Information Technology (IT) Security Market – Likely to Experience a Tremendous Growth in Near Future

The global market for cyber security should grow from $113.4 billion in 2019 to $220.2 billion by 2024 with a compound annual growth rate (CAGR) of 14.2% from 2019 to 2024.

Report Scope:

The scope of the report includes, a general outlook of securities in IT industry. While most of the information is referenced from reports published by BCC Research during the year 2016, 2017 and 2018, market trends and estimates are updated to latest base year, i.e. 2018. This report covers only cyber security, Internet of Things (IoT) security, and cloud security. The cyber security market covers the following technologies: identity and access management (IAM), encryption, data loss protection (DLP), firewall, antivirus and antimalware, disaster recovery, risk and compliance management, and other solutions.

The IoT security market is only for the commercialized IoT security solutions. It helps readers to understand how the IoT security solutions market will evolve, as well as the trends that will impact its adoption. The report focuses on security solutions that have been developed or customized to meet the unique needs of IoT systems. Services provided for integrating such solutions or managed security services are not included in the scope of this report.

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The cloud security and vulnerability technologies market encompass various technologies used in cloud security and vulnerability applications. The cloud security and vulnerability market by application is segmented by identity and access management, security information and event management (SIEM), endpoint security, web security, messaging security, network security and vulnerability assessment.

Estimated values used are based on manufacturers' total revenues. Projected and forecasted revenue values are in constant U.S. dollars, unadjusted for inflation. The scope is limited to the recent studies published by BCC Research and is thus not exhaustive.

Report Includes:

- 27 tables
- An overview of the global securities market in information technology (IT), encompassing cyber security, Internet of Things (IoT) security, and cloud security markets
- Analyses of the global market trends with data from 2018, estimates for 2019, and projections of compound annual growth rates (CAGRs) through 2024
- Detailed discussion of opportunities and innovation-driven securities market in IT highlights, as well as the major regions involved in such developments
- An assessment of various technologies of IT security and the market dynamics of each technology
- Identification of segments with high growth potential, as well as an understanding of future applications of given segments
- Information on key trends related to technology, industry, and regional factors that shape and influence the overall IT security industry
- Comprehensive company profiles of major global players in IT securities market, including Alphabet Inc., Cisco Systems Inc., Dell EMC, Lockheed Martin, Kaspersky Lab, McAfee etc.

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Summary

The growth of the digital world has opened business opportunities for numerous companies and individuals. However, with all this, the digital economy has also opened itself to unscrupulous hackers and cyber-attackers. The last 10 years have witnessed the strong emergence of computer hackers attacking businesses of varying sizes in nearly every industry. Ransomware has become a recurring theme in the last couple of years, with organizations and users experiencing demands for money in return for access to their files and data.

A key development in this regard has also been the changing approach of handling personally identifiable information (PII) or sensitive personal information (SPI). Users’ exposure to social media and digital products is higher than ever, and with increasing digital products and touchpoints, every user is generating and exposing exponentially more data to companies and product developers. While the early phases of social media and internet exposure did not concern the users as much, a barrage of attacks and breaches in large organizations has fueled security concerns on a large scale. This development has also forced organizations to develop strong holistic security measures to ensure user safety and the safety of their businesses as well.

The cloud security and vulnerability technologies market is expected to reach REDACTED by 2024. The market is estimated at REDACTED in 2019, with the next five years likely to witness a compound annual growth rate (CAGR) of REDACTED. The number of network attacks, data security and network breaches has grown substantially. And as businesses across geographies and verticals move to the cloud, the imperative to adapt strong security measures grows even further. This is further accentuated by the rising adoption of the Internet of Things (IoT) and the bring your own device (BYOD) corporate IT network access philosophy opening new avenues for cybercriminals to breach the secure data of consumers. As a result, enterprises of all sizes will increasingly invest in cloud security solutions to be secure while reaping benefits of better ROI from cloud adoption. Faster time-to-deployment, reduced software maintenance efforts and direct web access from any location are the major drivers foradopting cloud-based security solutions.

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