LONDON--(BUSINESS WIRE)--The global internet security market size is poised to grow by USD 20.41 billion during 2020-2024, progressing at a CAGR of 10% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The Internet security market is driven by the rapid adoption of BYOD policy. The perpetual changes in work locations, time zone barriers, as well as the pressing need to access official and confidential data on an employee’s personal device are resulting in the adoption of bring your own device (BYOD) policy. The increased adoption of the BYOD policy requires a secure network management suite that can be provided by commercial routers. SMEs and individual customers who have a high rate of data usage are focusing more on 3G/4G wireless routers. Thus, the market will experience continuous growth during the forecast period due to the abundant benefits of mobility.
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- The major Internet security market growth came from the products segment in 2019, and it is expected to witness the fastest growth during the next five years. This is primarily because of the increase in sales of hardware security components.
- APAC was the largest Internet security market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the growing adoption of mobile devices, such as smartphones, tablets, and laptops and the rapid adoption of the IoT in countries like China, India, Thailand, and Singapore.
- The global Internet Security market is fragmented. AO Kaspersky Lab, Cisco Systems Inc., Fortinet Inc., Hewlett Packard Enterprise Co., Intel Corp., International Business Machines Corp., NortonLifeLock Inc., Palo Alto Networks Inc., Sophos Ltd., and Tata Consultancy Services Ltd. are some of the major market participants. To help clients improve their market position, this Internet Security market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global Internet security market 2020-2024 is expected to have Neutral growth. As the pandemic spreads in some regions and plateaus in other regions, we continue to revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/internet-security-market-industry-analysis
Growing Need for Secure and Compliant Cloud Solutions will be a Key Market Trend
The growing adoption of Internet of Things (IoT) in sectors, including medical, retail, and finance, which have strict security standards, has triggered the need for secure and compliant cloud solutions. Privacy of information is so vital that nearly half of the digital consumers are cautious about their shared information due to a lack of confidence in online security. Thus, the need for Internet security solutions increases among organizations in order to maintain data confidentiality. Issues such as data breach can be mitigated or prevented altogether with comprehensive and centrally managed security systems. Thus, the growing need for secure and compliant cloud solutions will drive the growth of the market.
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Internet Security Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist internet security market growth during the next five years
- Estimation of the internet security market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the internet security market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of Internet Security market vendors
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- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Solution
- Market segments
- Comparison by Solution
- Products - Market size and forecast 2019-2024
- Services - Market size and forecast 2019-2024
- Market opportunity by Solution
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – Demand led growth
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- AO Kaspersky Lab
- Cisco Systems Inc.
- Fortinet Inc.
- Hewlett Packard Enterprise Co.
- Intel Corp.
- International Business Machines Corp.
- NortonLifeLock Inc.
- Palo Alto Networks Inc.
- Sophos Ltd.
- Tata Consultancy Services Ltd.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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