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Increased Number of Advanced and Sophisticated Threats and Cyber-Attacks Will Augment the Global IT Security Market Through 2020, Reports Technavio
[May 26, 2016]

Increased Number of Advanced and Sophisticated Threats and Cyber-Attacks Will Augment the Global IT Security Market Through 2020, Reports Technavio


Technavio research analysts are forecasting positive growth for many segments of the global IT security market over the next four years as several markets including BYOD security, mobile payment security software, and contactless smart card market in banking sector, will witness an increase in revenues.

A comprehensive study conducted by Technavio research analysts predict the global contactless smart card market in the banking sector to grow at a remarkable CAGR of more than 33% during the period 2016-2020. Most contactless smart cards are issued with preinstalled data codes for unique identification purposes. This makes it easy for end users to use these cards by swiping it against the card reader. Since contactless smart cards provide a user-friendly environment for consumers and are easy to maintain and store, its adoption is envisaged to increase significantly in the coming years.

Emergence of multi-application smart cards is another factor that will help in the growth of the global contactless smart card market in the banking sector. Vendors such as Gemalto (News - Alert) provide multi-application smart cards, which is a combination of contactless and contact interfaces on a single card. Blue from American Express is a multi-application smart card that provides additional security while online shopping and ticketing.

The global BYOD security market is another segment depicting immense growth in the IT security market, expected to grow at a rate of almost 25% from 2016-2020. The increasing adoption of mobile devices by enterprises and consumers for performing personal and business tasks has led to them becoming potential targets for cyber-attacks. This increasing instances of cyber-attacks have raised concerns and awareness among organizations of the various security risks translating into the augmented adoption of BYOD security solutions.



According to Amrita Choudhury, a lead analyst at Technavio for ICT research, "The global BYOD security market is highly fragmented, presenting several opportunities for mergers and acquisitions. As a result, large enterprise application vendors and core BYOD security vendors are engaging in mergers and acquisitions strategies to improve their position and presence in the global market."

View Technavio's entire IT security market report library


Technavio market research analysts label the global mobile payment security software market as another fast-growing segment in the market. High adoption of multi-factor authentication techniques and increase in the use of wireless networks among the individual consumers will help the market to post a CAGR of about 24% during the period 2016-2020. With an increase in the number of advanced and sophisticated threats, the need for mobile payment security software has risen. The Americas will account for the highest market share in the mobile payment security software market by the end of 2020.

Some of the key vendors for IT security include Gemalto, Giesecke & Devrient, and Safran for contactless smart cards market in banking sector, IBM (News - Alert), MobileIron, and VMware for BYOD security, and Apple, CA Technologies, and Google for mobile payment security software.

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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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