Sellbyville, DE -- (SBWIRE) -- 10/19/2018 -- According to Global Market Insights, Endpoint Security Market is anticipated to be over USD 7 billion by 2024 growing at a rate of over 7% during the forecast period. Endpoints are the weak links in enterprise networks, which make it critical to protect them for securing the entire network. The growing incidents of data breaches, cybersecurity threats, and changing regulations are estimated to increase the investments in security systems across all industrial segments. Moreover, industries, such as governments, financial institutions, and IT & telecommunication, have invested heavily in the technology.

The rising events of cybersecurity attacks on the IT networks globally have increased the awareness and implementation of endpoint security solutions. Data breaches, malware, and ransomware attacks are the primary challenges for every enterprise. Around one million new malware programs are created by cyber attackers every day. The protection of sensitive organizational data as well as customer related data is a major concern for enterprises relying on the IT infrastructure for operational processes, which is increasing the demand for security solutions. Also, the growing popularity of the Bring Your Own Device (BYOD) trend among enterprises is adding additional endpoints in enterprise networks, increasing their vulnerability toward cyber-attacks.

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The software segment accounted for around 83% share in the endpoint security market in 2016 due to the growing installation of software solutions such as antivirus, defender, intrusion prevention systems, and antimalware. The software solutions are installed to protect networks from data breaches by unauthorized users and malicious files & programs. The service market is anticipated to witness a good growth during the forecast period as supporting services offer timely advancements and maintenance updates to ensure optimal protection from continuously-evolving threats.

The on-premise deployment model held around 73% share, dominating the endpoint security market in 2016. The companies prefer on-premise model as they want established IT security infrastructure on their premise to ensure protection and reliability. However, cloud computing technology is rapidly gaining market share due to its popularity among industries. It is adopted by enterprises and government institutes due to high flexibility and scalability in the implementation of security solutions. Cloud-based models provide the latest versions for upgrading endpoint security products, which will fuel the market growth. SMEs are expected to majorly deploy cloud-based endpoint protection systems to benefit from the cost-effective virtual infrastructure.

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The BFSI segment held 23% share in the endpoint security market in 2016. The largest market share is attributed to strict government regulations globally demanding a high level of protection for customers' data handled by IT networks of financial institutions. The market is expected to grow consistently during the forecast period due to an increase in demand for securing network endpoints from cyber-threats as they are highly vulnerable toward data-breach attacks aimed at extracting sensitive financial information.

North America dominated the market with around 52% share in 2016. The regional market growth is attributed to the rising implementation of network protection solutions in government and private sectors in the U.S. The system is adopted to avoid the risks arising from frequent cyber-attacks. The Asia Pacific endpoint protection market is anticipated to grow at the fastest rate during the forecast period due to various factors, such as the advancements in the IT infrastructure and the rising risks of cyber-attacks, in APAC countries including India, Singapore, China, and South Korea.

Some of the key players offering products and services in the endpoint security market are McAfee, Microsoft, Symantec, Bitdefender, F-Secure, IBM, Cisco, ESET, Kaspersky Lab, VIPRE, Sophos, AhnLab, Trend Micro, Webroot, Comodo, and Panda Security. The companies operating in the market are involved in upgrading their solutions through R&D activities to address the cybersecurity concerns related to the latest and evolving cyber threats.

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