Market Trends of Web Filtering Industry
This section covers the major market trends shaping the Web Filtering Market according to our research experts:
BFSI to Drive the Market Growth
- With a growing number of cybercrimes activities, the security of sensitive data such as financial banking details, personal banking details, personally identifiable information, and confidential corporate data is at high risk. Due to these reasons, the demand for BFSI security solutions has witnessed a high requirement, consequently boosting the Web Filtering Market's growth.
- For instance, according to Verizon Communications Inc, in 2019, the global Finance industry experienced 1,509 cybersecurity incidents. Public and Professional services were the most targeted sectors, with 7,463 and 6,843 reported incidents. As per the IC3 & FBI, in the year 2019, 16,503 online identity theft cases were reported. Phishing and similar fraud ranked first, with 114,702 complaints.
- The rising implementation of regulatory standards, coupled with the surge in choosing cloud-based security solutions and growing modes of online payments, is presumed to give a lift to advanced security solutions in the BFSI sector, fueling the market's growth. For instance, in nations such as Qatar, where vital investments in infrastructure are being made for the 2022 FIFA World Cup, banks are spending in advanced security solutions.
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North America Dominates the Market
- The market in North America is commanding the Web Filtering Market in terms of revenue owing to positive government regulations, and the enhanced adoption of web content filtering in schools, institutions, and business organizations, which boost the adoption of web content filtering solutions and innovative technology.
- North America holds a notable market share and dominance is expected to continue through the forecast period. Increasing online malware and an increase in BYOD (Bring Your Own Device) policy across organizations drive the market in this region. As the region is technically advanced, the high adoption of web filtering solutions is fuelling market growth.
- The rise in internet penetration and the need for enterprises to reduce the misuse of the internet are majorly driving the market. Rising adoption of cloud-based services across the region is also boosting the web filtering market growth.
- For instance, according to Internet World Stats, in 2019, close to 312 million internet users accessed the web from the United States, up from nearly 287 million in 2017. As of 2019, internet users in North America used an average of 3 hours and 57 minutes online through mobile, compared to only 2 hours and 33 minutes of regular non-mobile internet use. Moreover, there were 132.9 mobile broadband subscriptions per 100 inhabitants in the United States.
- Due to the growing usage of banking sectors, cloud computing, and expanding retail and increasing importance of regulatory compliance, the web filtering market in North America is anticipated to grow in the coming years.
- In the global web filtering market, North America is supposed to have the most significant market size due to the presence of a vast number of conspicuous web filtering vendors. Some of the important players in the region are Symantec Corporation, McAfee, Inc., Cisco Systems, Inc., Palo Alto Networks, Inc., Fortinet, Forcepoint, and Barracuda Networks, Inc., among others.
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