Internet security market to experience expeditious growth by 2021 - Top industry players profiled Symantec, Intel, HP Company, Cisco Systems, IBM Corporation, Microsoft Corporation, Kaspersky Labs, and Dell Inc.

The global 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.

According to a global study by Allied Market Research, the global internet security market is expected to garner $46.5 billion by 2021, at a compound annual growth rate (CAGR) of 8.4 percent.

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Industry leaders, such as Intel, HP, and Symantec, have heavily invested to develop cloud-based security solutions. Therefore, the services segment is expected to grow at the highest CAGR of 23.6% during the forecast period.

"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, cyber crimes, 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", said Lita Person Senior Research Analyst at Allied Market Research.

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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. Authentication technologies are used in single sign-on like password-based logins as well as complex systems, such as tokens, public-key certificates, and even biometrics.

Based on applications, the market is segmented into BFSI, retail, IT & telecommunications, government, manufacturing, education, aerospace, defense & intelligence, and others. In 2015, BFSI was the highest revenue-generating segment in terms of revenue. The education sector is expected to grow rapidly, registering a CAGR of 14.3% during the forecast period.

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