Product Security and IT Security Assessment Market Estimated to grow at a CAGR of 7.0% During the Forecast Period 2021-2026

Product Security and IT Security Assessment Market

(IT-NEWSWIRE.COM, February 19, 2022 ) The Product Security and IT Security Assessment Market is estimated at $155 billion in 2020 and is forecast to grow at a CAGR of 7.0% during the forecast period 2021 to 2026. As stated by INTERPOL, in a 2019 annual report, cybercrime is the fastest growing crime in the world at 9% Year-over-Year. Now, this has made cybersecurity an indispensable need of the hour in businesses, government bodies, and the financial sector. Its deployment has been driven remotely by everything that utilizes data, thereby significantly contributing to the adoption of product and payment card security and IT security assessment. Along with the telecom sector, the aerospace industry is considered to be another key end-users to the security test and managed security services market. The aerospace and defense industry is prone to cyber-attack due to its continuous exposure to non-A&D, OT-based technologies. Thus, this industry is adopting advanced cybersecurity solutions including network assessment and IT Security certifications to enhance protection against cybercrime. The rising need for solutions ranging from antivirus software, unified threat management system, next-generation firewalls, DNS filtering, malware protection and threat intelligence will drive the demand for cyber security.

Product Security & IT Security Assessment Market Segment Analysis – By Organization Size

Small and medium scale organizations are analysed to hold highest market share in 2020 at 54.1% owing to the high adoption rate in the market. As stated by World Bank, SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide. Alongside this, the significant adoption cloud technologies is set to boost the market growth rate.

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Product Security & IT Security Assessment Market Segment Analysis – By Application:

BFSI is analysed to be the hold highest market share in 2020 at 16.9%, followed by the retail sector. The gradual shift of deploying cloud models for data storage in banks is certainly contributing to the increasing adoption of cloud models. However, cloud storage brought additional security concerns for which the banks rely on the hybrid model for data management. While the hybrid model is considered to be safe, the increasing use of fingerprint and one-time-password based login system, banks are facing many cyber-attacks and threats.

Product Security & IT Security Assessment Market Segment Analysis – By Geography

North America is analysed to be the dominant region in 2020 at 36.5%, followed by APAC and Europe. This is mainly attributed to the high adoption of the advanced technologies and the low-cost sensitivity in the region for product security & IT security assessment in majority of the firms. As stated by Norton, the US is estimated to account for more than half of all data breaches globally by 2023. As stated by the government of India more than 50% of the organizations have encountered a cyber-attack and are affected by them. Therefore the growing need for the deployment of the product security and IT security assessment is analysed to further escalate the market growth rate during the forecast period 2021-2026.

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Product Security & IT Security Assessment Market Drivers

Increasing Cyber-attacks and threats

The increasing cyber-attacks and threats are certainly impacting on the high adoption rate of these solutions. As stated by Cybint, a cyber education firm, almost 60% of companies have experienced cyber-attacks such as DDoS attacks, phishing, and social engineering attacks. With the high number of cyber-attacks being experienced by the firms, the dire need of product security and IT assessment is set to escalate the market growth rate.

Increasing Trend of BYOD:

The trend of Bring your own device is certainly increasing as the increasing encouragement from the small and medium scale enterprises to utilize their own devices to access the enterprise data. BYOD market is set to reach nearly $367 billion by 2022, up from a mere $30 billion in 2014. Hence with the rising adoption of this trend the vulnerability of facing cyber threats is high, thereby significantly impacting the high adoption of the product security and IT assessment, and contributing to the market growth rate.

Product Security & IT Security Assessment Market Challenges

Lack of awareness about the threats

Many firms and employees are unaware of the cyber threats. Only 1 in 3 employees believe not securing their laptops provides a IT threat. Similarly, 43% of employees believe that clicking a suspicious link or email attachment can be a security threat. Hence the attacks are significantly rising thereby hindering the market growth rate. The growing demand for advanced security systems due to the block chain revolution, IIoT threats, and AI wave are some challenges faced by the vendors in the cyber security market. Furthermore, ransomware attacks are growing at a rapid rate which is again becoming a major challenge to the cybersecurity ventures.

Product Security & IT Security Assessment Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Product Security & IT Security Assessment market. Product Security & IT Security Assessment driver market is expected to be dominated by major companies such as CA Technologies, Cisco Systems, Fujitsu, Fortinet, Hitachi, HP, IBM, Juniper Networks, McAfee, Microsoft, NEC, Symantec, Trend Micro, and Websense among others.

Acquisitions/Technology Launches/Partnerships

In September 2019, HP acquired Bromium, a start-up that provides security from cyber-attacks including browser-based attacks, compromised downloads, infected emails and others by shield the network endpoints.

Key Takeaways

North America has dominated the market share in 2020, however APAC is analysed to grow at highest rate during the forecast period owing to the adoption of product security & it security assessment due to increasing cyber-attacks.

BFSI sector is analysed to hold highest market share in 2020 owing to the high cyber-attacks reported in the sector.

The increasing trend of bring your down device in various organizations is analysed to be the key driving factor for the market.

Related Reports:

A. Cyber Security Market In Healthcare

https://www.industryarc.com/Report/17946/cyber-security-market-in-healthcare.html

B. Cyber Security Market In Fintech

https://www.industryarc.com/Report/17945/cyber-security-market-in-fintech.html

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Source: EmailWire.Com

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Product Security and IT Security Assessment Market Estimated to grow at a CAGR of 7.0% During the Forecast Period 2021-2026