World Internet Security Market Is Estimated to Reach $46.5 Billion by 2021 - Allied Market Research

According to a new report by Allied Market Research titled, "World Internet Security Market Opportunities, Growth, and Forecast, 2014–2021", the world Internet security market is expected to garner $46.5 billion by 2021, registering a CAGR of 8.4% from 2016 to 2021. The market is driven by the huge demand for Internet security software solutions due to the increasing number of cyber-attacks and the adoption of cloud-based Internet security systems.

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Increasing use of Internet-based applications across various sectors, such as education, government, retail, IT & telecommunications, BFSI and others, make them prone to virus and spam attacks. According to McAfee, in 2014, cybercrimes, such as unethical hacking, botnets, distributed denial of services (DDoS), malware, spyware, spams, viruses, and other threats, caused a loss of $400 billion, worldwide. Increasing incidence of security threats is one of the major factors fueling the growth of the Internet security market.

The world Internet security market is segmented into product & services, technology, application, and geography. Based on product & services, the market is segmented into software, hardware, and services. In 2015, the software security solutions segment accounted for around 74.8% of the overall revenue, owing to the widespread adoption of these software solutions among individual & corporate users. However, industry leaders, such as Intel, HP, and Symantec, have heavily invested to develop cloud-based security solutions. Therefore, services segment is expected to grow at the highest CAGR of 23.6% during the forecast period.

Based on technology, the report segments the market into authentication, access control technology, content filtering technology, and cryptography (encryption) technology. Authentication technology segment dominated the market in 2015, accounting for more than 40% market share....