The global endpoint security market is estimated to grow at a significant growth rate of 10.1% during the forecast period. One of the major factors contributing to the growth of the global endpoint security market includes the increasing adoption of cloud-based services. There is increased adoption of cloud-based services owing to flexibility and cost-effectiveness. For instance, in the European Union, the demand for cloud-based services among enterprises has been growing significantly.
According to Eurostat, 26% of EU enterprises used cloud computing in 2018, primarily for e-mails and storage of files. Finland has the highest adoption of cloud computing services in Europe and accounted for 65.3% in 2018. Later, Sweden, Denmark, and Norway attracted significant share in 2018 with 57.2%, 55.6%, and 50.7%, respectively. This shows the rising adoption of cloud computing services by small and medium-sized enterprises (SMEs).
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Rising Trend of BYOD is Further Fueling the Demand for Endpoint Security Solutions Across Major Industry Verticals
For successful implementation of the BYOD policy, organizations need an effective cloud platform that allows employees to safely access data from their own devices and at the same time ensures the safety of the company’s data. Therefore, the increasing trend of BYOD and enterprise mobility is estimated to develop growth opportunities for the global endpoint security market.
While using endpoint security solutions can reduce the risk of lost or stolen data, it’s important to note that technology is not a one-stop solution for solving enterprise mobile security challenges. Furthermore, BYOD brings needed flexibility for companies, which can be a solution to boost the productivity of employees with strong preferences to use their own devices. This, in turn, is fueling the market growth of the global endpoint security market.
A Significant Number of Data Breaches Would Increase the Adoption of Endpoint Security Solutions
According to Identity Theft Resource Center (ITRC), data breaches are an ever-increasing threat to every industry, with the number of the US data breach incidents tracked in 2017 hitting a new record of 1,579 breaches. It is a 44.7% increase over 2016’s record-breaking numbers. Of the data breaches reported in 2017, 8.5% involved the financial sector, such as banks, credit unions, financial services, credit card companies, investment firms, mortgage and loan brokers, payday lenders and pension funds.
Moreover, an increasing data breach has been reported in the healthcare sector. As per the Center for Internet Security, for healthcare agencies, the average cost of data breaches to the healthcare industry is $355 in the US. Such data breaches surge the need for security solutions in order to protect the data from foreign threats; thereby, expanding the global endpoint security market size.
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Global Endpoint Security Market Segmentation
By Solution
- Anti-Virus
- Anti-Spyware
- Firewall
- Others
By Mode of Deployment
- On-Premises
- Cloud
By Industry Vertical
- BFSI
- Government and Defense
- IT & Telecom
- Retail
- Healthcare
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
