With breaches and cyberattacks continuing to mount, the global intrusion detection and prevention systems (IDPS) market will remain highly lucrative for the channel in the years ahead, reaching $7.1 billion by 2024.
That’s according to a new report by MarketsandMarkets, which expects a compound annual growth rate (CAGR) of 8.3 percent. The market is valued at $4.7 million.
Large enterprises are leading the market. They have adopted cloud security solutions as they use a large number of cloud and IoT-based applications susceptible to cyberattacks. And as they face threats from targeted attacks to disrupt their IT services, these organizations adopt cloud IDPS solutions to provide effective security, according to the report.
North America is expected to hold the largest share through 2024. It has sustainable and well-established economies, which allow it to invest significantly in R&D activities, thereby contributing to the development of new technologies in the IDPS market. Also, the presence of most of the key players is expected to be the major factor driving the growth of the market in this region.