The increasing number of cyber attacks is leading more businesses to look for improved security systems, according to new research from Frost & Sullivan.
Analysis from the research firm reveals that the global intrusion prevention system (IPS) market earned over $1.21 billion in revenue during 2012, and this figure is estimated to climb to $2.44 billion by the year 2017.
The growth in revenue for this particular market is being driven largely by the increased frequency and depth of cyber attacks on enterprises, which have become more effective than ever at compromising existing security systems.
In addition to this, the development of next-generation IPS products (NGIPS) with even more advanced security features is also contributing to the predicted growth in market revenue for this sector.
"NGIPS solutions are gaining acceptance owing to their ability to inspect traffic based on detailed contextual data such as application type and user identity, as well as detecting malware for which there are no signatures or other detection methods available," Frost & Sullivan network security industry analyst Chris Rodriguez said in a May 22 statement.
"Optionally, many IPS products can provide basic web application firewall capabilities, data loss prevention, botnet detection, or distributed denial-of-service prevention services."
Frost & Sullivan analysis points to the rise of long-term, targeted and advanced persistent threats (APTs), which is also motivating enterprises to look towards installing or upgrading to IPS products.
IPS products are gaining traction in the market due to their performance and scalability, with IPS vendors also benefiting from investments in research and development to improve the efficiency of these security products.
However, Frost & Sullivan's analysis also notes that the high costs of these IPS solutions may act as a deterrent for some organisations, especially given current economic conditions.
"Creating awareness on the benefits of next-generation solutions, which can fulfill customers' security, networking and compliance requirements, will be crucial to accelerate uptake," Mr Rodriguez said.
The effects of a cyber attacks can be damaging and long-lasting, especially when it comes to regaining trust and rebuilding customer relationships in the event of a security breach.
If you are concerned about the ability of your own organisation to mitigate cyber threats, it may be the perfect opportunity to consider updating your vulnerability management policies.
Securus Global has been helping government departments and enterprises to reduce their IT security risks and provide improved online environments for their customers, partners and employees since 2003.
Using methods such as penetration testing and even ethical hacking, they can undertake a thorough audit of your organisation to ensure that any flaws in your networks are identified before they can be exploited.