A new report by Allied Market Research (www.alliedmarketresearch.com) says the world Internet security market is expected to garner $46.5 billion by 2021, registering a CAGR [compound annual growth rate] of 8.4% from 2016 to 2021.
The market is driven by the huge demand for Internet security software solutions due to the increasing number of cyber-attacks and the adoption of cloud-based Internet security systems, according to the research firm. Increasing use of Internet-based applications across various sectors, such as education, government, retail, IT & telecommunications, BFSI and others, make them prone to virus and spam attacks.
According to McAfee, in 2014, cybercrimes, such as unethical hacking, botnets, distributed denial of services (DDoS), malware, spyware, spams, viruses, and other threats, caused a loss of $400 billion, worldwide. Increasing incidence of security threats is one of the major factors fueling the growth of the Internet security market.
In 2015, the software security solutions segment accounted for around 74.8% of the overall revenue, owing to the widespread adoption of these software solutions among individual & corporate users. However, industry leaders, such as Intel, HP, and Symantec, have heavily invested to develop cloud-based security solutions. Therefore, services segment is expected to grow at the highest CAGR of 23.6% during the forecast period.
Favorable regulations and policies along with proactive e-commerce and e-governance initiatives have fostered the growth of the world Internet security market, according to Allied Research. Market players have adopted product launch, partnership, and acquisitions as their key strategies to improve their market foothold and enhance their product portfolio. The prominent companies profiled in this report include Symantec Corporation, Intel Corporation, Hewlett Packard (HP) Company, Cisco Systems Inc., IBM Corporation, Microsoft Corporation, Kaspersky Labs, and Dell.