Sunday, August, 25, 2019 04:00:27

The unprecedented growth of cybercrime has lent an increased importance to IT security market, as these crimes have made it rather imperative to surge spending on IT security solutions to accurately track, tackle, and eradicate cyber risks. Precisely speaking, the rise in the number of growth avenues for IT security industry can be attributed to several malevolent trends that malign the integrity and safety of people and organizations.

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Cybercrimes along the likes of phishing, eavesdropping, password breach, malware, and several others have risen tremendously in the last half a decade, thereby pushing the expansion of IT security market worldwide.

A major challenge that the IT security market is facing is the rise in mobile malware. Reliable estimates claim that the number of newfangled malware variants for mobile devices increased by over 50 percent in the year 2017. The year also witnessed over 25% of malicious apps in Lifestyle segment, followed by Music & Audio, with more than 18% and the Books & Reference segment with over 10%. With mobile malware on the rise, IT security industry contenders have been striving to bring forth advanced, compatible security solutions to the market.

The United States of America has been facing consistent threats from an increasing number of highly-sophisticated malicious entities that are motivated by a whole host of different factors ranging from ideological & political interests to espionage & financial gains.

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The Armed Forces Communications and Electronics Association (AFCEA), in September of 2018 had pointed out that the U.S. government did not possess a comprehensive cyber security strategy leaving U.S. critical infrastructure and federal agencies extremely vulnerable to cyberattacks. In the days that followed, the Trump administration released the National Cyber Strategy, the nation’s first, fully-articulated cyber strategy in over 15 years.

In 2017, Europe accounted for a share of over 20% in the global IT Security Market. The regional market is expected to grow exponentially due to a rise in the number of government investments and public-private partnerships to enhance the cyber security infrastructure. In addition, there is an introduction of supportive government policies and compliance regulations mandating companies to adopt security measures.

The Asia Pacific IT security market is predicted to grow at a CAGR of 20% over the forecast timespan. Extensive digitalization across multiple industry verticals and the rising number of smartphone users are factors driving the growth of the market in the region.

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As the world transitions into a digital cosmos, organizations worldwide are integrating IT security solutions to ensure data safety & peak efficiency. Some of the key players operating in the IT security market space include Check Point Software, CyberArk Software Ltd., BAE Systems, Cisco Systems, Inc., F-Secure Corporation, FireEye, Inc., F5networks, Inc., Trend Micro, Inc, Hewlett-Packard, Symantec Corporation, IBM Corporation, McAfee LLC, Microsoft Corporation, Intel Corporation, Oracle Corporation, Proofpoint Inc., Rapid7, Palo Alto Networks, Inc., Sophos Group plc, RSA Security, LLC., and  Splunk, Inc.