Internet Security Market to grow by USD 23.34 billion from 2021 to 2026 | Growth Driven by Rapid adoption of BYOD policy- Technavio

NEW YORK, Oct. 6, 2023 /PRNewswire/ -- The "Internet security market by solution (products and services), geography (North America, APAC, Europe, South America, and the Middle East and Africa) - Forecast and Analysis 2022-2026" report has been added to the technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the internet security market from 2021 to 2026 is USD 23.34 billion, according to Technavio. The rapid adoption of the BYOD policy is a key factor driving market growth. In an evolving business environment, it is becoming essential for organizations to create mobile workforces so that they can compete. Implementation of BYOD results in the elimination of hardware device costs. Such policies are preferred by employees as they allow them to use a single device for both personal and professional work. In addition, a secure network management package that can be provided by corporate routers is needed because of the increased adoption of BYOD policies. The focus will be on 3G and 4G wireless routers for SMEs and individual customers who use high volumes of data. Hence, these factors are expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Market Challenge

The high cost of deployment is a significant challenge restricting market growth. The cost of a strong internet security system will be dependent on the price of licensing products, i.e., what level of customization is necessary in line with the end user's particularities and how long they maintain these products. Due to new cybersecurity hackers' easy access to traditional security features, like firewalls, enterprises should invest in more efficient and automated solutions that can flag anomalies before they become a problem. The cost of software licensing, system design and modifications, implementation, training, and maintenance for a single organization shall be part of the overall installation costs. Hence, these factors are expected to restrict market growth during the forecast period.

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The internet security market is segmented by Solution (Products and Services), and Geography (North America, APAC, Europe, South America, and Middle East and Africa). 

• The internet security market share growth by the products segment will be significant during the forecast period. A higher level of sales of hardware security components is expected to have a positive impact on product segment revenue. Year over year, the rapid adoption of hardware components providing comprehensive security, e.g., firewall and intrusion detection and prevention mechanisms, as well as ITDPs to secure network infrastructures, are projected to lead to an increase in annual growth rates for hardware security components. Developed countries have used many smart medical technologies; Emerging countries such as India and China have also started using such technologies. Additionally, multiple cases of malware attacks have affected hospital networks. As a result, hospitals are increasingly using IoT security solutions to prevent malware attacks on devices such as pacemakers, insulin pumps, and defibrillators. Hence, these factors are expected to drive segment growth during the forecast period.

• APAC is estimated to contribute 35% to the growth of the global market during the forecast period. 

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Key Companies in the Internet Security Market:

AO Kaspersky Lab, Cisco Systems Inc., Dell Technologies Inc., Fortinet Inc., HCL Technologies Ltd., Hewlett Packard Enterprise Co., Infineon Technologies AG, Intel Corp., International Business Machines Corp., Microsoft Corp., NortonLifeLock Inc., NTT Corp., Palo Alto Networks Inc., Penta Security Systems Inc., SecureLink Inc., Sophos Ltd., Tata Consultancy Services Ltd., Thales Group, Trend Micro Inc., and Wipro Ltd.

Related Reports:

The Unified Endpoint Management (UEM) market is estimated to grow at a CAGR of 36.96% between 2022 and 2027. The market size is forecast to increase by USD 25,741.83 million.

The network security software market is estimated to grow at a CAGR of 11.14% between 2022 and 2027. The market size is forecast to increase by USD 17.51 billion.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Solution

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio