Cyber Security Market Analysis by Key Manufacturers, Revenue, Size & Forecast 2018 to 2023
The total cyber security market is valued at USD 136 billion as on 2017 and is likely to reach USD 262 billion by the end of 2023, growing at a CAGR of 11.5%. The increasing frequency of cyber-crimes along with mandates to regulatory compliances, and development of new applications such as internet of things (IOT), cloud, mobility, Machine-to-Machine (M2M) are some of the major factors contributing towards the growth of cyber security market.
There are companies investing heavily on digital transformation and in this process they have to prevent e-commerce fraud which involves complex threat detection system. In the current scenario, there is huge potential in the cyber security market because, the ransomware attacks have doubled the frequency from 13% to 26% and the losses due to these attacks is estimated more than 5 billion USD.
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The cyber security market is dominated by North American market which approximately accounted for half of the global market. North American region will experience high growth as the government allocates the budget for security of critical infrastructure & sensitive data. The US government has spent around $ 14 billion on cyber security in 2016 and is planning to spend around US $ 19 billion in 2017.
The application security is anticipated to be the fastest-growing segment with a CAGR of around 19% from 2017 to 2023. The losses due to data breach per incident has increased upto $4 million per incident. Moreover, the IT spending for application security is less than 5%, which provides huge potential for the growth of the cyber security market.
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The various end-user industries of cyber security market are healthcare, government, financial services, telecommunications, transportation, retail, manufacturing, aerospace and others. Banking and Financial services will experience the highest CAGR from 2018-2023 mainly due to shifting of banks towards digital channels such as online banking and mobile transactions.
The companies are strengthening their market presence by acquiring service providers and widen their product portfolio. In June 2017, Microsoft announced the acquisition of U.S. based company Hexadite which will assist them in commercial customers detect responses in Windows 10 - specifically along with the addition of Hexadite's end-point security automated remediation. The major players in this market are Booz Allen Hamilton, Hewlett Packard Enterprise, IBM International, Verizon Communications, Mcafee LLC, Trend Micro, Inc., Symantec Corporation, Lockheed Martin, Cisco Systems, Inc., Fortinet, Inc., Check Point Software Technologies, Palo Alto Networks, Inc., Juniper Networks, Inc., Northrop Grumman, Sophos Ltd., Optiv, Fireeye, Inc. and others.
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Table of Contents
Cyber Securitys, By Type
Factors influencing the demand of Cyber Securitys
North America market analysis
Western Europe market analysis
Asia Pacific market analysis and more………
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