The World Market for DDoS Protection 2019-2024: Projected to Grow at a CAGR of 24.9% with BFSI Expected to Hold a Significant Share - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 24, 2019--
The “DDoS Protection Market - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The DDoS protection market is expected to record a CAGR of 24.9% over the forecast period (2019-2024).
According to Corero, the DDoS attacks are expected to grow to 17 million by 2020, with an average attack size approaching 1Gbps. This alarming growth in the number of network attacks is expected to be a major driver for the adoption of DDoS protection solutions.
The threat of DDoS is driven by ready access to easy-to-use tools and by a wider criminal understanding of its potential for profit through extortion. These attacks that directly target business systems and individuals, which could potentially lead to huge financial and personal losses. This further increases the importance of a robust DDoS protection tool.
- According to Cloudflare, the financial cost of a DDoS is significant as falling victim to a DDoS attack can cost an organization of around USD 100,000 for every hour the attack lasts, further fueling the demand for DDoS protection solutions.
- Besides, the proliferation of unsecured IoT devices resulted in an increase in DDoS attacks in 2017, according to Corero. Thus, the growing deployment of IoT across end-user is set to augment the adoption of DDoS protection solutions.
- It is further reported that a major number of unplanned datacenters outages have been due to cybercrime (DDoS) attacks, further driving the demand for DDoS protection solutions in data centers. In addition, the growing number of data centers in developing countries, such as India poses significant opportunities for DDoS protection solutions providers.
Key Market Trends
BFSI is Expected to Hold a Significant Share
- The BFSI sector is one of the critical infrastructure segment that suffers several data breaches and cyber attacks, owing to the large customer base that the industry serves and the financial information that is at stake.
- The financial service institutions have been identified to be four times more susceptible to cyber attacks, as compared to other industries, which is expected to drive the demand for such solutions.
- DDoS attacks can make banking websites unavailable resulting in reputation damage, lost revenues and a loss in customer confidence. In 2017, Lloyds Bank suffered a distributed denial of service attack that has knocked its online services offline. The BFSI sector has faced the highest attacks in 2017, having faced attacks which are significantly higher than other industries.
- Thus, the continuation of this trend in the upcoming years is set to fuel the adoption of DDoS protection solutions in the BFSI sector.
North America is Expected to Hold Major Share
- Companies in the region have witnessed significant DDoS attacks in recent years, which has resulted in tremendous awareness related to protection solutions, which in turn is expected to drive the market.
- In 2017, the US Departments of Commerce and Homeland Security released a draft report on enhancing resilience against botnets. It aims to strengthen the cybersecurity of government networks and critical infrastructure. Thus, the implementation of its recommendations is set to propel the demand for DDoS protection solutions in government infrastructure.
- The United States also accounts for the origination for 30% of the global DDoS attacks, which is likely to increase attacks against the country’s end-user industries, further driving the demand for DDoS protections solutions.
The DDoS Protection market is highly competitive and consists of several major players. Many companies are increasing their market presence by introducing new products or by entering into strategic mergers and acquisitions.
- April 2018 - Consolidated Communications Holdings, Inc. launched its Distributed Denial of Service Mitigation solution. The solution offers customers robust reporting and analytics, and a view of traffic trends and potential threats, with the network intelligence to take corrective action before any organization’s infrastructure is impacted.
- December 2017 - Neustar Inc. launched SiteProtect NG, its new solution to protect brands against DDoS (distributed denial of service) attacks. This DDoS mitigation solution is designed to meet the security requirements of all brands, on-premise and in the cloud, to deal with the next generation of cyber threats.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Instances of Sophisticated DDoS Attacks
4.3.2 Introduction of Cost-effective Cloud-based and Hybrid Solutions
4.3.3 Proliferation of Technology and Adoption of IoT across Various Verticals
4.4 Market Restraints
4.4.1 Increasing Operational Costs
4.5 Value Chain / Supply Chain Analysis
4.6 Industry Attractiveness - Porter’s Five Force Analysis
4.7 Technology Snapshot
5 MARKET SEGMENTATION
5.1 By Component
5.1.2 Service (Professional Service, Managed Service)
5.2 By Organization Size
5.2.1 Small and Medium Enterprises (SMEs)
5.2.2 Large Enterprises
5.3 By Application
5.4 By End-user Industry
5.4.1 Government and Defense
5.4.4 Energy and Utilities
5.4.5 IT and Telecom
5.4.9 Other End-user Industries
5.5.1 North America
5.5.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Arbor Networks Inc. (NetScout Systems Inc.)
6.1.2 Akamai Technologies Inc.
6.1.3 F5 Networks Inc.
6.1.5 Radware Ltd.
6.1.6 Corero Network Security Inc.
6.1.7 Neustar Inc.
6.1.8 Cloudflare Inc.
6.1.9 Nexusguard Ltd.
6.1.10 Dosarrest Internet Security Ltd.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/e9eqhu
View source version on businesswire.com:https://www.businesswire.com/news/home/20190524005248/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics:IT Security
INDUSTRY KEYWORD: TECHNOLOGY SECURITY
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 05/24/2019 11:20 AM/DISC: 05/24/2019 11:21 AM