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Endpoint Security Market is projected to showcase significant growth from BFSI sector up to 2024

Author : Ronak Bora | Published Date : 2019-04-03 

Endpoint Security Market in BFSI segment will exhibit high growth over the forecast timeline owing to stringent government regulations around the world demanding the highest level of security for customers’ financial records stored and retrieved through the IT networks of financial institutions. As such networks are the prime targets of hackers for ransomware attacks, the demand for advanced and robust malware protection solutions from the BFSI sector is expected to increase rapidly over the forecast period.

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Endpoint security market in cloud segment is expected to register an accelerated growth over the forecast timeline due to the rapid adoption of cloud computing technology by enterprises and government institutions to enable flexible and highly scalable deployment of cyber security solutions over cloud platforms. As cloud-based solutions offer the latest updated versions of cyber security product instances, their adoption is expected to increase significantly between 2017 and 2024. 

The competition in the endpoint security market is primarily characterized by constant product innovation initiatives by companies to strengthen the endpoint protection against rapidly evolving types of malware. As thousands of new pieces of malware are created by attackers each day, the companies providing antivirus/antimalware solutions constantly update their detection tools with the latest security patches. Some of the key players operating in the endpoint protection market are, F-Secure, Webroot, Sophos, Ahnlab, IBM, Symantec, Bitdefender, Cisco, McAfee, ESET Microsoft, Kaspersky Lab, VIPRE, Trend Micro, Panda Security, and Comodo.

The healthcare sector has also faced threats from cybercriminals who have put patients’ lives on the line by hijacking data and installing malware. The deployment of patient friendly devices for healthcare has created a challenge that required the deployment of robust endpoint security to maintain a safe IT ecosystem. As on today, the healthcare sector has to provide a seamless means of communication and collaboration among stakeholders. Not to mention, the rate of information flow and access has also risen at a commendable pace, increasing the risk of malicious content finding its way into the system. The criticality of endpoint security has thus been recognized to keep patient and stakeholder information safe in the healthcare sector, making it a viable avenue for endpoint security market.

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North America dominated the endpoint security market in 2016 and is projected to maintain the dominance throughout the forecast period, primarily due to large-scale deployment of malware protection solutions for strengthening network security of government and corporate IT networks. In February 2018, the U.S. Director of National Intelligence revealed that the United States’ cybersecurity in both the public and private sectors is at a continual risk and the country should expect cyber attacks from various state and non-state actors. Such consistent cyber threats are leading to increased deployment of endpoint protection solutions across the country.

The latest trends in cybercrime rely heavily on social engineering, using legitimate software as cyber weapon, ranging from spam to phishing. Leading endpoint security industry players like Symantec, Kaspersky, McAfee, Microsoft, Trend Micro, Comodo, Cisco, and Panda Security are therefore continually upgrading and expanding their scope through research and development programs to keep pace with the changing dynamics of cyber threats. For instance, Kaspersky Lab recently released its flagship product called Kaspersky Endpoint Security for Business, which included next generation threat detection, increased visibility and granular security controls like credential detection and vulnerability management. This provides an apt demonstration of the efforts being undertaken to innovate highly advanced and efficient products in this business space. As per estimates, endpoint security market size has been forecast to be pegged at $7.5 billion by 2024.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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