Global internet security market size was estimated at over USD 170 billion in 2014. The industry is gaining traction among commercial internet users as a result rising rates of data theft from remote access locations and false impersonation from physical environments. Cyber threats towards individual identities, cloud computing systems, data centers, government centers and financial service providers are major factors driving requirement for better internet security software and firewalls.
Over the recent past, various cyber-terrorist organizations have been actively attacking government network infrastructures, industrial control systems, energy grids, telecommunications, and financial database centers. Of these, SQL injections, defacements, and targeted attacks, form a large portion of techniques employed by cyber criminals, collectively accounting for over % of attacks.
In terms of motives, over 69% of the attacks are accountable to cyber crime while a mere 13% is accountable for cyber espionage. Of the end-users, internet service providers were highest impacted followed by e-commerce and retail industries. These three industries collectively accounted for 51% of the overall cyber attacks in 2015.
Non-profit organizations and internet services were the highest impacted organizations of cyber attacks in stark contrast to political entities who accounted for just 12%. Companies attacked through internet as a means suffer great losses in revenue, information, operational disruption, and equipment damages.
A study from Symantec suggests that five out of six multinational companies have been victims of cyber attacks, a 40% rise from 2013 to 2014. The study further suggests that attacks through malware increased by 26% and over 317 million new pieces of malware were generated during the same period.
Similar study has been published by Bank of America Merrill Lynch, which suggests that there are close to 400 new threats per minute globally, with the numbers estimated at 80 to 90 million events per year. Additionally, the study also suggests that over 70% of these threats go undetected, supporting an assertive argument made by HP and Ponemon Institute, that from 2010 to 2014 costs incurred by organizations from cybercrime grew by 96% primarily due to cyber attacks in terms of malware and trojans.
Events as discussed above have been instrumental to an extent in pushing organizations, governments and individuals to adopt internet security instruments such as anti-virus, firewalls, IAM, risk & compliance management software, SIEM and DDOS mitigation solutions.
In terms of solution, the global industry is briefly segmented into identity & access management (IAM), risk & compliance management solutions, encryption solutions, data loss protection systems, firewalls, anti-virus/malware, intrusion prevention systems, web filtering solutions, and disaster recovery solutions.
Anti-virus solutions are the most widely used methods in preventing cyber threats as they are functional in preventing malware from remote and physical access points. Disaster recovery solutions, intrusion prevention systems and data loss protection systems are expected gain prominence due to their increasing adoption on an industrial level.
Industries analyzed in the report include aerospace, defense & intelligence, government, banking & financial services, telecommunications & IT, healthcare, retail, manufacturing and e-commerce among others such as insurance & public utilities.
Solutions such as IAM, DDOS mitigation, encryption, and intrusion prevention systems are expected to gain prominence in aerospace, defense & intelligence and banking industries owing to the industries’ criticality and sensitivity of information.
Furthermore, the study segments the market into five regions that include North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America and Europe were the major regions for internet security. High awareness level on consumer and corporate levels regarding threats associated with cyber attacks and government agencies’ preparedness to tackle such threats have been instrumental in these regions’ development.
On the other hand, Asia Pacific promises opportunities for growth over the forecast period. High mobile phone adoption rates and greater internet penetration in China, India, and Southeast Asia are expected to provide impetus for internet security solutions growth. Additionally, western organizations in banking, financial services, healthcare, IT and aerospace domains are concentrating investments towards active operations in the region; this is further expected to propel the region as one of the primary caterers in internet security solutions.
Key companies operating in the global industry include IBM Corp., Cisco Systems, Intel Corp., Lockheed Martin, Northrop Gurmman, Trend Micro, Symantec Corp., Computer Sciences Corp., Booz Allen Hamilton and Sophos.
Avail customized purchase options to meet your research needs:
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Speak to the report author to design an exclusive study to serve your research needs.
A testimonial for service excellence represented in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.