by Brianna Crandall — April 3, 2015—TechNavio, an independent tech-focused global research firm, has published a report on the global security software market, which is expected to grow at a compound annual growth rate (CAGR) of 11.11 percent during the period 2014-2019.
Currently, the market is witnessing high adoption rates of security software solutions, according to the report. Small and medium-sized enterprises (SMEs), large organizations, and government organizations adopt these solutions to improve their business operations and productivity. In the current scenario, organizations are highly vulnerable to security threats related to user identities and data theft.
The report features data on security software product segmentations.(Click on image to enlarge)
“There is an increased adoption of SaaS-based security solution by various industries, including small businesses. The Global SaaS-based Security Solutions market is expected to witness growth of over 20 percent,” says Faisal Ghaus, Vice President of TechNavio.
“SaaS-based security solutions provide other advantages such as ease of installation and upgrading. Witnessing the demand for these solutions, all major vendors such as McAfee and Symantec are providing SaaS-based security solutions,” adds Ghaus.
Key market drivers
- Increased use of mobile devices
- Growing dependency on Internet
- Increase in regulatory compliance requirements
- Increased demand from banking, financial services and insurance (BFSI) sector
Key market trends
- Increased demand for integrated security suites
- Growing adoption of software-as-a-service (SaaS)-based security solutions
- Increased demand from SMEs
- Increase in mergers and acquisitions (M&A)
Key market vendors
- Emc Corp.
- IBM Corp.
- McAfee Inc.
- Symantec Corp.
- Trend Micro Inc.
To define the market circumstances in the next three to four years, TechNavio analysts conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
The Global Security Software Market 2015-2019 report is available for purchase from the TechNavio Web site.
