Internet Security Market Driven by Ubiquity of Smartphones

As per the market outlook foreseen by the IndustryARC business intelligence report, titled “Internet Security Market: By Types and solutions; By Technology; By Securities; By Applications; By Functional area; By Trends & By Geography - Forecast(2018-2023),” the market is forecast to gain tremendous revenue due to ubiquitous connectivity stride and legislation enforcement by governments and organizations as a response to huge chunk of world economy ($11.5 trillion, 2016, The Wall Street Journal) floating over the Internet. The internet security market is expected to grow at a CAGR of 12% during the forecast period of the report, i.e. 2018 to 2023.

As per the United Nations report, at least 2.3 billion people in 2011, the equivalent of more than one third of the world’s total population, had access to the internet. The year 2017 witnessed mobile broadband subscriptions approaching 70 per cent of the world’s total population and the estimation for 2020 is that the number of networked devices (the ‘Internet of Things’) will outnumber people by six to one.

In the realm of a progressively connected era in which the internet is becoming an integral part of assessments universally, effective internet security plays an unquestionably-acute role. Cases of Trojan, malware, and spyware intrusion is on the rise and countries are changing their internet protocol. Mounting reliance on information and communication technologies, buds the risks. As a consequence of persistently surfacing challenges and cyber threats, all participants require to have the obligatory capabilities and action plan in the form of internet security to address such risks.

The United States Office of Personnel Management in 2015 was breached by Chinese hackers resulting in theft of 22 million personnel records of federal workers. In FY 2016 government agencies reported 30,889 incidents relevant to information security. Owing to such breaches and loss of digital valuables, the U.S government is articulating legislation supporting the employment of internet security. A classic example is the coalition between America and Russia regarding first-ever bilateral agreement on confidence-building measures in the cyber domain. Such events highlights the threats and issues, making people aware and transforming them into a potential customer for the internet security market companies.

Cyber Security Breaches Survey 2017, monitored by the government of UK, concluded that an exceptional 46% of all businesses acknowledged at least one breach or attack in the preceding year. The most common types of breaches were fraudulent emails (72%), followed by viruses and malware (33%) and ransom ware (17%). As a consequence 90% businesses are vigilant towards internet security and employing it for regularly updating their software and malware protections and configuring firewalls.

India, an emerging digital economy, ranked 21st in the global tally with 6.95 lakh attacks from hackers across various countries which prompted the government to work on Data Protection Act. In 2017 IT Ministry of India set up NIC- CERT, an institution to monitor, detect and prevent cyber attacks on government networks. Such actions by federal bodies are acting as prominent drivers of the internet security market due to their influencing capacities effecting the wide range of population with direct indications of increasing cybercrimes.

In accordance with the estimations made by Lloyd's in 2017, global cyber attack might charge $121.4 billion. Intensification in technological advancement and vigorous adoption of IoT are leading the growth of internet threats spreading across many sectors such as banking, financial and insurance, IT, transportation, defense and telecommunications. Such threats are the esteemed internet security market drivers. The sheer affluence of internet security market can be estimated with the fact that the global cyber-insurance market is worth between $3 billion and $3.5 billion, and it could rise to between $8.5 billion and $10 billion by 2020.

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