The global Cyber Security Market is estimated to witness a healthy CAGR during the forecast period, according to a report available on Million Insights. Cyber security is defined as advanced technology that protects computer systems, programs, and networks from digital attacks. These attacks are aimed at accessing, changing, and destroying important information related to businesses. Implementation of advanced cyber security solutions in organizations provides complete protection against threats such as malware, ransomware, phishing, and social engineering.
Rising cases of phishing and malware threats in organizations are anticipated to propel cybersecurity market growth. The growing adoption of digitalization prompts organizations to depend on digital information. Sharing a huge volume of data in internal and external environments across the globe is likely to create vulnerabilities in the network. Such network vulnerabilities allow hackers to intrude and access important data. This factor is expected to impel the demand for advanced network solutions to secure information and software. Stringent government regulations on data privacy in organizations are expected to impel market growth. Moreover, the growing adoption of data centers, cloud computing, and wireless communication will drive the cyber security industry over the forecast period.
To cater to the rising demand for advanced internet safety solutions, manufacturing companies are investing in R&D. For instance, in May 2019, Quick Heal Technologies launched an advanced cyber security solution for desktops and laptops. The product is aimed at protecting against potential cyber threats. In addition, the product is equipped with comprehensive and advanced features such as webcam protection, total ransomware protection, portable file vault, parental control, and safe banking.
Based on components, the cybersecurity industry can be divided into solutions and services. The solution segment is anticipated to dominate the cyber security market over the forecast period. Rising demand for connected devices, bring your own devices (BYOD), and the internet of things (IoT) is expected to impel the segment’s growth.
Based on security type, the cyber security industry can be categorized into enterprise, endpoint, cloud, application, network, and others. The application security segment is likely to hold the largest market share in the coming years owing to the rising number of cyber-attacks in business applications. In addition, the rising focus of enterprises to safeguard critical data and business applications will drive the segment’s growth over the forecast period.
In terms of deployment, the cybersecurity market can be bifurcated into on-premises and cloud. The cloud-based solutions segment is expected to witness the highest CAGR over the forecast period. This is attributed to the growing adoption of cloud-based safety solutions among small-medium enterprises (SMEs). Organizations are transforming their business over the cloud to allow cross-border and in-house employees to access business-related information. In addition, the growing popularity of the public cloud will drive the segment’s growth in the coming years.
Based on application, the cybersecurity industry can be classified into healthcare, retail, automotive, defense, BFSI, and others. BFSI segment is predicted to witness the highest CAGR over the forecast period owing to the increasing use of online payment methods. Such payment methods include a unified payments interface (UPI), internet banking, and mobile wallets. Rising demand for real-time payment services through smart devices is likely to expose banking firms to network intruders.
Regional segmentation includes Asia Pacific, Europe, North America, Latin America, and the Middle East, and Africa (MEA). As of 2018, North America dominated the market and held the largest market share. This is attributed to the presence of major market players such as IBM, Cisco, and Symantec in the region. In addition, increasing investments by enterprises to prevent network intrusion and loss of essential data.
Asia Pacific is likely to witness the highest CAGR over the forecast period owing to the rising demand for cyber security in the region. The increasing use of IoT devices and the growing adoption of smart devices in organizations is driving regional growth. In addition, stringent government regulations about the safety of important data and software in organizations will drive regional growth.
Some of the leading companies offering cyber security solutions are Symantec Corporation; Checkpoint Software Technologies Ltd; Cisco Systems Inc.; Fortinet Inc.; and Trend Micro. Companies are adopting business strategies such as mergers and acquisitions to expand their business and product portfolio. For instance, in October 2018, Cisco acquired Duo Security to expand its networking strategy. The acquisition was aimed to integrate Duo’s multi-factor authentication with Cisco’s cloud platforms, devices, and network. It will allow Cisco’s consumers to securely connect applications on any networked device.
Cyber security Component Outlook (Revenue, USD Billion, 2015 - 2025)
Cyber security Security Type Outlook (Revenue, USD Billion, 2015 - 2025)
Cyber security Solution Outlook (Revenue, USD Billion, 2015 - 2025)
• Risk & Compliance
Cyber security Service Outlook (Revenue, USD Billion, 2015-2025)
• Professional Services
• Managed Services
Cyber security Deployment Outlook (Revenue, USD Billion, 2015 - 2025)
Cyber security Organization Outlook (Revenue, USD Billion, 2015 - 2025)
• Small & Medium Enterprise
• Large Enterprises
Cyber security Application Outlook (Revenue, USD Billion, 2015 - 2025)
• IT & Telecom
Cyber security Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• the Asia Pacific
• Latin America
Research Support Specialist, USA
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