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LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global internet security market is expected to reach USD 137.96 billion by 2021, growing at a CAGR of almost 9%.

This research report titled Global Internet Security Market 2017-2021 provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.

According to Cisco VNI, 1.2 ZB of internet traffic was generated in 2016. Smartphone traffic accounted for 13% of this traffic. By 2021, smartphones will account for 33% of the 3.3 ZB of internet traffic that will be generated in that year. Penetration of global positioning system (GPS)-enabled smartphones will consequently increase globally during this period. The market is expected to grow constantly because of the increased demand for high-speed broadband services and consumer awareness of Internet of Things (IoT) applications such as connected homes and automobiles.

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Technavios ICT research analysts categorize the global internet security market into the following segments by end-user. They are:

The top three end-user segments for the global internet security market are discussed below:

Government

Smart governance solutions are extensively used in burglar alarm monitoring, homeland security, fire and emergency, as well as traffic management applications. Other areas in which these services are used include financial services, public services, and security. These solutions support government agencies to analyze and manage the causal factors of disasters. It helps to analyze the risks while planning and implementing preventive measures.

According to Rohan Joy Thomas, a lead IT security research analyst from Technavio, The increasing amounts of government expenditure on the implementation of government security installations in the developing countries, such as India and China, is one of the primary drivers for the market. Moreover, the need for cybersecurity solutions to maintain homeland security will positively affect the market growth in the coming years.

BFSI

Since the BFSI sector contains financial data of customers, it is important for these organizations to maintain data confidentiality. The instances of cyber-attacks are increasing in the form of data theft, phishing scams, and other online threats owing to an increase in the demand for online transactions through applications.

BFSI organizations are increasingly investing in cybersecurity solutions. Further, governments are implementing stringent regulations, such as the Sarbanes-Oxley Act of 2002, on the financial organizations, enforcing the use of cybersecurity solutions to prevent data theft, says Rohan.

Manufacturing

Smart mobility solutions are used in asset tracking, fleet management, and telematics to enhance the operational efficiency of retail outlets while reducing costs related to transportation and logistics. More than 20 billion connected vehicles will be on the roads worldwide by 2020.

The deployment of 4G-LTE technologies in the automotive industry is one of the primary factors responsible for the increased adoption of IoT solutions. The sector has also been witnessing a growing trend in favor of intelligent cars and transport systems, which use IoT technology to enhance safety and functionalities in vehicles with completely inbuilt systems.

The top vendors highlighted by Technavios research analysts in this report are:

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Global Internet Security Market - Forecasts, Drivers and Opportunity Assessment by Technavio - Business Wire (press release)