Market Trends of Cloud Endpoint Protection Industry
This section covers the major market trends shaping the Cloud Endpoint Protection Market according to our research experts:
Healthcare Segment is Expected to Witness Significant Growth
- Healthcare has been positively impacted by digitization and has evolved over the past two decades to emerge as a digitized sector. Healthcare records have been stored digitally and contain private and confidential data. The healthcare sector continues to adopt various new technologies, such as home/remote monitoring equipment embedded with IoT, IoT-enabled hygiene monitoring devices, etc., to offer life-critical services and treatments. Such access must remain secure and allow for sharing among trusted partners. Despite being the highly targeted industry with the highest average cost of the breach at USD 6.45 million yearly, healthcare organizations lag in the adoption and implementation of cybersecurity approaches to safeguard their solutions.
- Modern healthcare cloud endpoint protection often features patch management and other endpoint management capabilities, along with traditional skills, like antivirus protection that cater to the healthcare sector. The cloud endpoint protection is being incorporated by many healthcare industry players, alerting their IT security team when a device doesn't have a security patch or if it uses outdated information. A player, like ColorTokens Spectrum Platform, provides endpoint protection, which helps healthcare organizations to prevent security violations across workloads, applications, users, and endpoints.
- The solution is cloud-delivered and protects critical data such as ePHI, PII, and EHR. ColorTokens takes a vendor-agnostic approach and protect distributed legacy endpoints and provide reduction to the risk of data breaches along with ransomware attacks from external as well as internal threats. Furthermore, recent trends in June 2020 say that healthcare is the sector majorly impacted by the group of 19 critical vulnerabilities known as Ripple20, which have been found in the TCP/IP communication stacks of hundreds of millions of IoT and connected devices. The impact is currently unknown, given the flaws are found in embedded software and web components.
- In the coming period, healthcare will face some of the most complex challenges, mostly around IoT, which typically shall exceed the number of workstations and servers on the enterprise network in the future. This factor significantly drives the demand for a cloud endpoint protection solution. Furthermore, data from the artificial intelligence endpoint protection platform SentinelOne shows that from February 23 to March 16, 2020, with the onset of the COVID -19 s outbreak, there was an upward trend of attempted attacks with peaks at 145 threats per 1,000 endpoints, in comparison with 30 or 37 at the start of that period. This significantly caters to the high demand for cloud endpoint protection during the pandemic.
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Asia Pacific to Witness Significant Growth
- The rapid adoption of IoT technologies and an increasing number of connected devices across different industries in the region are expected to fuel cloud endpoint security solutions over the forecast period. Moreover, the National Institute of Information and Communication Technology predicted that the number of cyberattacks to IoT Devices is expected to reach 30 billion devices by 2020 compared to 15 billion devices in 2015. Such instances propel the players to come up with solutions that enable them to pre-determine the occurrence of such events and hence is expected to boost the market for cloud endpoint protection solutions.
- Asia-Pacific is one of the major regions on its way to becoming the manufacturing hub. It, therefore, is undergoing digital transformation owing to the population ages and rising labor costs with countries like Indian and China being at the forefront. According to the China Investment Corporation (CIC) estimates, the IIoT in China is expected to reach CNY 150 billion by 2020. According to the Cisco VNI report, by 2022, the region is expected to have 2.6 billion Internet users (62% of the population), up from 1.7 billion (41% of the population) in the year 2017 along with 13.1 billion networked devices/connections by 2022, up from 8.6 billion in 2017.
- The rise in digitization across Asia, for example, in the BFSI sector, is expected to drive such solutions over the forecast period. For instance, According to RBI, The share of electronic transactions in the total volume of retail payments increased to 95.4 percent in 2018-19, up from 92.6 percent in the previous year. To cope with this sudden colossal change, the banks are looking forward to adopting solutions like endpoint security solutions that help them grant their users uninterrupted services.
- On the other hand, the rising adoption of public cloud computing leads to more enterprises re-allocating their business to cloud platforms. Issues related to data security, tenant isolation, access control, etc., are expected to propel the market growth. For instance, In February 2020, ST Engineering and Janus Technologies, in collaboration, announced the launch of BIOS-SHIELD, Asia’s first firmware that provides enterprises with highly secure endpoint management and control with a cloud-based management portal.
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