Providers of proactive security are going to have their hands full in terms of business in the coming years.
The global proactive security market is expected to more than double, from $20.6 billion this year to nearly $41.8 billion by 2023, according to a new report by MarketsandMarkets, which expects a compound annual growth rate (CAGR) of 15.1 percent.
Proactive security includes: risk and vulnerability management, advanced malware protection (AMP), security analytics, monitoring, orchestration and attack simulation.
The increasing sophistication of attack techniques, the rising need to manage stringent regulations and be compliant, and increasing adoption of IoT, smart mobile devices and BYOD are encouraging organizations to deploy proactive security solutions, said MarketsandMarkets.
Security analytics is expected to play a key role in the market and grow at the highest CAGR during the forecast period, fueled by the increasing number of cyber threats and vulnerabilities in network infrastructure. It also helps organizations meet the Payment Card Industry Data Security Standard (PCI DSS), Health Insurance Portability and Accountability Act (HIPAA), Sarbanes-Oxley Act (SOX), and other regulatory compliance requirements.
Look for small and medium businesses to adopt proactive security at a faster rate than others as these companies are more vulnerable to internal and external data breaches. With the adoption of proactive security services, businesses can more effectively maintain and secure critical information from data breaches, the report notes.
Due to the large number of vendors, North America is expected to have the largest market size through 2023, whereas Asia Pacific (APAC) is expected to be the fastest-growing region. Furthermore, the market in the Middle East and Africa (MEA) and Latin America are expected to grow, due to the increasing usage of cloud computing, expanding retail and banking sectors, and rising importance of regulation and compliance.