LONDON--(BUSINESS WIRE)--The network intrusion prevention systems (IPS) products market is expected to grow by USD 4.54 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Globally, there has been a significant increase in cybercrimes over the years. Critical information such as personal and financial data, social security numbers, and medical information of many companies have been exposed by hackers. Hence, it has become imperative for companies to adopt network intrusion prevention systems to efficiently decrypt the traffic to identify malicious activities. To capitalize on this demand, market vendors are introducing solutions that can handle many appliance models. For instance, Cisco Systems offers Firepower NGIPS. It stops threats, flags suspicious activities, and addresses attacks. Therefore, the rise in cybercrimes has been crucial in driving the growth of the global network intrusion prevention systems products market.
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As per Technavio, the proliferation of mobility and BYOD policies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Network Intrusion Prevention Systems Products Market: Proliferation of Mobility and BYOD Policies
There has been a significant increase in employee mobility and the adoption of BYOD policies across enterprises. This is done to ensure workforce flexibility as well as to reduce overall operational costs. The adoption of such policies requires improved data storage, collaboration, and information management capabilities. Also, the presence of many devices in the network increases the risk of data leaks, breaches, and privacy issues. Hence, companies are increasingly adopting network intrusion prevention systems to ensure endpoint security throughout the enterprise network. Thus, the increased adoption of mobility and BYOD policies is expected to boost the growth of the global network intrusion prevention systems products market during the forecast period.
“Increasing adoption of cloud-based services and the advent of next-generation network security technologies will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Network Intrusion Prevention Systems Products Market: Segmentation Analysis
This market research report segments the network intrusion prevention systems products market by deployment (on-premise and cloud) and geographic landscape (APAC, Europe, MEA, North America, and South America).
The North American region led the network intrusion prevention systems products market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increasing demand for cybersecurity solutions, rising adoption of BYOD policy, and increasing penetration of IoT-based devices.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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