The Internet security market is forecasted to witness staggering growth, according to Future Market Insights. During the forecast period 2015-2025, the global market for Internet security is expected to cover almost all verticals, including government, manufacturing, retail, IT and ICT, education, and BFSI to grow substantially in terms of value.
Dynamically evolving cyber threats, rising usage of mobile apps, and growing implementation of IoT and Big Data are the key factors identified for the augmentation of demand for Internet security solutions and services. However, the information security market will continue to face a challenge due to the lack of adequate talent force. North America is anticipated to retain the top market position, while the Asia Pacific region will exhibit dramatically rapid growth in the Internet security market, through to 2025.
Key Drivers for Increased Adoption of the Internet Security
- Rising Cyber Threats Number and Severity
Dynamically evolving, sophisticated, innovative, and collaborative cyber-attacks prompt at the need for improved security posture. Security specialists are investing efforts in evaluating vulnerabilities in older technologies, which are popularly used today. Advancement of new technologies fuel new security risks, boosting the demand for security solutions.
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- Growing Use of Cloud and IoT
Although the establishment of cloud technology, Big Data, and IoT are constantly facing multiple challenges, Internet security is found to be the first priority to be addressed, which is why SMEs and corporate are expected to be more inclined toward the adoption of trustworthy security measures in the near future.
- Favourable Regulations
Owing to burgeoning expansion of government networks along with growing interconnectivity and data, the governments all over the globe are representing empowered computing abilities. Several e-governance and ecommerce policies and regulations set by various governments, including South Africa, Poland, Romania, Hungary, and Czech Republic play a key role in bolstering the spending on Internet security.
- Innovative Product Development
The Internet security market is expected to reach a maturity stage in the next few years, and service providers are striving to achieve competitive edge by developing new, innovative products for enhanced security.
Restraints to Market Growth
Soaring costs of cyber security products may limit their sales. Pirated antivirus brands thus witness hefty sales in some regions of the world. Moreover, a sizeable population in some of the regions in the global market is not adequately aware of the aftermath of cyber-attacks, the necessity of trustworthy security solution, and the reasons to avoid pirated anti-phishing products. Insufficient expertise and lack of specialised resources available in the market are also expected to restrict the growth.
Influential Market Trends
- One of the most prominent ongoing trends in the market is the implementation of cloud-based systems and adoption of cloud-based security services.
- Growing demand for Internet security in educational organisations is the current trend, estimated to continue.
- Development of electronic gadgets and communication devices with in-built Internet connectivity is on rise.
- Current trends in cyber security infrastructure include built-in and bolt-on, and point solution and centralised integrated solution.
- In addition to protecting computers and other devices, there is an upcoming trend of protecting cars against hacking.
Internet Security Market: Segmentation
FMI’s research on the global Internet security market provides a 10-year forecast on the basis of segmentation, according to product type and service, technology, applications, and geography.
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Based on the product type and service, the market is segmented into hardware and software service. On the basis of technology, the market is segmented as authentication technology, access control technology, content filtering, and cryptography.
By application type, the internet security market is segmented as financial institution, retail, government, telecommunications & IT, manufacturing, education, defense aerospace & intelligence, and others, including healthcare and automobile.
Geographically, internet security market is segmented into seven regions, including North America, Latin America, Western Europe, Eastern Europe, Japan, Asia Pacific Excluding Japan (APEJ), and Middle East and Africa (MEA).
Regional Analysis: Global Internet Security Market
Among all the seven regional segments of the global Internet security market, North America is anticipated to maintain the top market position in terms of revenues. Asia Pacific is predicted to provide the most attractive opportunities to key players, forming the fastest growing lucrative market during 2015-2025.
According to Internet World Stats, the Internet penetration in North America is around 89%, while that in Asia is around 45%. However, Asia being the highest populous region forms the largest market for Internet security providers. It has around 50% of the total world population, currently using the Internet.
Internet Security Market: Key Players
The key players of global internet security market are International Business Machine (IBM) Corp., Hewlett Packard, Microsoft Corp., Cisco System Inc., Intel Corporation (McAfee Inc.), Symantec Corporation, Trend Micro, Kaspersky Lab, and Dell (SonicWall Inc.). Symantec and IBM are anticipated to remain the most prominent markets globally.
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