The Asia Pacific IT security market is predicted to grow at a CAGR of 20% over the forecast timespan. Extensive digitalization across multiple industry verticals and the rising number of smartphone users are factors driving the growth of the market in the region. In 2017, Europe accounted for a share of over 20% in the global IT security market. The regional market is expected to grow exponentially due to a rise in the number of government investments and public-private partnerships to enhance the cyber security infrastructure. In addition, there is an introduction of supportive government policies and compliance regulations mandating companies to adopt security measures.
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With global enterprises rapidly embracing cloud platforms as well as other networking technologies, IT security market is anticipated to observe a massive upscale in revenue. As more and more organizations transition into the cloud and work to minimize security risks, making the enterprise network less vulnerable to a plethora of cyber-attacks, the average annual spending on cybersecurity is expected to rise significantly. In fact, back in 2017 the average spending on cybersecurity solutions by organizations went up as much as 23% accounting for more than $11.7 million. This increasing cyber security budget in several organizations globally is expected to be one of the most prominent growth inducing factors propelling IT security market.
The transportation IT security market is expected to grow at a CAGR of over USD 15% over the projected timespan. The use of smart logistics, IIoT, and other reconstruction initiatives have further increased the risk by creating a wider attack surface from enormous systems. Any disruption in the operations of transportation and logistics companies can cause substantial downtime and loss of revenue. This is leading transportation companies to implement cyber security solutions. The IT & telecom sector is also predicted to grow at a high pace as it deals with sensitive customer data used for providing unified communication services.
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The IAAM segment will grow at a CAGR of over 17% over the forecast timespan. The increasing spending by large enterprises and government organizations is driving the growth of the IT security market. Additionally, the emergence of stringent regulatory compliances due to security concerns is expected to increase, impacting positively on market growth. The infrastructure protection market is also expected to grow at a significant pace over the projected frame due to the growing adoption of IoT devices and the increasing use of email & web-based applications.
Prominent companies operating in the IT security market include BAE Systems, Cisco Systems, Inc, CyberArk Software Ltd., McAfee LLC, Microsoft Corporation, IBM Corporation, Intel Corporation, Proofpoint Inc. Rapid7, Sophos Group plc, Splunk, Inc, Symantec Corporation and Trend Micro, Inc. RSA Security, LLC., Oracle Corporation, Palo Alto Networks, Inc., FireEye, Inc., Fortinet, Inc., Hewlett-Packard, Ltd., F-Secure Corporation, F5networks, Inc., Check Point Software, etc.
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It is rather overt that the global IT security market is well positioned to establish itself as a lucrative investment ground. As per Global market Insights, Inc., IT industry size, driven by the growing number of cyberthreats that are frequently cropping up, is anticipated to be pegged at $300 billion by 2024.
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