The information security products and services market is expected to grow by USD 136.83 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Information Security Products and Services Market 2020-2024 (Graphic: Business Wire)
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The rising dependency on web applications and websites for critical purposes such as transactions, purchasing, and other related activities is increasing the risk of data thefts and cyberattacks. Also, with the rapidly changing IT infrastructure, hackers are becoming more advanced and sophisticated and have found new ways of stealing valuable information. This is posing serious threats for industries such as BFSI and retail that constantly deal with confidential data over the internet. This is compelling businesses to adopt information security solutions to prevent cyber threats, which is driving the growth of the market.
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As per Technavio, the increasing demand for IoT managed services will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Information Security Products and Services Market: Increasing Demand for IoT Managed Services
The rising adoption of low-cost intelligent connected devices such as portable navigation systems, media players, and imaging devices is increasing the demand for IoT-managing services. Also, companies across the world are increasingly adopting the latest technologies such as IoT to streamline supply chains, create new business models, and innovate product and service offerings. This is creating a strong need for the effective management of huge volumes of information. Moreover, the rising need for data analytics and monitoring has positively influenced the growth of the IoT managed services market, which will subsequently drive the growth of the global information security products and services market during the forecast period.
"Increased dependence on the internet and rising adoption of information security solutions in the BFSI industry will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Information Security Products and Services Market: Segmentation Analysis
This market research report segments the information security products and services market by Type (Hardware, Software, and Services), Geography (North America, Europe, APAC, South America, and MEA), and Deployment (Cloud security and On-premise security).
The North American region led the information security products and services market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the expanding IT, healthcare, BFSI, retail, and education industries in the region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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