How will the global intrusion detection / prevention system market outlook change with the increasing demand for security against cybercrimes?
Publisher : Fractovia | Published Date : 2019-05-24Request Sample
The intrusion detection / prevention system market is anticipated to generate significant proceeds in the coming years as rising cases of cyberattacks and data breaches worldwide will drive the IDS / IPS industry demand. Cyberattacks like Denial-of-Service (DoS), Botnets, Malware, Man-in-the-middle (MitM) and more, can compromise an organization’s data privacy and security. In some cases, cyberattacks can also cost millions of dollars’ worth of loss to an enterprise.
For instance, Ransomware, a malware attack used to blackmail victims by threatening to make sensitive data public until a ransom is paid, was estimated to cost companies over $8 billion globally in 2017, according to IBM. Thus, to mitigate such cyberthreats, companies are increasingly adopting security systems that offer early detection and prevention capabilities, thereby driving the intrusion detection / prevention system market growth.
UK Intrusion Detection System / Intrusion Prevention System Market Revenue, By Type, 2018 & 2025 (USD Million)
Reportedly, IDS / IPS can monitor user networks, identify possible incidents, store necessary information, breach incidents, and further report them to security administrators. In addition, some firms can use such systems to identify flaws within certain security policies and stop individuals from violating them. On account of the system’s ability to block potential hackers prior to a data breach, IDS / IPS has effectively become a necessary addition to the security infrastructure of most organizations lately, boosting IDS / IPS industry expansion.
Financial and banking sectors to witness increased product adoption over the coming years
The BFSI segment in the IPS market is estimated to grow at a CAGR of 15% between 2019 to 2025. According to reports, there has been an exponential rise in the number of cyberattacks across industries worldwide, with the financial and banking sector slated to be one of the highest risk facing business mainly owing to the nature of data it holds. For long, the industry has struggled to adopt novel technologies due to various regulations governing its operations, which has in turn led to an increased security risk for commercial banks, insurance firms and customers.
For instance, in 2016, some North Korean hackers infiltrated the Central Bank of Bangladesh with plans to steal around $1 billion from accounts held at the New York Federal Reserve, however, later got away with $81 million worth of wealth before the bank blocked the ongoing transfer, claims FBI. Furthermore, in early 2019, hackers were reported to infiltrate the Bank of Chile's ATM network and siphon off around $10 million worth of asset. Given the rising prevalence of such events, it is prudent to conclude that the BFSI sector will demand enhanced security solutions, adding impetus to the IPS market over the forecast period.
Impact of India’s cybersecurity and cloud computing sector on IDS / IPS market
India’s cybersecurity landscape is currently witnessing rapid growth as businesses are keenly seeking to adopt advanced tools to protect networks against cyberattacks and threats. Increased adoption of technologies such as machine learning and artificial intelligence (AI) has propelled the cloud market in India, that is expected to surpass $7.1 billion by 2022, claims Nasscom.
With the growing adoption of the cloud, attacks on its shared security model is also likely to surge over the coming years, forcing cloud providers to deploy more efficient security tools in their infrastructure. Besides, as companies are increasingly migrating their workloads and services to public cloud infrastructure like Microsoft Azure and Amazon Web Services, the cloud-based intrusion detection / prevention system segment is anticipated to register increased traction. Moreover, multiple breaches in the government ID database and Aadhaar, that potentially compromised the records of all 1.1 billion registered citizens, signal that an incline in the IDS adoption rates is the need of the hour.
The intrusion detection / prevention system market will witness surging growth on account of expansive adoption of big data, AI, cloud computing, and IoT technologies. The financial and banking sectors will emerge as the key technology adopters in the coming years. Driven by rapid digitalization and shifting trends towards cloud infrastructure, intrusion detection / prevention system market is likely to depict commendable expansion in the years to come.
