Endpoint security will continue to be a lucrative opportunity for the channel as the global market is anticipated to reach $18.4 billion by 2024.

That’s according to a new report by MarketsandMarkets, which expects a compound annual growth rate (CAGR) of 7.6%. The market was valued at $12.8 billion last year.

Major North American vendors include Microsoft, CrowdStrike, Symantec, Trend Micro, Sophos, McAfee, Kaspersky, Carbon Black, Cisco, FireEye, Palo Alto Networks, Check Point Software, Fortinet and more.

Major factors fueling market growth are the increasing number of endpoint devices and bring-your-own-device (BYOD) trends in enterprises, and reducing losses from endpoint attacks, IT risk mitigation and central management of endpoint protection, according to MarketsandMarkets.

The large enterprise market is expected to maintain more market share than SMB through 2024 due to the large volumes of data being generated, and the increasing demand for real-time endpoint security solutions and services. However, the SMB segment is expected to grow at a higher CAGR through 2024.

Among verticals, retail and e-commerce is expected to grow at a rapid pace through 2024, as there’s an increase in demand for controlling threats related to financial transaction data, achieving a better buying experience and offering personalized marketing based on user privacy data.

North America is the most significant revenue contributor to the market, according to the report. Several endpoint security solution providers in North America are experimenting by integrating advanced technologies, such as AI and IoT, with their existing endpoint security solutions. Industries and government organizations in North America also are investing heavily in security solutions and services to combat cybercrime.