Endpoint Security Market revenue to exceed $15 Bn by 2026
Published Date: July 7, 2020 Authors: Preeti Wadhwani, Smriti Loomba
Endpoint Security Market size is set to surpass USD 15 billion by 2026, according to a new research report by Global Market Insights, Inc.
Endpoint security refers to a methodology of protecting the corporate network when accessed via remote devices such as laptops or other wireless & mobile devices. Each device with a remote connection to the network creates a potential entry point for security threats. Endpoint security tools assist cybersecurity teams in mitigating threats through a secure network framework. This helps organizations in securing their digital assets and compete effectively in the dynamic market.
Increasing trends of BYOD across work environments to propel the uptake of endpoint security solutions
The endpoint security market has witnessed a growing demand for BYOD practices to enhance convenience and work satisfaction for employees. Allowing employees to bring their devices has helped companies to cut hardware & service costs considerably. Endpoint security solutions tightly integrate BYOD network components with granular access policies across tablets, laptops, and other mobile devices. This leads to reduced incidents of malware attacks and increased market competitiveness by eliminating network intrusions.
In addition, the demand for robust cybersecurity and protection of remote working devices amid the ongoing COVID-19 pandemic is expected to create new market opportunities for endpoint security tools. The March 2020 press release by the European Commission reported that the region faced a surging number of malicious web attacks and cyber-threats since the onset of the coronavirus pandemic. Cybercriminals are taking advantage of the situation as people are increasingly spending a large amount of time online due to the quarantine measures taken by the nations globally. This is expected to augment market growth of endpoint security products across the globe.
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Browse key industry insights spread across 450 pages with 755 market data tables and 29 figures & charts from the report, “Endpoint Security Market Size By Component (Software [Firewall, Intrusion Prevention, Anti-virus/ Anti-Malware, Endpoint Application Control, Encryption Technologies, Mobile Device Security] Service [Training and Consulting Service, Maintenance and Updates Managed Service]), By Deployment Model (On-premise, Cloud), By Application (BFSI, Telecom & IT, Retail, Healthcare, Government and Public Sector, Education, Transportation), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
Strict adherence to regulatory compliance to drive market growth of software segment
The software segment is expected to witness a steady growth rate of above 7% over the forecast timeline due to the increasing adoption of encryption technologies to meet regulatory obligations. Encrypting the data residing on endpoint devices is critical to ensure data integrity and security along with protecting crucial intellectual property to gain a significant edge in a competitive market. Players operating in the endpoint security market consistently focus on developing and commercializing advanced endpoint encryption solutions.
Increasing complexities of cyber-attacks to propel the growth of cloud-based endpoint security
The cloud segment is anticipated to register a steady growth rate of nearly 12% CAGR from 2020 to 2026. The growing uptake of cloud-based cybersecurity technologies to combat consistently evolving cyberthreats has accentuated market growth of cloud endpoint solutions. Traditional on-premise solutions are unable to easily accommodate modern endpoint devices due to operational inefficiencies in the software architecture. In comparison, a cloud-based endpoint solution offers immediate incident response by providing real-time information instantaneously.
Increase demand to combat financial losses will surge the endpoint security market across the BFSI industry
The BFSI segment accounted for over 25% of the total global revenue in 2019. The market growth is characterized by the rising uptake of endpoint protection by financial institutions to ensure maximum protection of their customers’ financial records and confidentiality of financial transactions. The increasing digitalization in the banking sector will assist fintech players in quickly delivering their digital services to the market. Endpoint protection solutions are helping BFSI enterprises in ensuring robust security and near-zero downtimes of these digital services.
Increasing digitalization efforts and expansion of network infrastructure across Europe will trigger market growth
The Europe endpoint security industry is set to attain over 20% share in the global market by 2026. Consumers in European countries are rapidly adopting digital services and swiftly integrating advanced technologies into their daily lives. Consequently, the risk of cyber-attacks and data breaches is also increasing, leading to an expansion in the overall market. As a result, the EU is expected to invest USD 502 million by 2020 in a bid to spur innovation in cybersecurity, creating a positive outlook for the market.
New product launches will be the major strategy by key players to augment market share
The endpoint security market has witnessed several strategic partnerships by major vendors to strengthen their market presence. For instance, in February 2020, Microsoft Corporation partnered with Firedome to jointly develop advanced endpoint protection for IoT devices. This helped the company to amplify its client base in the connected security segment. Similarly, in September 2019, IBM Corporation collaborated with LA Cyber LAB and Los Angeles city administration to develop a threat intelligence platform. This helped the company to provide advanced endpoint security solutions.
Some of the key players operating in the endpoint security market include AhnLab, Inc., Avira Operations GmbH & Co. KG., Bitdefender, Carbon Black, Inc., Check Point Software Technologies Ltd., Cisco Systems, Inc., Comodo Group, Inc., Cylance Inc., ESET, spol. s.r.o., FireEye Inc., Fortinet, Inc., F-Secure, IBM Corporation, McAfee, Inc., Kaspersky Lab., Microsoft Corporation, Panda security, Sophos Ltd., Symantec Corp., Trend Micro Inc., VIPRE Security, and Webroot Inc.
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