Internet Security Market Report

Market Insights

The global internet security market is expected to grow from USD 51.82 billion in 2022 to USD 93.33 billion by 2029 at a CAGR of 8.8% during the forecast period.

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What is Internet Security?

Internet security refers to the set of measures and technologies designed to protect the confidentiality, integrity, and availability of data transmitted over the internet. It involves safeguarding internet-connected devices, including computers, smartphones, tablets, and servers, from unauthorized access, theft, or damage. Internet security aims to prevent a range of cyber threats, including viruses, malware, ransomware, phishing attacks, and hacking attempts.

Internet security solutions typically include firewalls, antivirus software, intrusion detection and prevention systems, encryption technologies, and virtual private networks (VPNs). These solutions work together to protect networks, devices, and data from cyber threats.

In today's increasingly digital world, internet security has become more critical than ever. The risks posed by cyber threats are continually evolving, and organizations must constantly update their security measures to stay ahead of these threats. Failure to implement effective internet security measures can result in significant financial losses, reputational damage, and legal consequences. As such, internet security has become an essential aspect of modern-day business operations, and individuals must take steps to protect themselves and their sensitive data from cyber threats.

Key Players

The major players operating in the global internet security market are:

• McAfee, Inc.
• IBM
• HPE
• Microsoft
• Cisco Systems Inc
• Google
• Symantec Corporation
• Trend Micro
• Kaspersky Lab
• Dell (SonicWall, Inc)

Market Dynamics

The growth of the internet security market is being driven by several factors, such as the increasing frequency of data breaches worldwide, the growing trend of digitalization, and the emergence of more advanced and sophisticated cyber intrusions. However, the market's growth may face obstacles due to challenges in dealing with the complexity of advanced threats and difficulties in implementing internet security solutions during deployment.

Driver: Growing incidents of target-based cyber-attacks to draw operational disruptions

In recent years, targeted attacks have become increasingly common, with attackers infiltrating a target's network infrastructure and remaining anonymous. These attackers typically focus on attacking endpoints, networks, on-premises devices, cloud-based applications, data, and other IT infrastructures when targeting a specific entity.

The primary goal of targeted attacks is to gain unauthorized access to critical information of the targeted company or organization. Such attacks can have serious consequences, leading to disruptions in critical business operations, loss of intellectual property, financial losses, and the compromise of sensitive customer information. The impact of targeted cyber-attacks is not limited to the targeted organizations, but also affects domestic and global customers.

Restraint: Budget constraints among SMEs in developing economies

The demand for internet security measures is growing faster than the budgets allocated to address them, making it difficult for small firms to adopt advanced internet security solutions to protect their networks and IT infrastructures from cyber-attacks. Due to limited funding and lack of IT security expertise, many small firms in developing economies are unable to invest in internet security solutions.

This shortage of investment and limited financial resources hinders the adoption of new technologies and enterprise security solutions in these firms, resulting in a lack of proper IT security infrastructure. Small enterprises face challenges in managing their budget funds for operational issues and business continuity planning, leaving little focus on adopting internet security solutions.

Opportunity: Growing endpoint security market due to growing BYOD trend

The growth in technology and advancements in endpoint security segments has made it more difficult for in-house IT professionals to monitor and manage threats. Technological changes, coupled with dynamic regulatory compliances, pose challenges to many enterprises. Interconnected platforms and endpoints that rely on upgraded technologies expose gaps in security systems, making them vulnerable to cybercrimes.

For example, the adoption of the BYOD concept and the use of social media applications to share information within organizations have opened up new avenues for online cyber risks and attacks that were previously unknown. Digital applications often have loopholes and several vulnerabilities that can be exploited by attackers, resulting in the loss of user data.

Challenge: Wide range of sophisticated threats

In the current virtual enterprise network environment, targeted threats are constantly on the rise in terms of volume, breadth, and complexity. The diverse nature of threats has made it challenging to understand the types of attacks. To prevent any loss of sensitive information, it is crucial to deploy multi-layered internet security solutions at the initial stage of security solutions to protect against any type of cyberattacks.

The ever-evolving nature of threats has become the top security challenge for organizations, with cyber-attacks increasing significantly over the last five years and becoming a top security challenge for both large and small-to-medium enterprises (SMEs). For instance, the 2022 Cyber Threat Report released by SonicWall indicates that governments worldwide experienced a 1,885% increase in ransomware attacks, while the healthcare industry faced a 755% increase in such attacks in 2021.

Segment Analysis

By vertical, healthcare to witness the highest CAGR over the forecast period.

Healthcare enterprises hold a significant amount of patient information, including names, phone numbers, social security numbers, insurance details, biometric data, email addresses, and medical records. Additionally, healthcare firms also store customers' payment data, which makes them an attractive target for hackers to exploit.

According to the Protected Health Information Data Breach Report (PHIDBR) conducted by Verizon in 2018, healthcare medical records comprising patient identities and medical history were the primary focus of data breaches in the healthcare vertical. The report also revealed that 70% of the incidents were ransomware attacks with malicious code, and 58% of the security incidents involved insiders leaving sensitive data open for misuse.

Such security breaches and unauthorized access to patients' personal information result in various fraudulent attacks. To address these issues, healthcare firms are shifting towards digitally driven processes and rapidly adopting zero trust security solutions for the digital security of both internal and external endpoints.

By region, North America to have the largest market size over the forecast period.

North America dominates the global internet security market due to the high number of internet security vendors and advanced infrastructure in the region. The US and Canada have significant technological adoption and infrastructure, making North America the largest contributor to the global internet security market. The presence of major industry players offering internet security solutions is a significant factor driving the growth of the internet security industry in North America.

Moreover, the region is at the forefront in terms of cyber technology adoption, and factors such as the COVID-19 pandemic, the BYOD trend, IoT, adherence to compliance and regulations, and increasing risks from APT threats are driving organizations to adopt internet security solutions.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com

Recent Developments

• In August 2022, Kaspersky and Microsoft entered into a partnership to deliver its threat intelligence to Microsoft Sentinel users for attack investigation and response.
• In July 2022, McAfee entered into a partnership that grants new and existing Telstra customers easy access to McAfee’s security solutions to deliver holistic security and privacy protection through its integrated suite of services that includes Antivirus, Identity Protection, Parental Controls, and Secure VPN, to protect and secure multiple devices such as mobiles, PCs and laptops..
• In June 2022, Microsoft acquired Miburo, a cyber threat analysis and research company specialized in the detection of and response to foreign information operations.