12-jun-2019 The global cyber security market expanding at a CAGR of 11.0% over the forecast period. Cyber security focuses on protection of the network, programs, computers, and data from unauthorized access. In the recent past, it has become increasingly vital owing to the storage and transmission of confidential information by government and corporations. Such a vast amount of data transmitted across networks is prone to data breaches, thus raising concerns among public as well as government.
Online threats are identified as one of the highest occurring global risks. Growing technological advancements and capabilities of disrupting cyberspace are continuously reshaping the global threat landscape. Cyber crimes have increasingly affected several industries in myriad ways, thereby boosting demand for internet safety solutions. Various organizations are focusing on improving security systems, owing to the rise in online threats and malware attacks in sectors such as government, defense, and IT.
Increasing number of high-profile cases of cybercrime has augmented the demand for sophisticated and advanced security software products and services. Furthermore, such cyber hacks have increased the awareness regarding potential threats amid industries such as BFSI, healthcare, and defense. Thus, it has resulted in improved allocation of resources among organizations that help to mitigate risk.
Cloud-based platforms and smartphone devices are predominant sources of online data breach among organizations. Proliferation of threats, along with the traditional safety models, has been proven ineffective to keep pace with increasing challenges pertaining to safety. In order to overcome such challenges, organizations are rapidly adopting a robust cyber safety stance. Thus, the global market is driven by necessary measures required to counteract growing cybercrimes.
Increasing number of targeted attacks is propelling the demand for these solutions as major governments such as that in the U.S. and the European Union as well as venture capital firms are continuously investing funds into cyber safety enterprises. Furthermore, rapid advancements in technologies such as cloud, artificial intelligence, and IoT are anticipated to boost the demand for these solutions over the forecast period.
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Further key findings from the study suggest:
• Based on component, the services segment dominated the market in 2018 and is anticipated to register the highest CAGR of 11.8% over the forecast period. The solution segment was valued at USD 57.3 billion in 2018
• On the basis of type, the enterprise segment was valued at USD 58.4 billion in 2018, expanding at a healthy CAGR over the forecast period. The application segment is anticipated to register the highest CAGR of 17.9% over the forecast period
• The managed services segment is expected to retain its dominance in the market and is projected to reach USD 76.3 billion by 2025
• The cyber security market in North America was valued at USD 44.6 billion in 2018 and is expected to expand at a healthy CAGR over the forecast period
• Key players in the market include Symantec Corporation; Cisco Systems Inc.; Checkpoint Software Technologies Ltd.; Fortinet Inc.; and Trend Micro.
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