Endpoint Security Market Share, Revenue, Growth, Leading Growth Drivers
The global endpoint security market size is expected to grow from USD 12.8 billion in 2019 to USD 18.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period. Major growth drivers of the market are the increasing number of endpoints and Bring Your Own Devices (BYODs) among enterprises, the rising endpoint attacks and breaches, higher costs accrued due to endpoint attacks, mitigation of IT risks, and centrally managed protection and administration.
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Among solutions, the endpoint detection and response segment to grow at a higher CAGR during the forecast period
The endpoint security market is segmented by solution into Endpoint Protection Platform (EPP) and Endpoint Detection and Response (EDR). The EDR segment is expected to be the fastest-growing segment in the endpoint security market, due to the growing need for detection and remediation of threats during any endpoint security breach or an attack. These technologically advanced solutions help in detecting and remediating the most recent known and unknown threats. It forms a first level of defense for organizations to secure endpoints.
Cloud segment, among deployment modes, to grow at a rapid pace during the forecast period
Most vendors in the endpoint security market offer cloud-based endpoint security solutions. The adoption of cloud-based endpoint security solutions is expected to grow due to benefits, such as easy maintenance of generated data, cost-effectiveness, scalability, and effective management of these solutions. The cloud deployment mode offers web-based management and enterprise-class protection for endpoints. It allows users to deploy endpoint protection without the need for an IT staff to manage the software.
Among verticals, the retail and eCommerce vertical to grow at the highest CAGR during the forecast period
The endpoint security market by vertical is divided into 7 categories, namely, Banking, Financial Services and Insurance (BFSI), retail and eCommerce, telecommunication and IT, healthcare and life sciences, government and defense, manufacturing, and others (transportation and logistics, travel and hospitality, media and entertainment, and education). The retail and eCommerce vertical is expected to grow at a rapid pace during the forecast period, as there is an increase in the demand for controlling threats related to the financial transaction data, to achieve better buying experience and offer personalized marketing based on user privacy data.
North America to hold the largest market size during the forecast period
North America is the most significant revenue contributor to the global endpoint security market. The region is witnessing significant developments in the endpoint security industry. Several endpoint security solution providers in North America are experimenting by integrating advanced technologies, such as Artificial Intelligence (AI) and Internet of Things (IoT), with their existing endpoint security solutions. Industries and government organizations in North America are investing heavily in security solutions and services to combat cybercrimes. Growing trends, such as BYOD, IoT, Internet of Everything (IoE), and Industrial Internet of Everything (IIoE), have resulted in tremendous growth in this region. They are also adopting various growth strategies to strengthen their positions in the overall market.
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