Considering the rising number of connected devices, several endpoint security market players are increasingly innovating endpoint security solutions, driving industry growth. Citing an instance, Nokia endpoint security solutions offers network-based defense against threats from botnets and malware. These solutions also make sure that the elements connected to the network are authenticated and authorized for communications.
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Endpoint security refers to securing the above end-user devices to make them less vulnerable to unauthorized access and cyberattacks. Endpoint security plays a vital role for businesses, to ensure that critical systems, employees, guests, intellectual property, customer data, are all protected from malware, phishing, ransomware, phishing, and other such cyberattacks.
Endpoint security market is poised to grow at a strong rate over the coming time period owing to the increasing instances of cyberattacks and data breaches. An endpoint is any device which is physically an end point on a network. For instance, tablets, mobile phones, servers, desktops, laptops, and virtual environments can all be considered endpoints.
In terms of application, the endpoint security market is segmented into transportation, education, government & public sector, healthcare, retail, IT & Telecom, BFSI, and others. IT & Telecom application segment will hold a market share of over 20% by end of the analysis period due to growing number of connected devices.
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Based on component, the endpoint security market is classified into software and service. The software segment is further classified into mobile device security, encryption technologies, endpoint application control, anti-virus/anti malware, intrusion prevention, firewall, and others. The anti-virus/anti malware segment held a market share of over 20% in 2019 due to growing BYOD trend.
Anti-virus/anti malware is considered the most basic and popular type of endpoint security. It is generally installed directly on endpoints where they effectively detect as well as remove any malicious applications. These software products are capable of detecting either known viruses, identified by signatures, or try to identify new as well as potential malware with unidentified signatures by examining its behavior.
APAC endpoint security market will witness a CAGR of more than 10% over the forecast time period due to growing digitalization across India and China. Additionally, the region, which is home to nearly 60% of the globe's population, is emerging as a prominent digital hub, creating more opportunities for growth and innovation. These factors are expected to further lead to regional market growth.
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The service segment is further classified into managed services, maintenance and updates, and training & consulting. Among these, maintenance & updates segment will witness a CAGR of over 15% over the forecast timeframe due to rising demand for outsourcing security of enterprise endpoint devices.