The Cybersecurity Market is expected to grow at a CAGR of 11.2% from 2019 to exceed $300 billion by 2027; wherein, Asia-Pacific cyber security market is expected to grow at the fastest CAGR during the forecast period. Cybersecurity is the practice of protecting programs, networks, and systems from digital attacks. These cyberattacks are usually aimed at accessing, changing, damage or destroying sensitive data and interrupting business processes. Cyber security against online threats undertakes greater significance in today’s changing digital landscape. It has become vital among organizations due to rapidly increasing cybercrimes, frauds, threats, risks, and vulnerabilities. Several factors, including increase in the frequency and sophistication of cyber threats, emergence of disruptive digital technologies, stringent data protection regulations for information security are driving the growth of the cyber security market.
Growing adoption of e-commerce platforms and emergence of disruptive technology such as IoT and AI driving the growth of the cybersecurity market
Cybersecurity has become a primary concern for the citizens as well as the corporate, private, and public sectors. The growing adoption of E-commerce platforms; advancements in disruptive technologies, such as IoT, AI; and increasing proliferation of connected devices have led to greater opportunities for cyber criminals to take advantage of unguarded networks or systems. Such cybercrimes may result in irreversible loss of capital, loss of critical and confidential data; and may also hurt the reputation of any organization or individual. Such threats are increasingly driving the adoption of cybersecurity solutions for individual systems or connected network ecosystem.
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Key Findings in the Global Cyber Security Market Study:
The services segment is expected to grow at the highest CAGR during the forecast period
The cybersecurity services segment is expected to grow at fastest CAGR during the forecast period. Managed services are expected to witness high growth due to growing adoption of cloud-based services for managing critical infrastructure of enterprises. The growing number of new entrants providing security solutions against cyber-attacks and increasing concerns regarding the data security and privacy predicted to the faster growth of the services segment during the forecast period.
Asia-Pacific: The Fastest Growing Market
North America dominated the global cybersecurity market in 2018, and is expected to be the largest market during the forecast period as well. Both, business and public organizations in North America are experiencing incremental growth in cyberattacks; hence, the large investment in security fortification have led to the largest share of this region in the global market. Besides, other factors such as privacy concerns, adoption of IoT, rise in malware and phishing threats, increasing cyber terrorism, and emergence of disruptive digital technologies are further supporting the market growth in this region.
Asia-Pacific region is projected to grow at a fastest CAGR during the forecast period, owing to rapid digitization in developing countries and considerable investments in cybersecurity solutions. Rapid economic development, growing proliferation of cloud-based solutions, increasing sophistication of cyber-attacks, globalization and massive penetration of smartphones and internet across consumers in the region is supporting the growth in the cybersecurity market in the Asia-Pacific region.
Scope of the Report:
Cyber Security Market, by Component
- Solution
- Encryption
- Data Loss Prevention
- Unified Threat Management
- Firewall
- Antivirus/Antimalware
- Intrusion Detection System/Intrusion Prevention System
- Security and Vulnerability Management
- Disaster Recovery
- Web Filtering
- Identity & Access Management
- Risk & Compliance Management
- DDS Management
- Services
- Professional Services
- Managed Services
Cyber Security Market, by Type
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
Cyber Security Market, by Deployment
Cyber Security Market, by Industry Size
- Small and Medium Enterprises
- Large Enterprises
Cybersecurity Market, by Industry Vertical
- Aerospace and Defence
- Government
- BFSI
- IT and Telecom
- Healthcare
- Retail
- Manufacturing
- Others
Cybersecurity Market, By Region
- North America
- Europe
- U.K
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South-Korea
- Australia & New Zealand
- Rest of Asia-Pacific
- Latin America
- The Middle East and Africa
Key Players
The major players operating in the global cyber security industry are Fortinet, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), IBM (U.S.), Check Point Software Technologies Ltd. (Israel), F5 Networks, Inc. (U.S.), FireEye, Inc. (U.S.), Splunk Inc. (U.S.), Symantec Corporation (U.S.), Oracle (U.S.), Microsoft Corporation (U.S.), Intel (U.S.) Imperva Inc(U.S.), CyberArk Software Ltd. (U.S.), RSA Security LLC. (U.S.), among others.
Key questions answered in the report:
Growing number of security breaches will drive the cybersecurity market
- What are the geographical trends and high growth regions/countries with respect to cybersecurity?
- Which application areas hold the largest growth potential?
- Which industry verticals offer fastest growth opportunities? In which geographic markets?
- What is the most prominent security type being rapidly adopted across developed as well as developing regions?
Solution segment is witnessing strong growth across the global cybersecurity market
- What factors are contributing to the rapid incorporation of solution cybersecurity across global market?
- Which cybersecurity solutions areas hold the largest revenue growth potential for market players?
- Which geographic segment is expected to experience the fastest growth in terms of solution adoption?
Cybersecurity market holds significant growth opportunities in developing countries
- What revenue growth opportunities emerging economies offer for leading players in the cybersecurity market?
- What are the geographical trends and high growth countries/regions?
- Which geographic region is expected to experience the fastest growth rate?
Recent partnerships, acquisitions, and expansions have taken place in the global cyber security industry
- Who are the major players in the global cybersecurity market and what share of the market do they hold?
- Which companies have recently merged/acquired and how will these unions affect the competitive landscape of the global cybersecurity market?
- Which companies have created partnerships and how will these partnerships promote a competitive advantage?