maturity stage, companies are strategically focusing on dynamic and innovative product development. The selective focus is on product enhancement in order to gain a competitive advantage. Prominent companies profiled in the report include Symantec, Intel, HP, Cisco, IBM, Microsoft, Kasperkay, and Dell.
To view the report, visit the website at http://www.alliedmarketresearch.com/internet-security-market
Source: PR Newswire