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IT security market in Security services segment to grow at 15%+ CAGR to 2024

Author : Ronak Bora | Published Date : 2019-04-24 

The network security of IT security market is also projected to grow over the forecast time period. The rising penetration of integrated security solutions & IP traffic is fueling its adoption network security solutions. The security services market holds over 60% share in the global IT security market. The inexpensive nature of services and the rising adoption of BYOD polices are fostering its adoption among enterprises of all sizes.

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Another factor propelling IT security market growth is the increasing need among organizations to minimize the security risks. With the increasing adoption of cloud platforms & other network solutions, organizations are becoming more exposed to external breaches. This has driven the companies to increase their budgetary allocations for cybersecurity solutions. The increasing penetration of several mobile and wireless devices is also adding to IT security market growth. The availability of inexpensive smart devices and developments in the telecommunication infrastructure is increasing the adoption of mobile devices among enterprises and consumers.

The large enterprise held over 60% share of the IT security market. The market in large enterprises is primarily driven by the increasing financial losses associated with the cybersecurity breaches. The average cost of cybersecurity breaches among large organizations has increased by over 11% in 2017. The government cybersecurity industry is expected to grow at a CAGR of over 15% over the forecast time period. The loss of critical data and the erosion of trust in government officials have encouraged public sector agencies to deploy cybersecurity solutions to safeguard its network architecture.

The transportation market is anticipated to grow at a CAGR of over 15% over the projected timespan. The use of the Industrial Internet of Things (IIoT), smart logistics, and several modernization initiatives will provide a broader surface for cybercriminals to penetrate the company network. This has promoted the use of cybersecurity solutions in the transportation and logistics industry. The banking industry is predicted to grow at a CAGR of over 16% over the forecast timespan. The introduction of various stringent regulatory policies that mandate financial establishments to deploy security solutions has influenced the IT security market.

The North America region is leading the IT security market with over 40% share in 2017. The increasing investments and acquisition of cybersecurity start-ups by major players in the region are adding to market growth. The European region accounted for over 20% market share of the cybersecurity industry in 2017. The rising public-private partnerships and government investments are driving the cybersecurity industry in the region. The government has also enforced various regulations, enforcing business establishments of all sizes to use cybersecurity solutions. 

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IT security market is anticipated to exceed 300 billion by 2024. The market is driven by the increasing frequency of cyber-attacks. This is attributed to the extensive digitalization across multiple business sectors. In the last five years, the financial losses caused due to cyber-attacks have risen by over 62%, encouraging companies to adopt advanced cybersecurity solutions to protect their sensitive information from unsanctioned access. In addition, the rising adoption of IoT devices is also promoting the adoption of cybersecurity solutions. Most of the IoT devices lack basic security features, enabling cybercriminals to exploit the vulnerabilities to conduct various illegal activities.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

  • BAE Systems
  • Check Point Software Technologies, Inc.
  • Cisco Systems, Inc.
  • CyberArk
  • F5 Networks
  • FireEye
  • Fortinet
  • F-Secure
  • HP
  • IBM Corporation
  • Intel
  • McAfee
  • Microsoft Corporation
  • Oracle Corporation
  • Palo Alto Networks, Inc.
  • Proofpoint, Inc.
  • Rapid7
  • RSA Security (DEII)
  • Sophos Group, plc
  • Splunk, Inc.
  • Symantec Corporation

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Some of the players operating in the IT security market are BAE Systems, CyberArk Software Ltd., Microsoft Corporation, Splunk, Inc., RSA Security, LLC., Oracle Corporation, Palo Alto Networks, Inc., Symantec Corporation., F5networks, Inc., Check Point Software Technologies Inc.,  Hewlett-Packard, Ltd., F-Secure Corporation, FireEye, Inc., Fortinet, Inc., IBM Corporation, Rapid7, Sophos Group plc, Intel Corporation, Proofpoint, Inc., McAfee LLC, Cisco Systems, Inc., and Trend Micro, Inc. The cybersecurity landscape is dominated by large players such as McAfee, Sophos, Symantec, Trend Micro, Check Point Software, and Palo Alto Networks. These players are conducting strategic acquisitions of various start-ups in the market to broaden the product line and strengthen its position in the market. In November 2018, Symantec Corporation acquired Javelin Networks, an Israel-based cybersecurity provider. The products developed by Javelin Networks will be integrated into Symantec?s product portfolio to expand its product offerings.

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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