LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global information security products and services market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.
According to Technavio market research analysts, the global information security products and services market will grow at a CAGR of over 7% during the forecast period. The increasing cases of business information theft and insider frauds are driving the market. Cyber-attacks are becoming more advanced and sophisticated, targeting networks, people, and device. In the rapidly changing IT infrastructure, attackers have found new ways of stealing valuable information and disrupting business by breaching of security walls. There has been a rise in theft of credentials owing to the increasing dependency on web applications and websites for critical purposes such as transactions, purchasing, and other related activities. Industries such as BFSI and retail constantly deal with confidential data over the network, which needs highly sophisticated information security devices and software.
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In this report, Technavio highlights the emergence of a unified platform for authentication solutions as one of the key emerging trends in the global information security products and services market:
Emergence of a unified platform for authentication solutions
Hardware OTP authentication includes software and hardware authentication solutions. Despite the respective advantages and disadvantages of hardware and software authentication solutions, the OTP authentication is expected to exist co-relatively. Industries that are cost-conscious will adopt software authentication solutions, whereas large enterprises, with traditional setups, will adopt hardware authentication solutions.
“Players in the market are introducing a combined platform that can provide both hardware and software authentication solutions. This combined platform will also help players to reduce costs as they would not need to maintain separate platforms and modules. This platform would also enable end-users to switch easily to other authentication solutions,” says a senior analyst at Technavio for research on IT security.
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Global information security products and services market – segmentation analysis
This market research report segments the global information security products and services market into the following types (hardware, software, and services) and key regions (the Americas, APAC, and EMEA).
Of the three major types, the smart utilities segment held the largest market share in 2017, accounting for nearly 39% of the market. The market share for this type is expected to decrease by 2022. The fastest growing type is services, which will account for nearly 26% of the total market share by 2022.
The Americas was the leading region for the global information security products and services market in 2017, accounting for a market share of nearly 39%. By 2022, APAC is expected to register the highest growth of nearly 2%.
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