Cyber-attacks have exponentially increased in recent years, which has created a need for cybersecurity solutions. Rapid adoption of advanced technologies, need for network security, and increased internet penetration are collectively expected to drive the security software in telecom market during the forecast period, 2019–2026.
The sheer volume of data created around the globe is providing impetus to the security software in telecom market. According to Cisco’s Visual Networking Index, global mobile data is expected to grow at a CAGR of 53% between 2015 and 2020. The rising trend of wearable technology and IoT is also expected to boost data volume and subsequently, drive the security software in telecom market.
The security software in the telecom market can be segmented by type, application, and region.
By type, the security software in the telecom market can be segmented into cloud-based and on-premises. The cloud-based deployment mode is expected to witness significant growth in the security software in telecom market as cloud-based solutions are rapidly being adopted by enterprises, owing to their user-friendly nature and cost-effectiveness. Moreover, increasing adoption of cloud storage systems is also expected to contribute to the segment’s growth in the coming years.
On the basis of enterprise size, the market can be primarily segmented into SMEs and large enterprises.
Geographically, the global security software in the telecom market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East and Africa (LAMEA).
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North America dominates the global telecom industry and is expected to retain its position throughout the forecast period. With the Bring Your Own Device (BYOD) concept gaining traction, security is a key concern for all organizations, which in turn is surging the demand for security software in telecom.
Europe is projected to witness significant growth in the security software in the telecom market on account of the rapid adoption of advanced technologies such as cloud technology. Additionally, the growing incidence of security breaches, growth of managed security services, and technological developments in cloud security software are creating opportunities for the region’s security software in telecom market.
Asia Pacific is expected to witness significant growth in security software in telecom market on account of rising adoption rate of digital connectivity and digital transformation making the region vulnerable to cyber exploitation. Thus, the growth of the region’s software security market is driven by increasing threats and management outflows in the IT industry.
The LAMEA region is expected to witness substantial growth in the security software in telecom market during the forecast period, owing to the increasing cases of cyber-crime, security breaches, and other cyber-attacks. Thus, growing concerns regarding protection of organizational and confidential data are expected to drive the demand for security software in the region’s telecom market.
Some of the prominent players operating in the global security software in telecom market are International Business Machines Corporation (U.S), Symantec Corporation (U.S), CyberArk Software Ltd. (U.S), McAfee, LLC (U.S), Dell Inc. (U.S), and others.
Security Software in Telecom Market Segmentation
By Enterprise Size
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