The endpoint security market size is expected to reach USD 27.05 billion by 2024, according to a new report by Grand View Research, Inc. The endpoint security market is expected to witness a substantial growth over the forecast period, due to the increasing deployment of various security solutions with rising security risks across several applications including BFSI, IT & telecom, and retail.
The rising number of enterprise endpoints and mobile devices having access to critical enterprise data have created a huge demand for endpoint security solutions in the market, which is anticipated to drive the market.
Moreover, emerging trend of virtualization is projected to affect endpoint security. Virtualization separates physical systems into several virtual machines, which will require similar endpoint protection as physical servers. Hence, escalating the demand for more efficient and comprehensive solutions over the forecast period.
Several companies in the industry are spending on different technologies to improve capabilities, secure internet protocols, test software and analyze vulnerabilities. The evolution of cloud storage has increased the adoption of cloud-based security services; the as significant amount of data is stored in one place. This has led to increased threat of data breaches and enforcement of various regulations to curb the risk of placing the data on the cloud.
Asia Pacific Endpoint Security Market Revenue by Solution, 2014 – 2024 (USD Million)
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Further key findings from the study suggest:
- The mobile device security segment witnessed revenue share of over 17% in 2015, which is anticipated to grow at a CAGR of nearly 16% over the forecast period. The increasing adoption of BYOD trend have led the employees in organizations to access corporate data on their personal mobile devices. However, it creates security challenges, which requires advanced endpoint security solutions to safeguard sensitive business information resulting in high demand.
- Enterprises dominated the market in 2015, and is estimated to grow at a CAGR of over 13% from 2016 to 2024. SMBs are also anticipated to witness substantial growth over the forecast period due to the rising adoption such safety solutions to prevent crucial information. Organizations of all sizes are transitioning their business-critical operations and workloads to cloud computing to decrease the burden on their IT support staff, reduce costs and provide advanced services. The increasing adoption of cloud technology have led security vendors to develop cloud-based security solutions on a large scale.
- IT & Telecom industry dominated the market with the revenue share of nearly 25% in 2015 and is anticipated to witness significant growth over the next eight years. The industry has evolved through significant expansion phase and have stringent legal and information security requirements. Further, rising acceptance of BYOD trend is anticipated to drive the industry demand.
- Moreover, the BFSI sector offers substantial potential for the market as it is continuously visualizing the regional; instability, terrorism, physical risks, criminal networks and modern threats originating from cyber sabotage and opaque sources. The rising regulation in the finance sector is further contributing towards the industry growth.
- The North America is estimated to dominate the market with a share of over 32% in 2015 growing at a CAGR of nearly 11% over the next eight years. Asia Pacific regional market accounted for over 19.0% of the global market share in 2015 and is expected to grow with a CAGR of 13.2% over the next eight years. Stringent regulations across Asia Pacific are expected to fuel the demand for efficient endpoint security solutions driving the demand in this region. Countries including China, India, Malaysia and Australia are investing heavily in endpoint security to fight against cyber threats and attacks.
- The key industry participants include Microsoft Corporation, Kaspersky Labs, Panda Security SL, Symantec Corporation, Sophos Ltd, Cisco, Bitdefender, ESET, IBM Corporation, F-Secure, Intel Security Inc. (McAfee) and Trend Micro Incorporated. The vendors involve in frequent merger & acquisitions to increase their geographical presence and product portfolio to gain competitive advantage.
For more information: http://www.grandviewresearch.com