iboss Discusses Growth Projections for Global Cyber Security Market


iboss Discusses Growth Projections for Global Cyber Security Market

Wednesday, June 12, 2019 9:50 PM

BOSTON, MA / ACCESSWIRE / June 12, 2019 / The past decade has seen the digital economy establish itself as a key driver of business growth, creating new opportunities for individual entrepreneurs and multinational corporations alike. The arrival of mobile devices and cloud solutions sparked the always-on phenomenon, triggering radical changes in workplaces and employment models. However, the digital revolution also brought new challenges along with the opportunities, creating the need for products and services that facilitate integration, data storage, and compliance. Moreover, both enterprises and consumers have become aware that data protection is vital in the digital age, especially in light of cyber threats growing more frequent and sophisticated. As disruptive technologies continue to emerge and regulators impose stringent data protection rules, demand for cyber security solutions is expected to rise steadily in the years ahead, with security-as-a-service gaining in popularity at the expense of on-premise deployments, according to the experts at leading cybersecurity company iboss.

Gartner estimates that spending on information security products and services exceeded $114 billion in 2018, which translates into year-on-year growth of 12.4%. The research house projects that the market will expand by 8.7% in 2019, reaching $124 billion in value. The survey on which this report is based revealed that security risks are the top driver of spending, with business needs, industry changes, and privacy concerns providing additional stimuli. Commenting on the market outlook, Gartner research director Siddharth Deshpande said in a press release, "Security leaders are striving to help their organizations securely use technology platforms to become more competitive and drive growth for the business. Persisting skills shortages and regulatory changes like the EU's Global Data Protection Regulation (GDPR) are driving continued growth in the security services market." Deshpande also pointed out, "On-premises deployments are still the most popular, but cloud-delivered security is becoming the preferred delivery model for a number of technologies."

Analysts foresee steady growth beyond 2019, citing broadly the same reasons for the increase in cyber security budgets, iboss comments. According to MarketsandMarkets, spending will rise by 10.2% annually between 2017 and 2023, reaching $248.26 billion by the end of this period. The report also highlights the role of government agencies in driving market growth, predicting that state entities will lead in terms of amount invested as they seek to improve public services through web and mobile applications, while ensuring robust data protection. Looking even further into the future, Stratistics MRC projects that the global cyber security market will be worth $365.3 billion by 2026, expanding by 16.1% annually from 2017 to 2026. "Stringent compliance and regulatory requirements, rising demand for IT security budget, growing attractiveness of digitalization, increasing cyber attacks and growing awareness of the security risks are the factors fueling the market growth," this report states.

iboss is a cloud security company that provides organizations and their employees secure access to the Internet on any device, from any location, in the cloud. This eliminates the need for traditional security appliances, which are ineffective at protecting a cloud-first and mobile world. Leveraging a purpose-built cloud architecture backed by over 100 patents and over 100 points of presence globally, iboss protects more than 4,000 organizations worldwide. In recognition for its pioneering work, the company has been named a Visionary for two consecutive years in the Gartner Magic Quadrant for Secure Web Gateways.

Cloud Internet Security - iboss cloud - iboss: https://www.iboss.com

Eliminate Secure Web Gateway Appliances - iboss: https://www.iboss.com/platform/eliminate-swg-appliances/

iboss on the Reasons Behind Growing Enterprise Adoption of Cloud-Based Security Solutions: https://finance.yahoo.com/news/iboss-reasons-behind-growing-enterprise-010300876.html

Contact Information:

Chris Liva
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SOURCE: iboss