Internet Security Market to Grow by USD 18.63 Billion from 2024-2028, Boosted by BYOD Adoption and AI-Redefining the Market Landscape - Technavio

NEW YORK, Oct. 17, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The Global Internet Security Market size is estimated to grow by USD 18.63 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 8.53% during the forecast period. Rapid adoption of bring your own device (BYOD) policy is driving market growth, with a trend towards growing popularity of managed security service providers (MSSP). However, cost of deployment of internet security system poses a challenge - Key market players include 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., Nippon Telegraph And Telephone 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.

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Key Market Trends Fueling Growth

Managed Security Services (MSS) are an essential component of network security solutions, outsourced to third-party providers. These services include managed firewall, virtual private network, intrusion detection, managed antivirus, and compliance services. In 2023, the market for MSSPs experienced significant growth as organizations sought to alleviate the pressures of information security in their day-to-day business operations. MSSPs offer simple security solutions, such as security event monitoring and content security, but there is also a growing demand for more complex services like vulnerability management and policy or compliance-related solutions. Clients expect MSSPs to be more than just service providers; they want collaborative partnerships. MSSPs should work closely with businesses, discussing long-term goals and advising on security needs. While business computer services once prioritized maintaining a professional distance from providers, today's companies value close relationships with MSSPs to maximize benefits. Global businesses are turning to MSSPs to manage complexities in network and IT system security and adapt to a widening business landscape. MSSPs operate services for in-house functionalities, enabling clients to focus on core competencies rather than maintenance, optimization, and support services. Symantec is one of the service providers delivering managed security services to businesses of all sizes. These factors contribute to the growth of the global internet security market during the forecast period. 

The Internet security market is thriving due to increasing threats such as ransomware attacks and social engineering. IoT vulnerabilities, cloud security, and critical infrastructure protection are major concerns. Cybersecurity certifications like Certified Ethical Hacking are in demand. Security solutions include antivirus, antimalware, intrusion detection, and firewalls. Log management, event management, encryption, and tokenization are essential for data protection. Compliance management and patch management are crucial for regulatory requirements. New trends include 5G security, blockchain security, DevSecOps, and cybersecurity in industries like aerospace, retail and ecommerce, energy and utilities, telecommunication, transportation and logistics, media and entertainment, and more. Smart devices, interconnected appliances, wearables, and electric vehicles also require security. The cybersecurity industry continues to grow, offering opportunities for innovative solutions. 

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Market Challenges

• The cost of implementing a internet security system involves expenses for product licensing and customization based on the end-user's specific needs. Training employees on best practices and ethical compliance is essential to prevent potential security incidents. Automated security solutions that quickly identify anomalies are crucial due to hackers bypassing traditional security features. Cybersecurity insurance policies are gaining popularity to minimize losses from breaches. However, the total installation cost includes software licensing, system design, implementation, training, and maintenance. Hiring IT staff for implementation and ongoing administration adds to the expenses. Additional costs include the development of staff knowledge and skills to effectively use the solution. These factors may impede market growth during the forecast period.
• In today's digital world, businesses face numerous challenges in ensuring internet security, particularly in areas like cloud application security and protecting sensitive information in large enterprises. Cyber threats are constantly evolving, putting customer healthcare records, digital transactions, and digital systems at risk. Security gaps can lead to costly cyberattacks through hacking, phishing, and malware. Advanced network security solutions and digital privacy systems are essential for threat protection. Specialized expertise in data protection is crucial for businesses dealing with regulatory compliance standards and data protection laws. Digital technologies, such as artificial intelligence, are increasingly important for advanced security solutions. Remote work and managed security services have become essential for SMEs, providing advanced security infrastructure, incident response, and threat detection. Managed services offer skilled professionals and automation for application security and zero trust implementation. Cloud security services and managed services provide advanced security solutions for cloud-based applications and infrastructure. Cybersecurity professionals must stay updated on the latest cybercrime trends, including cyber espionage and cyberattacks, to implement effective cybersecurity models and ensure regulatory compliance. Zero trust security, single sign-on, and multi-factor authentication are essential components of cybersecurity strategy.

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Segment Overview 

This internet security market report extensively covers market segmentation by

1. Solution 
• 1.1 Products
• 1.2 Services
2. Geography 
• 2.1 North America
• 2.2 APAC
• 2.3 Europe
• 2.4 South America
• 2.5 Middle East and Africa

1.1 Products- The Internet Security market is projected to experience growth due to the rising sales of hardware security components. The YoY growth rate of hardware security components, including firewalls and intrusion detection and prevention (IDP), is anticipated to accelerate as a result of the widespread adoption of integrated security solutions for safeguarding network infrastructures. The healthcare and automotive sectors are expected to drive the demand for security software due to their increasing use of Internet of Things (IoT) applications. In the healthcare sector, smart devices such as blood pressure monitors, blood glucose monitors, and mobile electrocardiograms (ECGs) are being used extensively, necessitating security measures to protect patient data. The growing awareness of cybersecurity threats in the healthcare sector, particularly in the context of the COVID-19 pandemic, is expected to fuel the adoption of IoT security solutions. The pandemic has led to remote working and social distancing, making organizations and individuals more vulnerable to cyber attacks. Cybercriminals have exploited this situation by launching phishing attacks, malicious spams, and ransomware attacks, highlighting the need for internet security solutions. Consequently, the demand for internet security products is expected to remain high during the forecast period.

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Research Analysis

The Internet security market is a critical segment of the digital technologies industry, focusing on protecting businesses and individuals from various digital threats. With the increasing reliance on e-commerce platforms and digital transactions, cybersecurity has become a top priority. Digital attacks, including data breaches, hacking, phishing, malware, and cyberattacks, pose significant risks to enterprise security solutions in various sectors such as healthcare, finance, and critical infrastructure. Network security solutions, including machine learning and artificial intelligence, play a crucial role in detecting and mitigating threats. The Internet of Things (IoT) and cloud technologies have introduced new vulnerabilities, necessitating advanced security solutions. Data protection is a major concern, with certifications like Certified Ethical Hacking and security information management providing valuable expertise. Antivirus and antimalware software, intrusion detection, and security information systems are essential components of any internet security strategy.

Market Research Overview

The Internet Security market is a critical segment of the cybersecurity industry, focusing on protecting digital systems, networks, and data from various cyber threats. With the increasing reliance on e-commerce platforms and digital transactions, the market for Internet Security solutions has gained significant importance. Digital attacks, such as data breaches and cybercrime, pose a significant risk to large enterprises, healthcare organizations, and even Small and Medium-sized Enterprises (SMEs). Network security solutions, including advanced network security, endpoint security, cloud application security, and zero trust architecture, are essential components of Internet Security. Machine learning and Artificial Intelligence are being increasingly adopted to enhance threat detection and protection capabilities. The Internet of Things (IoT) and cloud technologies present new challenges, requiring specialized expertise and advanced security solutions. Data protection is a primary concern, with regulations such as GDPR and HIPAA mandating strict compliance. Remote work and digital privacy systems are also becoming critical areas of focus. Threats like hacking, phishing, malware, ransomware attacks, social engineering, and IoT vulnerabilities require continuous monitoring and advanced security solutions. Cybersecurity professionals, certified ethical hacking, and managed security services play a crucial role in implementing and managing effective Internet Security projects. Regulatory compliance standards and data protection laws continue to evolve, making it essential for organizations to stay informed and up-to-date with the latest security infrastructure and cybersecurity certifications. Cloud security services, including managed services and cloud-based security services, are becoming increasingly popular due to their flexibility and scalability. Automation and single sign-on are also gaining traction to improve efficiency and enhance security. Overall, the Internet Security market is a dynamic and evolving landscape, requiring continuous innovation and adaptation to address emerging threats and protect digital assets.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Solution
• Products
• Services
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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