Internet Security Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, China, Japan, Germany, UK - Size and Forecast 2024-2028

Internet Security Market Size 2024-2028

The internet security market size is forecast to increase by USD 18.63 billion at a CAGR of 8.53% between 2023 and 2028. The market is witnessing significant growth due to the increasing number of cyber threats targeting large enterprises. With the rise of digital technologies, there is a growing need for advanced network security solutions to protect against hacking, phishing, and other malicious activities. The adoption of BYOD (Bring Your Own Device) policies, remote work, and digital transactions has created new security gaps, making it essential for organizations to invest in specialized expertise and data protection systems. Managed Security Service providers (MSSPs) are gaining popularity as they offer cost-effective threat protection and digital privacy systems. The healthcare sector, in particular, is under immense pressure to secure customer healthcare records from breaches. As digital technologies continue to evolve, it is crucial for businesses to stay updated and implement strong security measures to safeguard their assets.

What will be the Size of the Market During the Forecast Period?

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The Market is a dynamic and evolving industry that focuses on protecting digital technologies, e-commerce platforms, and critical infrastructure from cyberattacks. The market encompasses various solutions such as network security, machine learning, artificial intelligence, and advanced security solutions. Digital transactions and remote work have increased the risk of digital attacks, including data breaches, phishing, malware, and hacking. Enterprise security solutions are in high demand, particularly in sectors like healthcare, where sensitive data is a priority. Cloud technologies and virtual private network have revolutionized the way businesses operate, leading to an increased focus on cloud security. The Internet of Things (IoT) has introduced new vulnerabilities, managed security service necessitating advanced security solutions.

Further, data protection is a major concern, with machine learning and artificial intelligence being used to detect and prevent cyberattacks. Certified Ethical Hacking and other cybersecurity certifications are essential for professionals in the field. Antivirus, antimalware, intrusion detection, and security information are fundamental security solutions that continue to be relevant. In conclusion, the Market is a vital industry that addresses the ever-evolving threat landscape of digital technologies such as wireless router. It offers a range of solutions to protect against digital attacks, including network security solutions, machine learning, artificial intelligence, and advanced security solutions. The market is expected to grow as businesses and individuals continue to rely on digital technologies for transactions, communication, and data storage.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Solution
  • Products
  • Services
• Geography
  • North America
    • US
  • APAC
    • China
    • Japan
  • Europe
    • Germany
    • UK
  • South America
  • Middle East and Africa

By Solution Insights

The products segment is estimated to witness significant growth during the forecast period. In the market, large enterprises are investing heavily in advanced network security solutions to mitigate cyber threats and protect digital privacy systems. The demand for security services is on the rise, particularly in sectors with significant customer healthcare records and digital transactions, such as healthcare and finance.

The adoption of digital technologies for remote work and digital transactions has exposed new security gaps, leading to an increased need for specialized expertise in threat protection. hardware security components, including firewalls and intrusion detection and prevention systems, are seeing increased sales due to their ability to secure network infrastructures. Security software, which automates and enhances network monitoring, is also gaining popularity, especially in the automotive and healthcare sectors, where easy integration with IoT applications is crucial.

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The products segment accounted for USD 19.37 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

APAC is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in the US is witnessing significant growth due to escalating concerns over the security of connected devices, particularly in sectors such as utilities, healthcare, automotive, consumer electronics, and wearables. With the increasing adoption of IoT technology, the number of active devices is projected to surpass 25.4 billion by 2030. Currently, there are over 10 billion active IoT devices, and approximately 152,200 new devices are connecting to the internet every minute. To address the security challenges posed by IoT devices, organizations are implementing advanced cybersecurity models, such as multi-factor authentication and zero trust security. These approaches ensure that only authorized users and devices have access to sensitive information, regardless of their location or network. Network security solutions, including machine learning, smart healthcare, and artificial intelligence, are increasingly being adopted to mitigate threats. Hence, such factors are driving the market in APAC during the forecast period.

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Market Driver

Rapid adoption of bring your own device (BYOD) policy is the key driver of the market. In today's business landscape, the mobility of workforces is crucial for organizations to remain competitive. The implementation of Bring Your Own Device (BYOD) policies, which allow employees to use their personal devices for professional work, has gained popularity due to the elimination of hardware costs and the convenience of using a single device. BYOD policies encompass smartphones, laptops, and tablets, and the development of mobile applications that match the functionality of popular programs like Microsoft Excel, PowerPoint, and Word further strengthens this trend. However, with the increasing adoption of BYOD, the security challenges become more complex. Critical infrastructure security is a major concern, and cybersecurity certifications such as Certified Ethical Hacking become increasingly important.

Security solutions like antivirus, antimalware, intrusion detection, and encryption are essential for safeguarding sensitive data. Moreover, security information and event management systems, log management, and firewalls are necessary for monitoring and managing security threats. Compliance management and patch management are also crucial for maintaining security standards and protecting against vulnerabilities. As the world moves towards 5G networks, securing these networks becomes a priority. Organizations must ensure that their security measures are up-to-date and effective in preventing cyberattacks. By investing in advanced security solutions and implementing best practices, businesses can mitigate risks and ensure the protection of their critical infrastructure.

Market Trends

The growing popularity of managed security service providers (MSSP) is the upcoming trend in the market. In the digital age, cybersecurity has become a top priority for businesses across various sectors, including e-commerce platforms, healthcare, and enterprise solutions. The increasing number of digital attacks poses significant risks to sensitive data and network security. To mitigate these threats, many organizations are turning to managed security services provided by Managed Security Service Providers (MSSPs). In 2023, the adoption of managed security services witnessed a notable rise as businesses sought to alleviate the challenges they face in ensuring information security. These challenges include targeted malware, customer data breaches, resource constraints, and a shortage of skilled IT professionals. MSSPs provide essential security solutions, such as security event monitoring and content security.

Further, security event monitoring includes log monitoring, event correlation, and analysis, while content security encompasses e-mail encryption and archiving, e-mail monitoring and filtering, and web monitoring and filtering. As businesses increasingly rely on cloud technologies, big data, and the Internet of Things, the need for vital network security solutions, including zero trust architecture, endpoint security, and cloud application security, grows. Machine learning and artificial intelligence are also becoming crucial components of effective cybersecurity strategies. In conclusion, managed security services play a vital role in safeguarding businesses against cyber threats. MSSPs offer comprehensive security solutions that enable organizations to focus on their core competencies while ensuring the protection of their digital assets.

Market Challenge

The cost of deployment of internet security system is a key challenge affecting the market growth. In today's interconnected world, ensuring internet security is a top priority for various industries, including Aerospace, Retail and ecommerce, Energy and utilities, Telecommunication, Transportation and logistics, Media and entertainment, and more. The cost of implementing a secure system depends on the specific needs of each industry and the level of customization required. Automated security solutions that can quickly identify and flag anomalies are increasingly important, as traditional security measures may no longer be sufficient against advanced cyber threats.

Employee training on best practices and ethical compliance is essential to prevent potential security breaches. Comprehensive cybersecurity insurance policies are gaining popularity as an additional layer of protection against losses due to security incidents. In the market, Blockchain security, DevSecOps, and security for smart devices, interconnected appliances, wearables, and electric vehicles are emerging trends. As the Cybersecurity industry continues to evolve, it is crucial for businesses to stay informed and invest in the most effective security solutions.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

AO Kaspersky Lab: The company offers Kaspersky which is AI driven protection against hackers and the latest viruses, ransomware and spyware.

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• 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.
• Wipro Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

The market is witnessing significant growth due to the increasing number of digital attacks on e-commerce platforms and enterprise security solutions. Cyber threats such as data breaches, hacking, phishing, malware, ransomware attacks, and social engineering are becoming more sophisticated, putting sensitive information at risk. The healthcare sector, in particular, is a prime target due to the valuable customer healthcare records it holds. Network security solutions, including advanced network security, endpoint security, cloud application security, and zero trust architecture, are in high demand to protect digital systems from these threats. Machine learning and artificial intelligence are being integrated into security services to enhance threat protection and detection capabilities.

Further, the internet of things (IoT), cloud technologies, big data, and 5G are transforming the way businesses operate, leading to new security challenges. Cloud security services, managed security services, and incident response services are becoming essential for large enterprises to ensure regulatory compliance and data protection. Cybersecurity professionals with specialized expertise in areas such as application security, cyber espionage, and cybercrime are in high demand to implement advanced security solutions and address security gaps. The cybersecurity industry is also focusing on automation, compliance management, patch management, and incident response to improve security infrastructure and reduce response times. Critical infrastructure security, aerospace, retail and ecommerce, energy and utilities, telecommunication, transportation and logistics, media and entertainment, and on-premises and hybrid environments are some of the sectors investing heavily in cybersecurity.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across North America, APAC, Europe, South America, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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