DDoS Protection and Mitigation Market Projected to Reach $6 Billion by 2026

(I-SoftwareNews.Com, February 08, 2022 ) DDoS Protection and Mitigation Market is projected to reach US$6 billion by 2026 and is estimated to grow at a CAGR of 14% during the forecast period 2021-2026. With the increasing penetration of connected devices and advancements in Internet of Things (IoTs) the demand for DDoS Protection and Mitigation Market is estimated to gain huge traction. The alarming growth in the number of multi-vector DDoS attacks such as network time protocol (NTP) amplification attack, Memcached DDoS attack overwhelming the victim’s server or network with flood of traffic to exhaust the target’s resources to create a denial of service has contributed to the growth of the market. According to reports, 1/3 of downtime incidents are attributed to Distributed denial-of-service attack. With the increase in security breaches in BFSI sector the demand for mitigation of incoming cyber threats is analyzed to stimulate the market during the forecast period 2021-2026. According to reports in February, 2020 Amazon Web Services Shield, a managed DDoS protection service mitigated the largest DDoS attack of 2.3 Tbps.

DDoS Protection and Mitigation Market Segment Analysis – By Offering

By offering, DDoS Protection and Mitigation Market has been segmented under solution and services. The solution segment dominated the market in 2020 acquiring a share of 56% and is estimated to grow at a CAGR 9.56% during the forecast period, 2021-2026 owing to increasing demand for filtering traffic to identify and mitigate the incoming threat for protecting the server and the network from a distributed denial-of service attack. Software solutions segment is anticipated to hold the largest share owing to the growing demand for concealing unauthorized or unauthenticated users from network resources to prevent data vulnerability over heavy traffic network. The service segment is analyzed to be the fastest-growing market with a CAGR 12.8% during 2021-2026 owing to increasing adoption of professional consulting services to reduce the operational costs while optimizing the efficiency. For instance, in January 2021, Link11 announced the completion of acquisition DOSarrest Internet Security Ltd to expand the DDoS protection solutions globally. Such acquisitions are set to drive the market during 2021-2026.

DDoS Protection and Mitigation Market Segment Analysis – By Industry Vertical

By industry vertical, DDoS Protection and Mitigation Market has been segmented under Banking, Financial Services and Insurance (BFSI), Telecommunications and IT, Healthcare, General Manufacturing, Power, Utility, Oil & Gas, Logistics & Transportation, Retail & e-commerce, Government and Public Sector and Others. BFSI sector dominated the market in 2020 acquiring a share of 14% and is analyzed to grow at the fastest CAGR 17.2% owing to increasing data breaches and cyber-attacks and rising adoption of cloud-based protection services to defend against such sophisticated cyber-attacks. Digital banking solutions are vulnerable to new age cyber-attacks which can cause not only monetary losses but compromise data privacy while putting the economy into danger. Increasing demand for protecting customers’ financial information from cyber risks such as data leakage, credential theft in BFSI sector has accelerated the growth of the market. According to reports, in February 2020, FirstLight launched DDoS protection and mitigation solution to defend against growing DDoS attacks by monitoring, detecting and mitigating malicious activities. In November 2020, Google launched Cloud Armor offering to protect services from massive DDoS attacks. Such developments are anticipated to boost the market during 2021-2026.

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DDoS Protection and Mitigation Market Segment Analysis – By Geography

By Geography, DDoS Protection and Mitigation Market has been segmented under North America, Europe, APAC, South America and RoW. North America dominated the market acquiring a share of 25% in 2020 and is estimated to hold the major market share with a CAGR 8.3% during 2021-2026 owing to high investment in IT infrastructure and security and a growing number of DDoS attacks in this region. APAC is estimated to be the fastest-growing market during the forecast period with a CAGR 9.6% owing to the growing demand for digital business strategy and massive and quick adoption of cloud-based applications. For the past few years India has witnessed frequent DDoS threats and attacks across various industry verticals and thus propelling the market growth. For instance, according to Indian Computer Emergency Response Team India has faced nearly 7 Lakhs cyber-attacks till August 2020 which is analyzed to stimulate the market growth during the forecast period.

DDoS Protection and Mitigation Market Drivers

The exponential growth in DDoS attacks

Increasing adoption of digital business strategy to generate new business outcomes leveraging IoTs, cloud computing has attracted cyber-terrorists or hackers to target web servers or online services or devices to send malicious data or requests from multiple sources so that it crashes under the demand. In November 2020, Cloufdfare announced to successfully detect and mitigate a DDoS attack inspired by an acoustic beat. With the quick and massive adoption of digitalization in Banking and Finance, Retail industries and advancements in E-commerce has contributed to the growth of DDoS protection and mitigation services. The increasing concern among organizations about the goodwill and loss of productivity when they are threatened with DDoS attacks such as volumetric bandwidth attack, resource exhaustion and application-layer attacks is analyzed to accelerate the market growth between 2021 and 2026. To mitigate the risks associated with disruption of services enterprises are adopting DDoS protection services and thus boosting the market growth. For instance, in February 2020 Linode announced the availability of DDoS protection service to identify and mitigate application based and volumetric cyber-attacks against their webservers, network infrastructure, and databases.

Increasing penetration of digitalization in BFSI sector

The drastic technology-based changes in BFSI sector has led to massive and large volume of data generation and processing. Banking sector has adopted cloud based storage techniques to simplify the digital banking processes. The BFSI sector mostly partners with third parties to create and maintain the IT infrastructure to facilitate mobile banking. Improper or weak integration can lead to disruption of services, information leakage, false data injection or forceful access of data by unauthorized personnel. BFSI sector hold sensitive and confidential financial data which must be protected to avoid data breaches and cyber-attacks. With increasing cyber-attacks in BFSI sector the demand for DDoS protection has gained a huge traction. Adoption of DDoS protection service enables Machine Learning algorithms to identify and recognize the attack pattern at an early stage and thus minimizing the impact of DDos attack. For instance, In November 2020, PLDT Enterprise announced it’s partnership with Akamai Technologies Inc. for intensifying BFSI digital protection against DDoS threats and attacks.

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DDoS Protection and Mitigation Market Challenges

High cost owing to complexity in deployment

Increasing number of DDoS threats and attacks have made it inevitable for enterprises to adopt DDoS protection and mitigation services to get real-time protection from sophisticated web security threats and attacks. Higher level of protections against sophisticated DDoS attacks require high investments for its robust infrastructure and deployment and thus many enterprises are yet reluctant about adopting it hampering the market growth. However, with significant investments on cyber security R&D work is set to offset this challenge and promote healthy growth during the later stages of the forecast period 2021-2026.

DDoS Protection and Mitigation Market Landscape

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the DDoS Protection and Mitigation market. In 2020, the market of DDoS Protection and Mitigation industry outlook has been fragmented by several companies. DDoS Protection and Mitigation top 10 companies include Cloudfare Inc., Akamai Technologies Inc., Radware Ltd., Arbor Networks Inc., Nexusguard Ltd., Corero Network Security Inc., Huawei Technologies, Lumens Technologies (Centurylink), Flowmon Networks among others.

Acquisitions/Technology Launches

In December 2020, Cloudfare acquired Linc to accelerate the development of web app deployment.

In November 2020, Radware announced expanded scaling capabilities for its virtual DDoS protection in AWS.

Key Takeaways

Solution segment is estimated to dominate the market during 2021-2026 due to rising demand for mitigating risks associated with incoming sophisticated cyber threats.

BFSI sector is analyzed to hold the major market share of 14% by 2026 owing to alarming growth in number of cyber-attacks.

North America is estimated to dominate the market by 2026 owing to high number of DDoS attacks and high investments towards IT infrastructure and security.

Alarming growth in number of DDoS threats and attacks owing to rapid digital transformation across various industry verticals is boosting the market.

High cost is one of the challenges impeding the growth of the market.

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https://www.industryarc.com/Report/17946/cyber-security-market-in-healthcare.html

B. Security and Vulnerability Management Market

https://www.industryarc.com/Research/Security-And-Vulnerability-Management-Market-Research-500797

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DDoS Protection and Mitigation Market Projected to Reach $6 Billion by 2026