CHICAGO, July 6, 2021 /PRNewswire/ -- According to the new market research report "Bot Security Market by Component (Standalone Solution, Services), Security Type (Web, Mobile, API), Deployment Mode, Organization Size, Vertical (Retail & E-commerce, Media and Entertainment, Travel and Hospitality) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Bot Security Market size is projected to grow from USD 408 million in 2021 to USD 983 million by 2026, at a Compound Annual Growth Rate (CAGR) of 19.2% during the forecast period.
Major driving factors for the Bot Security Market include rise in bad bot traffic; increasing sophistication of botnet attacks and loss of revenues for organizations; shift of traffic from mobile to web; and surge in the use of APIs across businesses such as eCommerce, travel, gaming, etc.
By component, the services segment to register a higher growth rate during the forecast period
The services segment includes various services that are required to deploy, execute, and maintain the bot security platform in an organization. As the adoption of the bot security platform increases, the demand for these services is also expected to increase. Bot security can be provided through Managed Security Services (MSS) analysts who provide remote assistance and incident response to clients in case of suspicious activities. Professional services include training and education, and support and maintenance. As the adoption of the bot security platform increases, the demand for these services is also expected to soar. Bot security services ensure 24/7 protection against increasingly sophisticated architectures, SOCs manned by security experts, and quick incident response services. Bot security vendors offer customized subscriptions and professional services to assist end users in easy planning and deployment of bot security platform.
Based on vertical, the retail and eCommerce segment to grow with the largest market size during the forecast period
Online retail and e-commerce businesses are largely the targets of bad bot attacks such as denial of inventory, scalping, scraping, credential stuffing, and Layer 7 DDoS attacks. These attacks can lead to poor website performance, site downtime, exposure of sensitive customer data, and lost revenue. According to Forrester Research survey, among 400 respondents, 63% reported losing between 1% and 10% of their revenue to web scraping attacks alone. Not only these kind of attacks causes technical problems, but it also impacts on the cost. Hence, it is crucial for the online retailers to implement and maintain robust security measures against malicious bots. Recently, in 2020 Walmart observed over 20 million bot attempts within the first 30 minutes from one PS5 restock event. Safeguarding the availability and security of e-commerce platforms, networks, and applications is critical to building customer trust. Hence, bot security solutions for retail and e-commerce are expected to have immense potential in the coming years.
North America to hold the largest market share during the forecast period.
North America has several prominent market players delivering bot security solutions to all end-users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the Bot Security Market's growth. The geographical presence, significant Research and Development (R & D) activities, partnerships, and acquisitions and mergers are the major factors for deploying bot security and services.
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