Product Security & IT Security Assessment Market is analysed to be $150 billion in 2019, and is estimated to grow at a CAGR of 7.8% during the forecast period 2020 to 2025. As stated by INTERPOL, in 2019 annual report, cybercrime is the fasted growing crime in the world. Now, this has made cybersecurity an indispensable need of the hour in businesses, government bodies and the financial sector. Its deployment has been driven remotely by everything that utilizes data, thereby significantly contributing to the adoption of product security and IT security assessment.
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By Organization Size
Small and medium scale organizations are analysed to hold highest market share in 2019 owing to the high adoption rate in the market. As stated by World Bank, SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide. Alongside this, the significant adoption cloud technologies is set to boost the market growth rate.
BFSI is analysed to be the hold highest market share in 2019, followed by the retail sector. The gradual shift of deploying cloud models for data storage in banks is certainly contributing to the increasing adoption of cloud models. However, cloud storage brought additional security concerns for which the banks rely on the hybrid model for data management. While the hybrid model is considered to be safe, the increasing the use of fingerprint and one-time-password based login system, banks are facing many cyber-attacks and threats.
Geography – Segment Analysis
North America is analysed to be the dominant region in 2019, followed by APAC and Europe. This is mainly attributed to the high adoption of the advanced technologies and the low cost sensitivity in the region for product security & IT security assessment in majority of the firms. As stated by Norton, US is estimated to account for more than half of all data breaches globally by 2023. As stated by government of India more than 50% of the organizations have encountered a cyber-attack and are affected by them. Therefore the growing need for the deployment of the product security and IT security assessment is analysed to further escalate the market growth rate during the forecast period 2020-2025.
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Drivers – Product Security & IT Security Assessment market
The increasing cyber-attacks and threats are certainly impacting on the high adoption rate of these solutions. As stated by Cybint, a cyber education firm, almost 60% of companies have experienced cyber-attacks such as DDoS attacks, phishing, and social engineering attacks. With the high number of cyber-attacks being experienced by the firms, the dire need of product security and IT assessment is set to escalate the market growth rate.
The trend of Bring your own device is certainly increasing as the increasing encouragement from the small and medium scale enterprises to utilize their own devices to access the enterprise data. Hence with the rising adoption of this trend the vulnerability of facing cyber threats is high, thereby significantly impacting the high adoption of the product security and IT assessment, and contributing to the market growth rate.
Challenges – Product Security & IT Security Assessment market
Many firms are unaware of the cyber threats, hence the attacks are significantly rising thereby hindering the market growth rate. The growing demand for the advanced security systems due to the block chain revolution, IIoT threats, and AI wave are some challenges faced by the vendors in the cyber security market. Furthermore, ransomware attacks are growing at a rapid rate which is again becoming a major challenge to the cybersecurity ventures.
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Product Security & IT Security Assessment market. Product Security & IT Security Assessment driver market is expected to be dominated by major companies such as CA Technologies, Cisco Systems, Fujitsu, Fortinet, Hitachi, HP, IBM, Juniper Networks, McAfee, Microsoft, NEC, Symantec, Trend Micro, and Websense among others.
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