A new report published by MarketsandMarkets anticipates that the DDoS Protection and Mitigation Market size will grow from $1.94B in 2018 to $4.10B by 2023, at a Compound Annual Growth Rate (CAGR) of 16.1% across that period. The report aims to forecast the market size across five main regions: North America, Europe, APAC, the Middle East and Africa, and Latin America. The report offers detailed information on the major factors influencing market growth.
The DDoS Protection and Mitigation Market is gaining in momentum largely as a result of the rise in volumetric DDoS attacks that flood networks with illegitimate network packets and slow or take down services.
The rise in demand for DDoS services is driven by business needs to protect websites, networks and infrastructure, and reduce downtime and negative impacts to businesses. As cyberattacks continue to pick up speed and evolve on a continuous basis, organizations have been forced to adopt more robust and innovative security postures.
Cloud-based and hybrid DDoS protection and mitigation solutions have become more popular among enterprises recently are this area is expected to drive the DDoS Protection and Mitigation Market over the next five years.
The services segment is expected to play a crucial role in the DDoS Protection and Mitigation Market. The report separates services into professional and managed services. DDoS protection and mitigation vendors are offering more kinds of protection to help safeguard infrastructure, networks and websites from both volumetric and more sophisticated kinds of DDoS attack.
Cybercriminals have begun to target SMEs (small and medium-sized enterprises), and these are becoming the main target for cyber terrorists or hactivists. SMEs are being forced to reappraise their security systems and up their defense measures, incorporating DDoS protection methods such as BGP routing, DNS routing and deploying scrubbing services.
North America will have the largest market size due to trends like IoT, Internet of Everything (IoE), Industrial Internet of Things (IIoT) and Bring Your Own Device (BYOD), which are driving high growth in the region. APAC is thought to be the fastest-growing region over the next five years, partly because it has a large number of SMEs that are quickly growing and increasingly adopting DDoS protection mechanisms. The market in the Middle East and Africa (MEA) and Latin America is also expected to grow as technological innovation grows.
The MarketsandMarkets report also looks at the major worldwide vendors of DDoS protection and mitigation, including Arbor Networks, Akamai, F5 Networks, Imperva, Radware, Corero Network Security, Neustar and Cloudflare.