Increasing security breaches and rising instances of cyber-attacks in private organization have bolstered the demand for intrusion detection & protection system.
Award winning market research company Fact.MR’s global intrusion detection & protection system market opines a steady growth for 2024, owing to the rising instances of cyber-security breaches in private and government organizations. Lack of strong cyber-security leading to significant loss of confidential information has aided the growth of intrusion detection & protection systems market.
Fact.MR analysis reveals that adoption of intrusion detection & protection system among financial institutions will further gain traction in the upcoming years. Especially, the spike witnessed during COVID-19 has accelerated the utilization of intrusion detection & protection system, especially in the large enterprises. Furthermore, surge in demand for protection against viruses and malicious attacks to provide an impetus to the growth of market.
According to FBI crime report 2019, between January and September over 7.9 billion cyber breaches were exposed by a 30% increase from the previous year. The report also states that cyber breaches in the first quarter of 2024 were expected to increase by 600%, putting close to 300 million people at risk of identity theft and fraud and over 80% of financial firms were at risk. These statistics have accelerated the adoption of intrusion detection & protection system.
“Private and public organization are looking to adopt technological advanced system to maintain the privacy and security of the shared information. Hence, initiatives undertaken by government and financial organization has spurred the growth of the market,” says a Fact.MR analyst.
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Key Takeaways
- By application, network based IDS system to remain lucrative through 2024
- BFSI industry segment to register significant growth by the forecast period
- By end user, large enterprise segment expected to dominate the market
- North America is expected to exhibit significant growth in the upcoming years
- IT & Telecom expected to emerge as a lucrative market
Prominent Drivers
- Rising instances of security breaches and cyber-attacks to drive the market growth
- Major adoption among government agencies due to intrusion of viruses and Trojan to create growth opportunities
Key Restraints
- Lack of appropriate security budget among the SMEs to create a hamper on the market
- High cost to develop cyber-security solutions likely to hinder the sales of IT operations, hence restraining the growth
Discover more about the Intrusion detection & protection system market with 105 figures and 133 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/359/intrusion-detection-protection-system-market
Competitive Landscape
Fact.MR has analyzed some of the key player that includes IBM Corporation, Cisco Systems Inc., Symantec Corporation, Intel Corporation, Checkpoint Security Software Market, Trend Micro Inc., Juniper Networks Inc., Singapore Technologies Limited, Radware and Arbor Networks among others. Leading players are strategizing by diversifying their projects to generate new proceedings.
For instance, in March 2024, Intel Corporation announced that it has signed an agreement with Defense Advanced Research Projects Agency (DARPA) to perform in its Data Protection in Virtual Environments (DPRIVE) program. The program aims to develop an accelerator for fully homomorphic encryption (FHE). The company has collaborated with Microsoft to lead the commercial adoption of the technology to protect confidential data against potential cyber-attacks.
Likewise, Cisco Systems Inc. completed its acquisition of Acacia Communications Inc., following the approval of major Acacia shareholders. The acquisition ensured the enhancement of Cisco’s “Internet of Future” project for the use in networking and data centers.
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More Valuable Insights on Intrusion detection & protection system Market
In its latest report, Fact.MR offers an unbiased analysis on the global intrusion detection & protection system market. The study divulges essential insights on the Intrusion detection & protection system market on the basis of deployment type (on-premise, and SaaS), end-user (small & medium enterprise and large enterprise), application (network based IDS system, hybrid based IDS system, host based IDS system), industry (BFSI, healthcare, retail, IT and telecom, energy & utilities, manufacturing and others), and key regions (North America, Latin America, Europe, Japan, APEJ, and Middle East & Africa (MEA)).
Key Questions Covered in the Report
- Which region will remain the most lucrative for intrusion detection & protection system market?
- Which deployment type holds the major market share for intrusion detection & protection system?
- What will be the challenges that market players would face due to Covid-19?
- Which industry will remain dominant through the forecast period?
- What will be the factors hampering the intrusion detection & protection system sales?
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