Growing advanced threats will augment the IT security market through 2020

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.

Contactless smart card market

A study conducted by Technavio 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 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.

BYOD security market

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.”

Mobile payment security software 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.

Key vendors

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

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