Technavio analyzes that the Intrusion Detection System Market is expected to grow at a CAGR of 14% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4651.9 million.There are various factors that contribute to the growth of the market. The Intrusion Detection System (IDS) market is experiencing significant growth, driven primarily by the increasing demand for robust cybersecurity solutions in the banking and financial services sector. With the continuous rise in financial transactions and digitalization, the need to safeguard sensitive data from cyber threats has become paramount. IDS solutions offer real-time monitoring, analysis, and response to unauthorized access or malicious activities, making them an essential component in the security infrastructure of financial institutions.
The on-premises segment of the global Intrusion Detection System (IDS) market is projected to dominate the market and generate significant revenue growth compared to cloud-based solutions. This trend is primarily driven by large enterprises, which prefer on-premises IDS solutions for maintaining control over their software assets and data. The ownership and compliance benefits of on-premises IDS systems are particularly appealing to multinational corporations. Furthermore, the integration of IDS with other IT infrastructure components, such as telecom networks, defense systems, and data security solutions, necessitates on-premises deployment. In the context of cyber attacks, including ransomware, on-premises IDS solutions offer the advantage of automating tasks, ensuring timely threat detection, and enabling swift response.
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Intrusion Detection System Market Segmentation
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The Intrusion Detection System (IDS) market encompasses IDS and Intrusion Prevention System (IPS) solutions, addressing the surge in phishing incidents and cybersecurity threats. NIDS and HIDS employ signature-based identification and anomaly detection to safeguard BFSI applications, IT Infrastructure, Telecom, Defense, Data Security, and Cloud Computing from cyberattacks. IDPS shields against ransomware, work from home vulnerabilities, and malicious threat actors, driving cybersecurity expenditure in the era of CYOD and increasing cybercrimes.
The Intrusion Detection System (IDS) and Intrusion Prevention System (IPS) market, as classified by Technavio, is a significant segment within the broader global technology hardware, storage, and peripherals market. This market encompasses manufacturers of various technology hardware, including cellular phones, personal computers, servers, electronic components, data storage components, and peripherals. The IDS and IPS market size is determined by the revenue generated from the sales of these hardware devices and components. The expansion of the global technology hardware, storage, and peripherals market is anticipated to be driven by several key factors, including the increasing demand for data centers due to the COVID-19 pandemic and the subsequent shift towards remote work.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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