According to a report by Grand View Research, Inc.; the global endpoint security market is projected to reach USD 27.5 billion by 2024. Growing requirement for advanced safety of sensitive organizational data is anticipated to drive the market over the forecast period (2014 to 2024). Endpoint security offers advanced protection to important information against possible threats like data breach and malicious programs. This factor is anticipated to boost demand in near future.
Rising adoption of Bring Your Own Device (BYOD) trend among employees to access corporate data from varied locations is anticipated to propel demand for endpoint security. Continual technological developments can positively influence market over the forecast period. In addition, increasing number of enterprise endpoints and mobile devices having access to important enterprise information are expected to surge demand for these solutions. Moreover, growing trend of virtualization can separate physical systems into several virtual machines. This factor is anticipated to propel demand for endpoint protection as physical servers.
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Asia Pacific Endpoint Security Market Revenue by Solution, 2014 – 2024 (USD Million)
The worldwide endpoint security market can be segregated on the basis of solution, deployment, organization, application, and region. Based on solution, the market can be categorized into antivirus, application control, firewall, Master Data Services (MDS), encryption technologies, ID/IP, and others. In 2015, antivirus dominated with around 23.2% market share. Antivirus software can reduce probability of threats such as viruses, adware, trojans, spyware, keyloggers, and rootkits. In addition, increasing volume of sensitive information stored over the network can surge demand for antivirus solutions.
Mobile device security is projected to expand at a substantial CAGR of 16% from 2016 to 2024. Rising use of mobile phones coupled with growing adoption of BYOD can fuel growth in the forthcoming years. Mobile devices are vulnerable to threats such as eavesdropping, unlicensed application, mobile malware, and theft. Use of advanced solutions to protect mobile phones from such threats can augment market growth over the forecast period.
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Based on deployment, the market for endpoint security can be divided into cloud and on-premise. In 2015, cloud accounted for 36.6% market share. It is expected to witness steady CAGR during the forecast period attributed to reduced investment and expenditure. In addition, shifting consumer preference from on premise to cloud services as the on premise security service is likely to bode well for market expansion.
Based on organization, the market can be bifurcated into large enterprises and Small and Medium Businesses (SMBs). In 2015, large enterprises dominated the market and accounted for around 77% market share. The need to upgrade existing security systems and rising adoption of new solutions for complete threat prevention can fuel demand in near future. However, reluctance of SMBs to outsource security services to third party can restrict adoption. Nonetheless, prevalence of data breaches in SMBs is expected to boost adoption in near future.
Based on application, the market for endpoint security can be segmented into industrial, BFSI, education, retail, medical, IT and telecom, and others. IT and telecom and BFSI are anticipated to gain significant market shares during the forecast period. Rising incidence of data breaches and awareness regarding data safety are expected to propel demand over the forecast period. Medical sector is projected to adopt endpoint security attributed to increasing number of hacking cases related to inter-connected healthcare products.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East and Africa (MEA). North America and Europe are expected to witness significant CAGR attributed to high proliferation of mobile phones and internet services. In addition, presence of a large number of key market players offering advanced solutions to numerous sectors such as automotive, healthcare, and BFSI is anticipated to further propel demand in near future. Asia Pacific is expected to register a CAGR of around 13.2% from 2016 to 2024. Popularity of cloud computing and BYOD trend can fuel adoption of endpoint security services over the forecast period.
Some of the leading companies in endpoint security market are Panda Security SL, Kaspersky Labs, Sophos Ltd, Microsoft Corporation, and Symantec Corporation.
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