CHICAGO, July 10, 2019 /PRNewswire/ -- According to a new market research report "DDoS Protection and Mitigation Market by Component (Hardware Solutions, Software Solutions, and Services), Application Area (Network, Application, Database, and Endpoint), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Distributed Denial of Service (DDoS) Protection and Mitigation Market size is expected to grow from USD 2.4 billion in 2019 to USD 4.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.0% during the forecast period.
The DDoS Protection and Mitigation Market is gaining traction due to the rise in multi-vector DDoS attacks that cause traffic congestion by flooding networks with numerous illegitimate network packets. The major forces driving the DDoS Protection and Mitigation Market are, easy availability of DDoS-for-hire services, high demand for cloud-based and hybrid DDoS protection and mitigation solutions and rise in the number of Internet of Things (IoT) devices. The high demand for DDoS protection and mitigation solutions among the gaming sector is expected to drive the DDoS Protection and Mitigation Market over the next 5 years.
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Services segment to play a key role in the DDoS Protection and Mitigation Market
The services segment is expected to play a vital role in changing the DDoS Protection and Mitigation Market landscape and grow at the highest CAGR during the forecast period. Services offered by the DDoS protection and mitigation vendors are classified into professional and managed services. The rise in the demand for DDoS services is due to the need to protect websites, networks, and critical infrastructure devices, as well as, to reduce the downtime and business risks. Cyberattacks on websites are increasing at an alarming rate and have compelled organizations to adopt robust security services for addressing risks in the continuously evolving threat landscape. Services offered by DDoS protection and mitigation vendors help safeguard websites, networks, and layer 3 and layer 7 threats.
Small and Medium-sized Enterprises (SMEs) segment to grow at the fastest rate during the forecast period
In the DDoS Protection and Mitigation Market, SMEs are expected to be the fastest-growing segment, as these enterprises have become the key targets for cyber terrorists or hacktivists. SMEs need to appraise their security systems to effectively close the gaps that slowdown the performance of their servers. Hence, it has become essential for SMEs to incorporate DDoS protection techniques, such as scrubbing services, Border Gateway Protocol (BGP), routing, sinkholing, null routing, and Domain Name Server (DNS) routing.
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Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
The market in APAC is expected to grow at the highest CAGR between 2019 and 2024. The primary forces driving this growth are increasing technology adoption, huge opportunities across the government and public sector, and an increase in the number of startups in APAC countries, especially India. In recent years, the APAC region has undergone tremendous economic growth, political transformations, and social changes. The region has a large number of established SMEs, which are growing at an exponential rate to cater to their large customer base. Due to the increasing sophistication levels of threats, countries such as China, India, and Japan have all updated or introduced new national cybersecurity policies.
The report encompasses the different strategies, such as mergers and acquisitions, partnerships and collaborations, business expansions, and product developments, adopted by the major players to increase their market share.
Some of the major technology vendors in the DDoS Protection and Mitigation Market are NETSCOUT (US); Akamai Technologies (US); Imperva (US); Radware (Israel); Corero Network Security (US); Cloudflare (US); Link11 (Germany), Nexusguard (Hong Kong); A10 Networks, (US); Fortinet (US); Huawei Technologies (China); Verisign (US); Sucuri (US); SiteLock (US); Flowmon Networks (Czech Republic); StackPath, (US); DOSarrest Internet Security (Canada); NSFOCUS (US); and Seceon (US).
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