A growing number of connected endpoints has expanded the scope of internet and will propel threat intelligence market share, with over 3 billion users using the internet worldwide. The demand for connected devices is expected to grow to more than 50 billion by the year 2020. Cybercriminals use internet in order to connect with the end point devices and perform malignant activities, which has encouraged the adoption of solutions providing threat intelligence to protect networks against any unauthorized access.
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The arrival of digital technologies have prompted enterprises to build data-driven business models, that help make the business more flexible, scalable and agile. These models also make the organizations vulnerable to internal as well as external threats and cyberattacks, coercing major enterprises to implement identity & access management (IAM) solutions in order to lower the associated risks with advanced technologies.
The IAM segment in threat intelligence industry is anticipated to grow at a CAGR of more than 14% over the project period owing to rising adoption of technologies like IoT, cloud computing and BYOD.
Banking institutions have tremendously benefited from the advent of digital platforms, in turn making it vulnerable to cyberattacks, or exposure of sensitive information and data to intruders or hackers. These institutions require active solutions against these problems in order to identify network sources that are compromised and create a strategy to fight against the already existing and upcoming threats. The BFSI segment had accounted for nearly 30% of global threat intelligence market share in 2018 and is anticipated expand in the forthcoming years.
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The increasing use of smart devices across several business applications and the growing penetration of IoT in enterprises has led to the occurrence of numerous cybercrime activities and has necessitated the use of threat intelligence solutions. Asia-Pacific threat intelligence market is anticipated to register a 17% CAGR during the forecast period, driven by government initiatives to boost digital transformations and emerging cybersecurity providers, resulting in a comprehensive effort to advance the security of business.