Global Endpoint Security Market Projected to reach $31.9 billion by 2031: Analysis and Forecast
The endpoint security market has been experiencing significant growth, driven by increasing cyber threats, the rise in remote work.
PORTLAND, PORTLAND, OR, UNITED STATE, July 2, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Endpoint Security Market,” The endpoint security market was valued at $14.56 billion in 2021, and is estimated to reach $31.9 billion by 2031, growing at a CAGR of 8.4% from 2022 to 2031.
Endpoint security is a critically important step in securing endpoint devices such as desktop computers, laptops, mobile devices, and others as this serves as entry to any structured network. Endpoint security technologies come with several advantages, including protection for weak services, network security for cloud and internet security, and improved data privacy and policy compliance. Endpoint security has grown significantly in importance over the past few years and has integrated itself into everyday living for people who own smartphones, computers, and other smart devices.
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The healthcare segment is expected to witness the highest growth in the upcoming years, owing to enabling safer, quicker, and more convenient interaction between medical professionals and their medical assistants. Endpoint security is gaining popularity in the healthcare industry due to its increased end-to-end security of patient data, cost advantages, and user-friendly networking features.
Furthermore, organizations are now more vulnerable to risks like organized crime, malicious and unintentional insider threats, hacking activities, and rapid digitization across sectors. As the first line of defense in cybersecurity, endpoint security is extensively used. One of the first options that businesses look into for securing their corporate networks is this technology. Bring-your-own-device (BYOD) policies are anticipated to be implemented more frequently, which will spur market expansion.
Moreover, developing endpoint solutions requires the use of cutting-edge technologies like the cloud, AI, the internet of things (IoT), linked devices, and others. The leading market players are developing cutting-edge security solutions in response to the growing product demand across numerous sectors. For instance, in October 2019, Symantec Corporation introduced an upgraded version of its endpoint solution to deliver advanced detection, protection, and response features in a single solution.
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Furthermore, factors such as increased use of bring-your-own devices (BYOD) and number of connected devices primarily drive the growth of the endpoint security market. However, lack of skilled workers hampers market growth to some extent. Moreover, the increase in adoption of AI enabled automated responses is expected to provide lucrative opportunities for endpoint security market forecast.
Depending on end user, the IT and telecom segment dominated the endpoint security market share in 2021 and is expected to continue this dominance during the forecast period, owing to increased usage of mobile devices among mass population. Moreover, security analysts, threat hunters, and IT professionals can assess and stop follow-on threats considerably and more swiftly owing to sophisticated analysis tools and capabilities of endpoint security tools. However, the healthcare segment is expected to witness the highest growth in the upcoming years, owing to enable safer, quicker and more convenient interaction between medical professionals and their medical assistants. Endpoint security is gaining popularity in the healthcare industry due to its increased end-to-end security about patient data, cost advantages, and user-friendly networking features.
The COVID-19 pandemic has hurt several countries worldwide. Complete lockdown, social isolation, and quarantine, among other pandemic response tactics, have hurt several global industries, including a portion of the IT security sector. Enterprise virtual private network (VPN) servers were essential to groups and institutions because so many workers now worked from home and so many students were enrolled in online courses.
As a result, businesses faced greater cyber risks and threats as a result of the quick adoption of new ideas. There has been an increasing number of COVID-19 websites offering fake prepositions in return for personal information, which is one of the main reasons why attacks on corporate emails have increased. Thus, organizations were anticipated to implement endpoint security solutions during the COVID-19 outbreak by promoting social seclusion at work and permitting remote work-from-home offices. This has helped accelerate the uptake of cloud infrastructure and services, which has increased the market’s active device base quickly. This resulted in quick adoption of endpoint security solutions and growth in the market.
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Region-wise, the endpoint security market size was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the increased number of connected devices in use that has also increased the security risks faced by organizations. However, Asia-Pacific is expected to witness the highest growth in the upcoming years, owing to rapid growth in technologies such as AI, IoT, connected devices, cloud services is attributed to the high demand of high endpoint device protection in Asia-Pacific. Key players in the Asia-Pacific region are adapting strategies such as acquisition and collaboration to improve endpoint security market analysis.
KEY FINDINGS OF THE STUDY
1. By solution type, in 2021, the endpoint protection platform segment was the highest revenue contributor to the market, with an 7.3% impressive CAGR. However, the endpoint detection and response segment is estimated to reach $31.89 billion by 2031, during the forecast period.
2. By deployment mode, in 2021, the on-premise segment was the highest revenue contributor to the market, with an 7.3% impressive CAGR. However, the cloud segment is estimated to reach $12.96 billion by 2031, during the forecast period.
3. By industry vertical, the IT and telecom segment is estimated to reach $4.91 billion by 2031, with an 4.5% impressive CAGR, during the forecast period. However, healthcare segments are expected to witness approximately 10.2% CAGRs, respectively, during the forecast period.
4. Region-wise, the endpoint security market growth was dominated by North America. However, Asia-Pacific and Europe are expected to witness a significant growth rate during the forecasted period.
Key players profiled 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. Market players have adopted various strategies, such as product launches, collaboration & partnership, joint ventures, and acquisition to expand their foothold in the endpoint security industry.
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