BURNABY, Canada, June 9, 2015 /PRNewswire/ --
Increasing security compliances and regulations coupled with growing cyber threat concerns in major end use industries to drive the global IDS/IPS market
According to recently published TechSci Research report, "Global Intrusion Detection Systems/Intrusion Prevention Systems (IDS/IPS) Market Forecast & Opportunities, 2020", global IDS/IPS market is expected to grow at a CAGR of over 9% during 2015-20. Due to rising cyber-crimes and hacking activities across major end user industries such as BFSI, government, IT & Telecommunications, etc., the demand for IDS / IPS is increasing, globally. Major forces driving IDS/IPS market are sophistication of cyber threats, higher government focus on security compliance and regulations and growing IT security spending by organizations. Government, BFSI and IT and Telecom sectors account for more than 50% of IDS / IPS demand, and their market dominance is expected to continue over the next five years. There has been a significant increase in adoption of network security products with growing IT security spending across diverse industry verticalson account of consistent surge in frequency and sophistication of cyber-attacks over the last five years.
However, the stand alone IDS/IPS market faces stiff competition from network security products that offer integrated IPS functionality such as next generation firewall (NGFW) and unified threat management (UTM). Further, more and more organizations are opting for integrated security products. Hence, convergence is limiting the growth potential for standalone IDS/IPS. But IDS/IPS are of prime importance to enterprise organizations that require best protection and scalability for data centers and core networks. Organizations are spending a considerable part of their security budget on the IDS/IPS. Among the three types of IDS/IPS, the demand of Network IDS/IPS appliance is the highest across the globe as Network IDS/IPS appliances identify and block sophisticated threats in the network by using advanced detection techniques such as Advanced Threat Defense and Endpoint Integration, and offer advanced network intrusion detection that defend against unknown attacks.
"Banking, Financial services and Insurance held lion's share of global IDS/IPS market in 2014, followed by the government sector. The surge and sophistication of cyber-attacks against banking institutions and financial services sector over the lastfew years, compromising customers' bank records, payment card and other critical information, have led to significant increase in demand for IDS/IPS technologies to detect, prevent and resolve issues related to cyber security.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Global Intrusion Detection Systems/Intrusion Prevention Systems (IDS/IPS) Market Forecast & Opportunities, 2020" has evaluated the future growth potential of global IDS/IPS market and provides statistics and information on market structure, industry behavior and trends. The report includes IDS/IPS market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in IDS/IPS market across the globe.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research