The market for bot security is expected to reach $2.5 billion by 2032, up from $487 million in 2022. The market is expected to expand at a 17.6 per cent compound annual growth rate (CAGR) over the forecast period, according to a report from Future Market Insights.
The increase in bad bot traffic, the sophistication of botnet attacks and resulting revenue loss for businesses, the shift of traffic from mobile to web, and the explosion in the use of APIs across industries such as eCommerce, travel, and gaming are all major drivers of the bot security market, said Bot Security Market Outlook (2022-2032).
According to FMI’s global bot security market study, increasing botnet sophistication, a shift in traffic from mobile to web, growing awareness about data privacy, and an increase in API usage across a variety of industries, including retail and e-commerce, travel and hospitality, and telecommunications, are expected to drive bot security market growth over the forecast period.
The report said that in the media and entertainment industry, botnet security solutions and services are widely used to detect and mitigate advertising-related vulnerabilities. This reason is expected to fuel the growth of the bot security industry.
In several regions of the world, a trend of ideological and state-sponsored attacks targeting individuals or organisations in order to advance a political cause or conduct a cyber-warfare campaign has been observed, with organisations struggling to combat these attacks. According to industry analysts, such attacks could be carried out across multiple organisations worldwide.
According to FMI, this figure is likely to increase significantly in the coming years as internet penetration increases. Smartphone ownership is significantly higher in developed economies such as the United States, Australia, South Korea, and Japan. Smartphones are used for a variety of purposes, including online shopping, social networking, and product research.
As a result of this shift in web traffic from desktop to mobile, botnet attacks have become a lucrative target. As a result of these alarming statistics, bot security firms are refocusing their efforts on mobile security. As a result of the shift in online traffic to mobile, bot security vendors are expected to benefit, FMI stressed.
Numerous regions of the world are witnessing an increase in ideological and state-sponsored attacks that target individuals or organisations in order to advance a political cause or conduct a cyber-warfare campaign, and organisations are finding it difficult to defend against these attacks.
According to industry analysts, such attacks could be carried out across multiple organisations worldwide. This feature is expected to restrain the growth of the bot security market.
Globally, the increasing number of botnet attacks is increasing the demand for botnet security. Bot security solutions are gaining popularity as a defence and security measure for websites, databases, and applications.
Increased bot security and protection integration into existing antivirus and WAF products, as well as stringent government data privacy requirements, are expected to present significant opportunities for major bot security vendors in the coming years.
To grow their market share, presence, and revenues, botnet security companies are pursuing a variety of growth strategies, including collaborations, mergers, and acquisitions. Additionally, key players are acquiring other businesses to bolster their product offerings.
Bot Security Leading Vendors
AppsFlyer, Imperva, Shape Security, Alibaba Cloud, DataDome, PerimeterX, Netacea, Cloudflare, Sophos, Fastly, Akamai Technologies, F5, Radware, and Reblaze are among the market’s leading and most innovative vendors.
In May 2021, Imperva acquired CloudVector, a pioneer in API security. Imperva protects customers in all environments against the dangers of API traffic discovery, monitoring, and protection against exploits and breaches. With the addition of CloudVector, Imperva’s ability to manage complex API security concerns was bolstered.
Epiq, a global technology-enabled services company, selected Cloudflare as its WAF security provider in February 2021. Cloudflare gives Epiq clients greater control over business and security risks. Epiq’s adoption of Cloudflare’s technologies enables more granular security management, protecting customers from DDoS attacks and malicious botnets.