Internet Security Market (Updated Version Available)

Internet Security Market Size, Share & Trends Analysis, By Component (Solutions and Services), Deployment (On-Premise and Cloud), Technology (Authentication Technology, Access Control Technology, Content Filtering, and Cryptography), Enterprise Size (Large Enterprise and Small and Medium Enterprises (SMEs)), End-User (BFSI, Healthcare, IT and Telecommunications, Retail, Government and Defense, and Others), By Region, Forecast Period 2023 - 2030

Report ID : RI_589197 | Date : April 2023 | Format : ms word ms Excel PPT PDF

This Report Includes The Most Up-To-Date Market Figures, Statistics & Data
Key Market Overview:

Internet Security Market is estimated to reach over USD 431.56 Billion by 2030 from a value of USD 156.63 Billion in 2022, growing at a CAGR of 13.51% from 2023 to 2030.

Internet security refers to the practice of protecting computer systems, networks, and data from unauthorized access, disclosure, disruption, modification, or destruction. The growing adoption of the internet for communication, E-commerce, and entertainment increases the demand for internet security which in turn is driving the growth of the market. Additionally, cybercriminals use various tactics, such as phishing, social engineering, and exploiting software vulnerabilities, to gain access to computer systems and networks that increase the demand for internet security.

The rising adoption of the internet in military and defense to handle sensitive data, such as classified information, intelligence reports, and operational plans increases the demand for robust internet security measures to protect the data from cyber threats. Moreover, military and defense organizations rely on secure communication channels to coordinate operations and share information. The sensitive data needs to be protected from unauthorized access or interception by implementing internet security measures such as encryption and secure protocols that promotes the growth of internet security market. For instance, in July 2022, Cloudflare, CrowdStrike, and Ping Identity collaborated to launch the Critical Infrastructure Defense (CID) Project. The project aims to provide cybersecurity solutions to critical infrastructure companies, such as those in the energy, military, and, defense sectors, to protect from cyberattacks.

Internet Security Report Coverage:

Report AttributesReport Details
Study Timeline2017-2030
Market Size in 2030 (USD Billion)USD 431.56 Billion
CAGR (2023-2030)13.51 %
Base Year2022
By ComponentSolutions and Services
By DeploymentOn-Premise and Cloud
By TechnologyAuthentication Technology, Access Control Technology, Content Filtering, and Cryptography
By Enterprise SizeLarge Enterprise and Small and Medium Enterprises (SMEs)
By End-UserBFSI, Healthcare, IT and Telecommunications, Retail, Government and Defense, and Others
By Geography
  • Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]

  • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey]

  • North America [United States, Canada, Mexico]

  • Middle East & Africa [GCC, North Africa, South Africa]

  • South America [Brazil, Argentina, Columbia, Chile, Peru]
Key PlayersFortinet, Inc., Quick Heal Technologies Limited., Singtel, Stratejm Inc., Deloitte Touche Tohmatsu Limited, Bharti Airtel Ltd., Palo Alto Networks, Inc., Zscaler, Inc., Proofpoint, Inc., Broadcom, Inc.


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Market Dynamics:

Driver:

The increasing number of e-commerce platforms is driving the growth of internet security as E-commerce platforms deal with a vast amount of sensitive data, such as credit card information, personal details, and purchase history. The growing e-commerce platforms and advancements in technologies such as artificial intelligence and blockchain have augmented the internet security solutions and businesses need to protect themselves and the customers from cyberattacks. For instance, in July 2020, Quick Heal launched next-generation cybersecurity solutions that aim to redefine consumer security in the e-commerce sector. The suite is powered by a triple-P approach: Privacy, Protection, and Performance, and includes several tools, such as anti-tracking, anti-phishing, and anti-ransomware, to protect users personal data and online identity. The Protection feature includes advanced malware protection, network security, and a firewall, to prevent cyberattacks and keep users safe while browsing the internet.

Restraint:

Data privacy acts as a major restraint to the growth of the internet security market. Many data privacy laws including General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) require companies to encrypt user data which makes difficult to implement certain internet security measures. Therefore, the inability to implement security measures such as deep packet inspection or intrusion detection by organizations hinders the growth of internet security market.

Opportunities:

The advancements in technology such as artificial intelligence (AI), machine learning (ML), and automation are predicted to create future opportunities for the internet security market. AI-powered security solutions are projected to monitor network traffic and identify potential threats in real time. The solutions use machine learning algorithms to detect and analyze patterns in data that indicate a cyberattack and help to prevent cyber threats. For instance, in February 2023, Singtel launched the worlds first 5G Security-as-a-Slice capabilities is an innovative development in the field of security and telecommunications. The security service is artificially intelligent and provides real-time security updates to offer protection against emerging threats without users\' intervention.

Internet Security Market Competitive Landscape:

The global internet security market is highly competitive, with numerous vendors offering a wide range of solutions and services. The growing demand for cybersecurity solutions is propelling new players to enter the market and existing players will continue to innovate and expand the offerings to stay competitive. Crucial players are:-

• Fortinet, Inc.
• Stratejm Inc.
• Deloitte Touche Tohmatsu Limited
• Bharti Airtel Ltd.
• Palo Alto Networks, Inc.
• Quick Heal Technologies Limited.
• Singtel
• Zscaler, Inc.
• Proofpoint, Inc.
• Broadcom, Inc.

Recent Developments:

• In June 2022, Fortinet launched FortiEDR, which is designed to provide security and executive teams with an attackers view of the enterprise. FortiEDR combines endpoint detection and response (EDR) capabilities with advanced threat intelligence to provide organizations with real-time visibility into cyber threats across the networks, endpoints, and cloud environments.

• In July 2021, Fortinet announced the acquisition of Sken.ai, an application security company that specializes in DevSecOps. The acquisition is expected to accelerate Fortinets efforts to integrate security into the DevOps process, which is becoming increasingly important as organizations adopt cloud-native architectures and containerization.

Internet Security Market Segmentation:

img-internet-security-markets-growth-trends



By Component

The component segment is bifurcated into solutions and services. The solutions dominate the market as internet security solutions provide comprehensive protection against a wide range of cyber threats, such as malware, phishing attacks, and other types of cyberattacks. Additionally, the solutions are designed to protect every aspect of an organizations network, from endpoints to servers to cloud-based applications driving the growth of the market. Moreover, internet security solutions provide centralized management capabilities that allow organizations to manage all aspects of security from a single console. Therefore, centralized management saves time and reduces complexity for the IT sector, making easier to keep systems secure hence, propelling the growth of internet security market.
The services are predicted to witness the fastest CAGR during the forecast period. Internet security service helps to identify and mitigate security threats and offers a range of services such as SIEM security service and cybersecurity services that are customized to meet the unique security needs of each business. Internet services include, vulnerability scanning, threat detection and response, risk assessment, data encryption, and compliance management that is expected to drive the growth of the market. For instance, in June 2021, Stratejm launched a managed detection & response (MDR) cybersecurity service that provides real-time threat detection and response to security incidents. MDR services use advanced technologies such as machine learning, artificial intelligence, and behavioral analytics to monitor an organizations network and to detect any signs of potential cyber threats.

By Deployment

The deployment segment is classified into on-Premise and cloud. The on-premise segment dominates the market owing to the customized feature of on-premise solutions to meet the specific needs of an organization. The customized feature includes custom configurations, policies, and integrations with other security tools or third-party applications. Furthermore, on-premise solutions offer better performance compared to cloud-based, particularly for organizations that require high-speed data processing or low-latency communication. The aforementioned factors such as better performance and customization is increasing the demand for on-premise deployment and fueling the growth of the market.
Cloud-based internet security is expected to register the fastest Compound Annual Growth Rate during the forecast period due to the flexibility, scalability, and lower upfront costs. Additionally, cloud-based internet security solutions offer several advantages including easier and faster deployment, automatic software updates, and the ability to easily scale up or down depending on the organizations needs. For instance, in May 2022, Deloitte launched an expanded cloud security management platform to help clients to address the challenges of multi-cloud cyber risks. The platform is designed to provide a unified view of an organizations cloud security posture across multiple cloud providers, allowing clients to better manage cloud security risks and compliance requirements.

By Technology

The technology segment is classified into authentication technology, access control technology, content filtering, and cryptography. Cryptography dominates the market as cryptography aids in securing data by converting the data into a code that is read only by authorized users. Cryptography technology is used for secure communication, data encryption, and digital signature verification and is driving the market due to the increasing need for secure communication and data protection in industries. For instance, in March 2023, QuSecure launched an end-to-end satellite quantum resilient link through space using cryptography technology. The technology is highly useful as cryptography offers a highly secure means of communication that is resistant to quantum-based attacks. The traditional encryption methods provide information that is vulnerable to attacks from quantum computers and quantum-resistant cryptography mitigates such threats by using mathematical functions.
The access control technology is predicted to witness the fastest CAGR as businesses are transferring data and applications to the cloud that increases the need for identity and access management solutions. Additionally, the growing adoption of BYOD policies by companies allowing employees to use the own devices for work is creating security risks. Access control technology provides a way to manage user access to company resources and data from such devices, ensuring that only authorized user access sensitive information. Therefore, the aforementioned reasons to provide security to organizations is expected to drive the growth of access control technology during the forecast period.

By Enterprise Size

The enterprise size segment is divided into large enterprises and small and medium enterprises (SMEs). Large enterprises dominate the market as large enterprises have more resources available to invest in internet security solutions. Additionally, large enterprises have a dedicated team of cybersecurity professionals to manage and operate internet solutions and contributes to the adoption of internet security. The professionals are responsible for configuring, managing, and monitoring the security systems, and ensuring the security and compliance of the enterprise. For instance, in May 2022, Intel launched Project Amber to provide customers and partners with a security service for cloud-to-edge and on-premises trust assurance. The service provides confidential computing, secure and responsible AI, and quantum-resistant cryptography in the quantum era.
SMEs are expected to witness the fastest CAGR as SMEs are increasingly adopting digital technologies to enhance operations, reduce costs, and improve efficiency. The growing adoption of digital technologies increases the demand for internet security solutions to protect against cyber threats and to ensure the safety of digital assets. Therefore, the rising number of cyber threats towards SMEs is compelling SMEs to invest in internet security solutions to safeguard the operations and promote the growth of internet security during the forecast period. For instance, in September 2020, Bharti Airtel Ltd. launched a suite of internet security solutions for small and medium enterprises. The solutions assist SMEs in adopting cloud platforms and other emerging technologies and the company has invested around USD 14.2 million in developing advanced solutions.

By End-User

The end-user segment is categorized into BFSI, healthcare, IT and telecommunications, retail, government and defense, and others. BFSI dominates the market as the BFSI sector deals with sensitive customer data, including personal information, financial records, and payment details. Internet security solutions such as encryption, firewalls, and intrusion detection and prevention systems help to protect the data from unauthorized access and cyber threats. Moreover, internet security solutions including biometric authentication, multi-factor authentication, and fraud detection systems that helps to prevent credit card fraud and drives the growth of the market. For instance, in March 2023, ACI Worldwide, a global provider of real-time digital payment software and solutions, partnered with Security Bank Corporation, one of the leading banks in the Philippines, to transform the banks real-time payments platform. The partnership aims to protect Security Banks customer-sensitive data and drive the adoption of real-time payments in the Philippines.

Healthcare is projected to witness the fastest CAGR during the forecast period. Healthcare organizations store sensitive patient data, including medical records, billing information, and insurance data. Internet security solutions such as encryption, firewalls, and intrusion detection and prevention systems help to protect the data from unauthorized access and cyber threats. For instance, in December 2022, Palo Alto Networks launched Medical IoT Security that aims to provide security to connected medical devices, which are critical to patient care. The solution is designed to protect medical devices from cyber threats that compromise the confidentiality, integrity, and availability of patient data, and even pose a risk to patient safety.

By Region:

North America dominates the market due to the increasing adoption of digital technology and the expanding IT sector that increases the demand for internet security. Since endpoint security is an essential component of any IT sector protecting employee devices from a range of threats is driving the growth of internet security. Moreover, government authorities and players in countries including the U.S. are investing in internet security by launching different initiatives and embracing research and development. For instance, in April 2021, MIT Researchers launched new data privacy-focused initiative to address AI-driven analytics. The collaboration of five distinct technical areas including data privacy, data portability, database systems, AI and machine learning, human-computer interaction, and new information architectures is driving the market growth in North America.

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Asia-Pacific is expected to witness the fastest CAGR growth during the forecast period due to the presence of key companies that are investing in the internet security market. The companies include Trend Micro Incorporated, Securelytics, and Nihon Cyber Defence constantly apply strategies to gain a competitive edge in the market including mergers and acquisitions, partnerships, collaborations, and expansions. Moreover, the region is also suffering from growing cases of cyber threats, including attacks on critical infrastructure and government agencies. Therefore, several governments in the region are investing heavily to promote the growth of the internet security market. For instance, in January 2023, Japan and the United States signed an agreement for cooperation on cyber defense. The memorandum aims to strengthen the two countries cooperation in the field of cybersecurity, particularly in the areas of information sharing, training, and joint exercises.
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