The endpoint security market size was USD 10.12 billion in 2015. The emerging concept of BYOD across organizations is expected to drive the market over the forecast period. With the increasing adoption of BYOD, the employees in an organization are accessing corporate data on their personal mobile devices. However, it creates safety and management challenges, which requires advanced end-point security solutions to safeguard sensitive business information. Several vendors such as McAfee, FireEye and Sophos are developing innovative solutions to meet the rising demand for mobile device security.
Asia Pacific Endpoint Security Market Revenue by Solution, 2014 - 2024 (USD Million)
The global market is highly competitive and characterized by constant and rapid technological advancements and evolving standards. Mergers & acquisitions and strategic alliances are the key growth strategies adopted by the key players operating in the industry. For example, in 2011, Intel announced to have acquired McAfee Inc. Recently, in 2016, Raytheon Websense a Texas-based cyber security firm announced to acquire firewall business Stonesoft from Intel Security.
Several regulatory trends are boosting the adoption of this technology in each sector such as BFSI, retail, and others. For example, in North America, Data Breaches Disclosure Law, Payment Card Industry (PCI) Data Security Standard (DSS) and Payment Application Qualified Security Assessor (PAQSA) govern the retail sector.
Antivirus solution dominated the market accounted for the revenue share of 23.2% in 2015. Antivirus software reduces the probability of the endpoint getting infected by the threats such as Trojans, viruses, worms, adware, spyware, keyloggers and rootkits. The increase in critical information over the network is expected to upsurge the demand for antivirus solutions.
Moreover, mobile device security is anticipated to witness significant growth over the future with a CAGR of over 16% from 2016 to 2024. The increase in use of mobile devices worldwide along with cumulative adoption of concepts such as BYOD are expected to fuel the demand mobile device security market. Mobile devices are vulnerable to threats such as mobile malware, eavesdropping, unauthorized access, unlicensed application, and theft, hence require advanced solutions to protect mobile devices from any threats.
Cloud-based security services are expected to gain market share over the forecast period accounting for a revenue share of over 36.6% in 2015. The need to reduce the expenditure and investment, the organizations are focusing on the adoption of cloud-based services. Additionally, there is a shift from on premise to cloud services as the former requires additional maintenance and are more expensive.
Large enterprises accounted for a major revenue share of over 77% in 2015 and they are well equipped with security services to deal with advanced threats. The need to upgrade the existing threat prevention is expected to further augment the growth of endpoint security services in large enterprises. The reluctance of SMBs to outsource security services to third party is restricting the adoption of these services. However, the rising data breaches in these organizations are expected to boost the adoption of endpoint security services over the forecast period.
IT & Telecom and BFSI are expected to gain market share over the forecast period owing to the increasing need for customer data safety and increasing data breaches. IT & Telecom sector is anticipated to witness a significant CAGR of over 15% from 2016 to 2024. The medical industry is projected to adopt endpoint security as internet-connected healthcare products are being hacked at an alarming rate. According to the Identity Theft Resource Center (ITRC), healthcare sector had highest number of data breaches in 2014. This sector is the target for attackers as safety defenses are inadequate. However, rising awareness is enabling healthcare industry to adopt security solutions rapidly.
North America and Europe have the significant market share owing the high proliferation of Internet services and mobile phones. Additionally, these regions are home to a large number of key participants offering advanced solutions to several segments such as BFSI, automotive and healthcare, among others. Emerging markets of Asia Pacific, MEA and Latin America are expected to exhibit high growth, primarily due to a surge in mobility in countries including India, Brazil and China.
Asia Pacific is anticipated to grow significantly over the forecast period with a CAGR of 13.2% from 2016 to 2024. The popularity of BYOD and cloud computing trends is providing a boost to the adoption of these services in the region.
The key industry players in the market include Bitdefender, Cisco, ESET, F-Secure, IBM Corporation, Intel Security Inc. (McAfee), Kaspersky Labs, Microsoft Corporation, Panda Security SL, Sophos Ltd, Symantec Corporation, and Trend Micro Incorporated. Major companies are offering several advanced technologies and are undergoing mergers & acquisitions and strategic alliances to mitigate cyber risks, which contributes to the market growth.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.