CHICAGO, Jan. 22, 2020 /PRNewswire/ -- According to a research report "Deep Packet Inspection and Processing Market by Component (Solutions and Services), Solution Type (Hardware and Software), Installation Type (Integrated and Standalone), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the global deep packet inspection and processing market size is expected to grow from USD 8.7 billion in 2019 to USD 12.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 5.9% from 2019 to 2024.
The major factors driving the deep packet inspection and processing market include the continuous evolution of cyberattacks and their corresponding security solutions, need for modern network performance management and optimization solutions. The growing need to meet compliance requirements, increasing advancements in the communication technology, and soaring need to counter fraudulent activities in several verticals are fueling the demand for installing deep packet inspection and processing solutions in various organizations across the globe.
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By organization size, the large enterprises segment to hold a significant share in the global Deep Packet Inspection and Processing Market in 2019
Large enterprises are organizations that have more than 1,000 employees. These organizations invest heavily in advanced technologies for increasing overall productivity and efficiency. To reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) of infrastructure, large enterprises are widely opting cloud-based deep packet inspection and processing solutions. Large enterprises are expected to invest significantly in implementing advanced deep packet inspection and processing solutions that are capable of anomaly-based detection to provide optimum security to their intense competitive environment.
Large enterprises have adopted cloud security solutions, as they use a large number of cloud and Internet of Things (IoT)-based applications susceptible to cyberattacks. Moreover, as they face threats from targeted attacks to disrupt their Information Technology (IT) services, these organizations adopt deep packet inspection and processing solutions to provide effective security.
Based on verticals, the IT and telecom vertical to hold a significant share in the global Deep Packet Inspection and Processing Market during the forecasted period
IT and telecom is one of the major adopters of deep packet inspection and processing solutions. It has been a highly regulated and competitive industry that always processes a majority of the private data of its customers. The increased integration of ICT with the daily activities of industries, governments, families, and consumers, along with the increasing sophistication of cyberattacks, has led the telecom and IT vertical to focus more on their cybersecurity activities.
Telecom organizations typically store personal data such as names, addresses, and financial data, which is a compelling target for cybercriminals or insiders. Thus, factors such as the use of Voice over internet protocol (VoIP) calls, storage of data on cloud services, mobility and cloud computing, and extensive use of platform-as-a-service in enterprises are expected to fuel the demand for deep packet inspection and processing solutions in the IT and telecom vertical.
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North America to hold the largest market share during the forecast period
North America dominates the global Deep Packet Inspection and Processing Market, as the growth in the region is being driven by the rising internet penetration and increasing adoption of cloud-based and IoT applications across verticals. Moreover, North America tops the world in terms of security breach incidents. Therefore, the global market is dominated by North America that is considered to be the most advanced region with regard to cyber technology adoption and infrastructure.
Other factors pushing the Deep Packet Inspection and Processing Market in this region are enormous usage of smart handheld devices, rapidly growing eCommerce, and friction among the competing countries in different regions. The strict announcement by the US government that no funding would be allocated to business projects unless cybersecurity is properly addressed in the mission is also arousing a sense of cyber awareness among the businesses in North America.
The major vendors covered in the Deep Packet Inspection and Processing Market include IBM (US), Cisco Systems (US), Extreme Networks (US), Juniper Networks (US), Symantec (US), SolarWinds (US), Viavi Solutions (US), NetScout (US), LogRhythm (US), Qosmos (France), Cubro Network Visibility (Austria), Lionic Corporation (Taiwan), Trovicor (Taiwan), Netronome (US), Sandvine (Canada), Huawei (China), Bivio Networks (US), Ipoque (Germany), ManageEngine (US), and WiseSpot (Hong Kong).
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