Report : Browser Isolation Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Deployment (Cloud and On-Premise), Enterprise Size (Large Enterprises and SMEs), End-Use Industry (IT & Telecom, BFSI, Government, Manufacturing, and Others), and Geography
Rise in Number of SMEs to Provide Growth Opportunities for Browser Isolation Software Market
According to our latest market study on “Browser Isolation Software Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Deployment, Enterprise Size, and End-Use Industry,” the market was valued at US$ 1,830.8 million in 2019 and is projected to reach US$ 6,635.1 million by 2027; it is expected to grow at a CAGR of 18.2% from 2020 to 2027.
Industries such as manufacturing, transportation & logistics, IT & telecommunication, and BFSI are witnessing a significant rise in the number of SMEs and emerging companies. According to the Ponemon Institute, 60% of SMEs in the European countries have permanently closed after suffering from data breach. SMEs assume they are less prone to cyberattacks due to their company size; the hackers take an advantage of this misconception and penetrate into the networks of SMEs, causing substantial loss of data. In the era of digitization, most of the industry players drive their business operations with the use of the internet. Emerging companies and SMEs across industries are learning the consequences of data breaches from large enterprises, which have experienced cyberattacks. Owing to this, emerging companies and SMEs are extensively monetizing on cybersecurity solutions to secure data from cyberattackers. Also, with the exponential rise in the browser usage among SMEs and emerging companies, the need for browser security escalates rapidly, which, in turn, boosts the growth of the browser isolation software market.
Geographically, North America held the largest share of the browser isolation software market in 2019, followed by Europe and Asia Pacific. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period. The browser isolation software market is segmented into deployment, enterprise size, end-use industry, and geography. Based on deployment, the market is further bifurcated into cloud and on-premise. The cloud segment represented a larger share of the overall market during the forecast period. Based on enterprise size, the market is further segmented into SMEs and large enterprises. In 2019, the large enterprises segment accounted for a substantial share in the global browser isolation software market. Based on end-use industry, the market is segmented into BFSI, IT & telecom, government, manufacturing, and others. The BFSI segment represented the largest share of the overall market during the forecast period.
Impact of COVID-19 Pandemic on Browser Isolation Software Market
According to the latest report from the World Health Organization (WHO), the US, Spain, Italy, India, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to the COVID-19 pandemic. The outbreak first began in Wuhan (China) during December 2019, and since then, it has spread at a rapid pace across the world. The COVID-19 crisis is affecting the industries worldwide, and the global economy has witnessed the worst hit in 2020, which is likely to continue in 2021. The outbreak has created significant disruptions in primary industries such as logistics, retail, and e-commerce, and others; the sharp decline in international trade is negatively impacting the growth of the global economy. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak are affecting the businesses. The continuous loss in the business due to the lockdown measures is expected to directly impact the growth of the investments in security solutions worldwide. The disrupted business activities and product sales are expected to hinder the growth rate of the browser isolation software market.
Authentic8, Inc.; Citrix Systems, Inc.; Cyberinc; Ericom Software.; Kasm Technologies; Menlo Security, Inc.; Bitdefender; Proofpoint, Inc; Broadcom, Inc.; WebGap Inc.; and Bromium Inc. are among the few major companies operating in the browser isolation software market.
The report segments the global browser isolation software market as follows:
By Enterprise Size
By End-Use Industry