Cloud-based endpoint security is develop to protect the endpoint devices and provide network security. These devices include laptops, desktops, servers, mobile devices and any other technology that connects to the internet. Cloud-based endpoint protection is hosted by the vendor with businesses accessing it through the internet, rather than their own in-house servers.
Research Nester released a report titled “Cloud Endpoint Protection Service Market: Global Demand Analysis & Opportunity Outlook 2029 ”which delivers detailed overview of the cloud endpoint protection service market in terms of market segmentation by component, application, organizational size and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The cloud endpoint protection service market is projected to grow with a high CAGR during the forecast period, i.e., 2020-2029 on account of Growing demand for cost-effective alternatives for on-premises security deployment and growth of smart devices.
Based on industry vertical the market is segmented into logistics and transportation, media and entertainment, banking, financial services, and insurance, telecom and IT, automotive, government, healthcare, manufacturing, retail and other end users.
BFSI is expected to witness the highest growth, at a CAGR during the forecast period, since every minute includes a number of transactions made globally. The BFSI sector is one of the critical infrastructure segments 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.
According to the report of mordor intelligence, in 2018, Equifax, one of the three largest credit agencies in the United States, experienced a breach of over 140 million accounts, and over 209,000 credit card related data being stolen. The segment carries a lot of sensitive data like outbound investor communications, account numbers, payment information, competitive market research, money transaction details, credit/debit card details, trading transactions, investment portfolio performance statements, and other critical information, which are needed to be protected from the cyber threats.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in North America is expected to hold the largest market size, owning to the presence of major vendors and adoption of cloud associated services. Asia Pacific region is expected to provide several opportunities for cloud endpoint protection vendors and projected to grow at the highest CAGR during the forecast period. The growing use of free or pirated endpoint protection solutions may restrain the market growth.
Increasing demand for cost-effective alternatives for on-premises deployment type, rise in security threats and cyber-attacks on end-user devices, increasing demand for digital traffic and high growth of IT infrastructure security in the media and entertainment vertical are some driving factors of the market.
Furthermore, cyberattacks, such as phishing attacks, are on the rise during the ongoing COVID -19 pandemic. In February 2020, WHO has published a statement stating that hackers and cyber scammers are sending fraudulent email and whatapp messages that attempt to trick people into clicking on malicious links or opening attachments and has also mentioned not to share personal information such as usernames, passwords as well as not to click on any links. Such factors are expected to globally boost the growth of the market of the cloud endpoint protection market.
Moreover, the worldwide lockdown has led all businesses to shift to online mode, as a result there is huge amount of data that is being uploaded on cloud. Thus, to secure and manage data efficiently on cloud creates demand for cloud endpoint protection services. Overall, the pandemic is expected to have a positive impact on the global cloud endpoint protection market.