FireEye (US), Cisco (US), IBM (US), Check Point (US) and Symantec (US) are the Renowned Players in Cybersecurity Market - Report by MarketsandMarkets™

According to recent research "Cybersecurity Market by Solution (IAM, Encryption, UTM, Antivirus/Antimalware, Firewall, IDS/IPS, Disaster Recovery, and DDOS Mitigation), Service, Security Type, Deployment Mode, Organization Size, Industry Vertical, and Region - Global Forecast to 2023", The cybersecurity market is expected to grow from USD 152.71 billion in 2018 to USD 248.26 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.2% during 2018–2023. The major forces driving the cybersecurity market growth are strict data protection directives and rising cyber terrorism. The cybersecurity market is growing rapidly because of the rising need for cloud-based cybersecurity solutions among Small and Medium-sized Enterprises (SMEs).

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The encryption solutions segment is expected to grow at the highest CAGR from 2018 to 2023

Cybersecurity solutions are used to secure the network infrastructure and the devices connected to it. The cybersecurity market is segmented by solution into Identity and Access Management (IAM), risk and compliance management, encryption, Data Loss Prevention (DLP), Unified Threat Management (UTM), firewall, antivirus/antimalware, Intrusion Detection System/Intrusion Prevention System (IDS/IPS), security and vulnerability management, disaster recovery, Distributed Denial of Service (DDoS) mitigation, web filtering, and others (application whitelisting and patch management). The encryption solutions segment is expected to register the highest CAGR in the global cybersecurity market during 2018–2023. Encryption solutions offer consistent protection to sensitive data across all critical points in the entire lifecycle. These solutions enable enterprises to hide their critical data from unauthorized bad actors.

The healthcare industry vertical is expected to grow at the highest CAGR from 2018 to 2023

The cybersecurity market is segmented into various industry verticals. Out of these, the healthcare industry vertical is expected to grow at the highest CAGR from 2018 to 2023, as the medical data and digital medical devices used in this industry vertical are prone to advanced threats. The government is expected to have largest market size in 2018, due to the increased adoption of cybersecurity solutions in this industry vertical. The Banking, Financial Services, and Insurance (BFSI); and Information Technology (IT) and telecom industry verticals are also expected to gain traction during the forecast period.

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North America is estimated to dominate the cybersecurity market in 2018

North America is estimated to hold the largest share of the cybersecurity market in 2018, due to technological advancements and the early adoption of cybersecurity in the region. The market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2018 and 2023. The primary forces driving this growth are increasing technology adoption, huge opportunities across industry verticals, and strict directives for data privacy in APAC countries, especially India and China.

The report encompasses the different strategies, such as mergers and acquisitions, partnerships and collaborations, business expansions, and product developments, adopted by the major players to increase their market share. Some of the major technology vendors in the cybersecurity market are IBM (US), Symantec (US), Check Point (US), Cisco (US), Imperva (US), CyberArk (Israel), Microsoft (US), Sophos (UK), Rapid 7 (US), F5 Networks (US), FireEye (US), Forcepoint (US), Juniper Networks (US), RSA Security (US), Fortinet (US), F-Secure (Finland), McAfee (US), Micro Focus (UK), Oracle (US), Palo Alto Networks (US), Proofpoint (US), Splunk (US), and Trend Micro (Japan).

FireEye, a global cybersecurity innovation and technology organization, offers a broad product and services portfolio for technologies such as network, email, mobile, endpoint, forensics, file management and storage, and security management. For continued long-term growth, FireEye focuses on expanding its business capabilities by acquiring key industry players in the cybersecurity space. In January 2018, the company acquired X15 Software, a provider of big data and machine learning-based solutions. With this acquisition, FireEye added X15 Software’s big data and machine learning capabilities to its security tools portfolio. In 2017, FireEye invested approximately USD 243 million of its total revenue toward R&D, focusing on high growth and high value. Additionally, the company enhanced its global threat management platform, providing greater visibility to automate security operations.

Cisco has a strong cybersecurity product and services portfolio, and it aims to offer customers a highly secure and intelligent platform to meet security-related challenges in today’s changing threat landscape. The company continuously focuses on expanding its business to increase its customer base. For instance, Cisco collaborated with Orange to expand Orange’s open transit internet network across Europe, Africa, and the Middle East with the help of Cisco’s network convergence system. Additionally, in May 2017, Cisco collaborated with IBM to provide better protection to Cisco’s large customer base against cybercrimes. Cisco also launched the first fully automated remote PHY solution named Infinite Broadband RPHY solution, for cable access networks. Cisco is accelerating its pace of innovation through Encrypted Traffic Analytics (ETA), an intent-based networking platform that helps enterprises detect malware in encrypted traffic without decrypting it.

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