Endpoint Security Market Grows as Remote Work Increases Cybersecurity Risks – 2031 | At a CAGR of 8.4%
The growth of the global endpoint security market is driven by the surge in BYOD adoption and the increasing number of connected devices.
PORTLAND, OR, UNITED STATES, September 11, 2024 /EINPresswire.com/ — According to the report, the global endpoint security market size generated $14.6 billion in 2021 and is projected to reach $31.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.4% from 2022 to 2031. The report provides an in-depth analysis of evolving market trends, leading segments, key investment areas, value chain assessments, regional dynamics, and competitive landscapes.
Several factors are contributing to the growth of the endpoint security market. The increased adoption of Bring Your Own Device (BYOD) policies and the rise in the number of connected devices are key drivers. However, the shortage of skilled professionals in the cybersecurity space poses a challenge to market expansion. On the other hand, the growing use of artificial intelligence (AI)-enabled automated responses presents significant opportunities for market growth in the coming years.
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Impact of Covid-19:
1. The pandemic and the resulting lockdowns, social distancing measures, and quarantine protocols negatively impacted various industries worldwide, including portions of the IT security sector.
2. Early in 2021, the effects of the COVID-19 pandemic were felt strongly in China, one of the world’s leading manufacturers and consumers of endpoint devices such as smartphones, personal computers, and tablets, which impacted the global endpoint security market.
Endpoint security has become a vital component in safeguarding endpoint devices such as desktop computers, laptops, mobile devices, and other connected systems, as these serve as potential entry points into structured networks. The technologies associated with endpoint security offer numerous benefits, including protection against vulnerable services, enhanced network security for cloud environments and internet connections, as well as improved data privacy and regulatory compliance.
Over the past few years, the significance of endpoint security has risen substantially, becoming an integral part of daily life for individuals using smartphones, computers, and smart devices. Additionally, organizations face growing exposure to a variety of risks, including organized cybercrime, insider threats—both intentional and accidental—hacking activities, and the rapid pace of digital transformation across multiple industries.
As the frontline defense in cybersecurity, endpoint security plays a crucial role and is widely adopted by businesses to protect their corporate networks. It is often one of the first solutions companies consider when developing a comprehensive security strategy. The increasing adoption of bring-your-own-device (BYOD) policies is expected further to drive the growth of the endpoint security market.
The development of modern endpoint security solutions increasingly relies on advanced technologies such as cloud computing, artificial intelligence (AI), the Internet of Things (IoT), and connected devices. Leading companies in the market are responding to rising demand from various sectors by creating innovative security solutions. For example, in October 2019, Symantec Corporation launched an enhanced version of its endpoint security solution, designed to provide advanced detection, protection, and response capabilities within a single integrated platform. This shift toward more sophisticated endpoint security technologies reflects the growing need for comprehensive protection in the face of evolving cyber threats and the expanding digital landscape.
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Market Segments:
By Solution Type: In 2021, the endpoint protection platform segment held the largest share, accounting for over two-thirds of the global market revenue. The endpoint detection and response (EDR) segment, however, is expected to exhibit the highest CAGR of 10.4% during the forecast period, driven by the need for continuous, real-time monitoring and data collection with automated rule-based response and analysis capabilities.
By Deployment Mode: The on-premise deployment segment dominated the market in 2021, generating nearly two-thirds of global revenue. However, the cloud deployment segment is anticipated to grow at the fastest pace, with a CAGR of 10.3%, owing to the flexibility and cost benefits associated with cloud services.
By Enterprise Size: Large enterprises accounted for the majority of the market in 2021, contributing over three-fifths of global revenue. Nevertheless, the small and medium-sized enterprises (SMEs) segment is expected to grow at a CAGR of 10.1% during the forecast period, driven by the increasing number of SMEs, particularly in Asia-Pacific, including countries like China, Japan, and India.
By Industry Vertical: The IT and telecom sector held the largest market share in 2021, accounting for over one-fifth of the global endpoint security market. The healthcare sector, however, is projected to grow at the highest CAGR of 10.2% during the forecast period, driven by the demand for secure, efficient, and convenient communication between healthcare professionals and their teams.
Regional Insights:
North America: In 2021, North America led the global endpoint security market, capturing more than one-third of total revenue. The region is expected to maintain its dominance through 2031.
Asia-Pacific: The Asia-Pacific region is forecasted to experience the highest growth rate, with a CAGR of 10.7% during the forecast period. This growth is attributed to rapid advancements in technologies like AI, IoT, connected devices, and cloud services, which have increased the demand for enhanced endpoint device security across the region.
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Healthcare Sector:
The healthcare industry is expected to see the highest growth in the coming years, largely due to the increased demand for secure, efficient, and convenient communication between healthcare professionals and their assistants. Endpoint security is becoming increasingly popular in healthcare because it offers comprehensive security for patient data, cost efficiency, and user-friendly networking features.
The key players in the endpoint security industry include Microsoft Corporation, CrowdStrike, Check Point Software Technologies Ltd., Cisco Systems Inc., Trend Micro Incorporated, Broadcom, AO Kaspersky Lab, SentinelOne, McAfee, LLC, and Comodo Security Solutions, Inc. These companies have employed a range of strategies, including product launches, collaborations and partnerships, joint ventures, and acquisitions, to strengthen their presence in the endpoint security market.
The report analyzes these key players in the global endpoint security market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
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