The Global Cyber Security Market is subject to witness a substantial growth due to the increasing focus towards prevention of information in the wake of high profile data thefts and breaches. Adoption of the machine learning, artificial intelligence (AI) and various communication techniques such as instant messaging applications to provide protection against potential cyber-attacks and data breaches, are on the rise. These factors are responsible for the growth of the artificial intelligence-based cybersecurity market, in recent years.
Globally, the cyber security market is predicted to grow at CAGR of 12.88% over the forecast period, providing numerous opportunities for market players to invest in research and development of the cyber security market. Additionally, increasing adoption of various cloud-based services such as authentication techniques, video management, biometric information storage, and big data computing by number of organizations are driving demand for the advanced cybersecurity systems. The highly advanced cybersecurity systems offer flexibility and scalability, which are vital in several industries and firms such as the financial industry that allows storing of critical information on the cloud storage securely.
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Growing focus towards adoption of the cloud-data security services to ensure security and protection from potential threats are expected to drive market growth, in recent years. Furthermore, rise in the adoption of cloud-based services by small and medium-sized enterprises is anticipated to drive the expansion of cyber security market over the forecast period. With recent technological advancement in the cloud technology, is leading to integration of various cloud-based application in number of business processes.
Additionally, shifting trends towards adoption of latest technologies including cloud computing, and next-generation mobile computing for private enterprises are permanently changing the way an organization uses information technology for distributing an information and piloting e-commerce, thus propelling market growth in the recent years. Currently, as many as total of eighty percent commercial transactions are conducted online that holds a highest quality of safety for financial transactions.
Rise in the number of incidences related to data breaches and cyber-attacks are driving enterprises to adopt latest security solution to safeguard vital organizational information. Numerous governmental initiatives to promote adoption of cyber security are forcing small and medium-sized enterprises (SMEs) to embed advanced cybersecurity solutions in their business processes, as SMEs are more susceptible towards cyberattacks in comparison with large-scale organizations. Such factors are contributing to the high deployment rate of security solutions and services in the market, thus escalating growth of the cyber security market, in upcoming years.
The IoT technology is gaining wide popularity in recent times, as it simplifies execution of complex tasks, thus providing necessary convenience and simplifying life for millions of people. The IoT technology utilizes large number of connected devices, which are directly linked with cloud server to offer real time data to the user. However, this may lead to cyberattacks and data breaches due to lack of security. Increasing concerns related to cyber threats are key drivers responsible for rising demand of the advanced cyber security solutions in numerous IoT applications.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies to prevent data breaches and existence of well-established cloud infrastructure in the region.
Asia-Pacific region is predicted to hold major market share with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with strong economic growth, increasing number of small and medium-sized enterprises (SMEs), favorable government laws and regulations, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the cyber security market are Symantec Co., Cisco Systems Inc., Checkpoint Software Technologies Ltd., Fortinet Inc., Samsung, Xilinx, Inc., Amazon, Inc., Kaspersky Lab, and Trend Micro, Inc.,
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Market Segment:
The market is divided into the following segments based on geography:
• North America
• Europe
• APAC
• Latin America
• MEA
Global Cyber Security Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Key vendors
• Booz Allen Hamilton
• Lockheed Martin
• McAfee
• Symantec
• Trend Micro
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