Internet Security Market

According to a research report "Internet Security Market by Component (Hardware, Software, and Services), Deployment Mode, Organization Size, Vertical (BFSI, IT & ITeS, Healthcare, Government, Aerospace & Defense, Retail) and Region - Global Forecast to 2027" published by MarketsandMarkets, the global Internet Security market size is expected to grow from an estimated value of USD XX.X billion in 2022 to USD XX.X billion by 2027, at a Compound Annual Growth Rate (CAGR) of XX.X% from 2022 to 2027. The market growth is driven by increasing dependence on online applications, technological breakthroughs such as IoT and BYOD trends, and stringent government regulations.

By deployment type, the cloud segment will grow owing to the need for advanced security

The need for apps that store and safeguard data using more advanced security measures will cause the cloud segment to expand. Additionally, the markets suppliers are working together to produce innovative cloud-based security solutions. For example, Fortinet integrated its cloud security portfolio with Googles cloud platform. As a result, the customer may move their workloads to the cloud platform and benefit from increased security.

By Vertical, the healthcare segment is to experience considerable growth

Online attacks can directly jeopardize not just the security of systems and information, but also the health and safety of patients. Healthcare organizations are appealing targets for online criminals because they can easily sell patient medical and billing information for insurance fraud purposes, the ransomwares ability to lock down patient care and back-office systems make lucrative ransom payments, also, the Internet-connected medical devices are vulnerable to tampering. In March 2022, the US reported to The Office for Civil Rights of the Department of Health and Human Services (OCR), 43 healthcare data breaches involving 500 or more records. Thus, we can conclude that the healthcare industry is to experience growth in the Internet Security market.

By region, Asia Pacific is to grow significantly during the forecast period

The rising use of the internet and mobile banking has resulted in a rise in cybercrime. There has been an upsurge in incidents such as password cracking and session hijacking in the Asia Pacific (APAC) region. This region is home to the worlds fastest-growing economies, including China, Japan, and India. In addition, the region has a high level of technology adoption. A profitable market for Internet security products and services, APAC has seen the advanced and rapid adoption of innovative technology. According to the 74% of APAC banks assessed by Fair Isaac Corporation (FICO), fraud incidents in their country would increase significantly in the upcoming years. Therefore, a rise has been seen among organizations and governments to adopt Internet security solutions Thus, the Asia Pacific region is to grow significantly in the forecasted period.

Key Players

The major vendors in the Internet Security market are Kaspersky Lab (Russia), NortonLifeLock (US), Bitdefender (Romania), Broadcom (US), Trend Micro (Japan), SonicWall (US), Sophos (US), ESET (Slovakia), Verizon (US), and Trellix (US) among others.

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