Press Releases

Information Technology Security Market to See 14.2% Annual Growth Through 2024

Industry Boosted by Demand from the Banking, IT and Defense Sectors

July 30, 2019

WELLESLEY, Mass., July 30, 2019–Strong demand from industries as varied as banking, defense, retail and government will help boost strong growth in the information technology security market, according to a report by BCC Research, “Information Technology Security: IoT, Cyber and Cloud Securities.”

The market expects to see a compound annual growth rate (CAGR) of 14.2% through 2024, when it could be worth $220.3 billion.

Major players in the market include Alphabet (GOOGL), Amazon (AMZN), BAE Systems (BA), Barracuda Networks, Cisco Systems (CSCO) and Intel (INTC).    

Read the full report here: https://www.bccresearch.com/market-research/information-technology/information-technology-security-market-report.html

Research Highlights

  • Network security leads the market by size, with a 2018 value of $42 billion, followed by endpoint security at $22 billion and wireless security at $13.1 billion.
  • For cloud security and vulnerability, growth will strongest for identity and access management, which expects a CAGR through 2024 of 19.3%, followed by vulnerability assessment at 17.9% and SIEM at 16.6%.
  • The network security market is led in size by the private cloud, which had a 2018 value of $1.3 billion, followed by hybrid security at $562.2 million and the public cloud at $247 million.

“The growth of the digital world has opened business opportunities for numerous companies and individuals,” notes the report’s authors. “However, with all this, the digital economy has also opened itself to unscrupulous hackers and cyber-attackers. The last 10 years have witnessed the strong emergence of computer hackers attacking businesses of varying sizes in nearly every industry. Ransomware has become a recurring theme in the last couple of years, with organizations and users experiencing demands for money in return for access to their files and data.”

Cloud Security’ Emerging as Top Industry Challenge and Business Driver

As cloud computing has developed into a highly-demanding service and utility, those operating in and around the industry have sought to take advantage of the cloud’s security while also maintaining safety standards. As cloud computing grows in popularity, the report explains, tens of thousands of companies have simply rebranded their non-cloud services as cloud computing, which is serving to greatly increase network complexity. While the cloud may have have been hype just a few decades ago, today it is a required small business driver, and each company needs a custom action plan to inspect system integrity.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Information Technology (IT) Security: IoT, Cyber and Cloud Securities( IFT184A )
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