The endpoint security market is set to reach $27.8 billion by 2025, driven by growing adoption of the cloud and increasing demand for Software as a Service (SaaS) business models, according to a new report from Persistence Market Research (PMR).

The global endpoint security market will bring in about $11.9 million in revenues by the end of 2017, PMR predicted. Between 2017 and 2025, the market is expected to “expand robustly” at a CAGR of 11.2%, PMR noted in a press release. And telecommunication, healthcare, and banking will be top customers for endpoint security solutions during this timeframe.

“The uncompromising need to update security solutions on a regular basis continues to drive the demand for end-point security,” the press release stated. “Rising awareness regarding ransomware attacks also fuels the need to instate effective end-point security in a business.”

SEE: Cyber Security Volume IV: End Point Protection (TechRepublic Academy)

PMR also broke down endpoint security trends by region. In North America, government initiatives aimed at fighting security threats are promoting the use of these security solutions, the report found. Meanwhile, European countries including the UK are increasingly adopting endpoint security solutions to prevent data breaches.

In the Asia-Pacific region, rapid business expansion has led to an increased use of endpoint devices in organizations. “Heavy usage of such devices and active adoption of IoT applications has increased complexity of enterprise networks in this region, making end-point security essential,” according to the press release.

By the end of 2025, North America will likely dominate the global endpoint security market, with revenues projected to surpass $12.3 million. Meanwhile, in Asia-Pacific countries, sales of endpoint security solutions will grow the most, at 7.8% CAGR between 2017 and 2025.

A majority of global endpoint security solutions are projected to be on-premises, with those solutions expected to reach $17.3 million by the end of 2025. SaaS endpoint security solutions will also grow between this year and 2025, with a CAGR of 15.2% during that period.

Large enterprises are expected to be the primary end user of endpoint security solutions globally, PMR found, while small and medium businesses will make up about 30% of global revenues.

As the market for cloud, mobile, and IoT solutions grows, businesses must respond accordingly, and invest in security tools that will protect both internal and customer data. PMR listed the following companies as the top 10 leading developers of endpoint security solutions:

1. Symantec

2. Sophos

3. Trend Micro

4. Intel

5. Microsoft Corporation

6. IBM Corporation

7. Checkpoint Software

8. Cisco System Inc.

9. Kaspersky Lab

10. Palo Alto Network