As per the United Nations report, at least 3.9 billion people, equivalent to more than half of the world’s total population, had access to the internet in 2018. The internet is rapidly developing into a preferred mode for executing financial transactions and also, buying virtual goods. Such technological solutions expose customers as well as financial institutions to the risk of bank spoofing and hacking of mobile phones. Intrusion detection and prevention system is the primary solution for most of the IT companies to monitor and protect the network from malware activities.
Regardless, with the expanded use of the internet, malware witnessed across the globe pose a serious effect on system and business operations. Internet security in the form of antivirus or an intrusion detection and prevention system ensures the safety of computing networks and eliminates any threats posed to regular operations. The network intrusion detection systems market size and income gained from computer protection services depend on a few elements, for example, cloud-based business operations, the rise in online financial transactions, expanded utilization of the internet because of better connectivity and other growth variables.
According to a recent business intelligence report from IndustryARC, power line communication systems market was valued around $5 billion in 2018 and is estimated to grow with a lucrative CAGR of 12% during the forecast period (2019-2025). The report titled: “Intrusion Detection System/Intrusion Prevention System (IDS/IPS) Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast (2019 – 2024).”
Intrusion Detection and Prevention System Market: Demand Analysis
Cyber Security Breaches Survey 2018, monitored by the government of UK, concluded that over two in five businesses, around 43% are witnessing data breaches. The most common types of breaches were fraudulent emails (72%), followed by others impersonating the organization online (28% and 27%) and viruses and malware (24% and 27%). As a consequence, security management from different organizations are regularly updating their software and malware protections and configuring firewalls. Additionally, these factors attributed to the growth of intrusion detection and prevention system market.
According to a recent report released by India Brand Equity Foundation (IBEF), it is concluded that consumer electronics market size is around $31.48 billion and will continue to grow at a healthy CAGR of 48.37% in the forecast period of 2018 to 2024. Growing development in electronic gadgets and communication devices with in-built internet connectivity is on rising. Thus, increasing the adoption of consumer electronics. In addition to this protecting the computers, smartphones and other devices like vehicles are an upcoming trend where the car will be protected against the hack. This, in turn, is fueling the demand in the intrusion detection and prevention system market.
Banking, financial services and insurance (BFSI) is the leading segment with a major share in the intrusion detection and prevention system market and is estimated to grow at a profitable CAGR of 15% over a forecast period 2019 to 2025. Further, attracting the key players to reinforce their inbound sales and contribute huge revenues. Thus holding a dominant place in the intrusion detection and prevention system market.
Based on the geographical analysis provided by the IndustryARC report, North America occupies a maximum share, around 30% to 35% in the intrusion detection and prevention system market. Owing to the awareness level on consumer and corporate levels regarding threats associated with cyber-attacks government is continuing its change in security solutions. Further, the other factors responsible for the growth of the market include technology advancements, a stable economy, and new infrastructure demands.
Intrusion detection and prevention system market is gaining traction, owing to the frequent cyber breaches and infiltration activities in the last few years. BFSI is the leading segment in the market contributing maximum revenues for the growth of intrusion detection and prevention system market. Integration of detection system with intrusion prevention system has automated several preventive measures such as informing the police, which may also attribute to the industry growth in the near future.
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