Rising Incidence of Cyber-attacks Escalating the Growth of the Cyber Security Market by Top Key Players- RSA Security, IBM, Symantec, Fortinet, FireEye, Inc., Juniper Networks and Cisco

Global cyber security market is projected to reach a size of $165.2 billion by 2023, growing at a CAGR of 10.7%.

The cyber security market has been gaining traction due to its increased adoption in multiple industries, such as aerospace and defense, government, banking, financial services and insurance (BFSI), healthcare, retail, IT & telecom, and manufacturing. Cyber security solutions have been garnering higher revenues as compared to services; however, a higher growth is being witnessed in the services category. They enable enterprises to identify threats and protect organizations’ data from lethal cyber-attacks. It speeds up the process of noticing attacks and enables organizations to adopt predictive measures in combating cyber-crimes, which has been driving its market.

Access Report Summary with Detailed TOC on "Cyber Security Market by Component (Solution, Service), by Security Type (Application, Network, Endpoint, Cloud, Wireless), by Deployment Mode (On-Premises, Cloud), by Organization Size (Large Enterprises, Small and Medium Enterprises), by Industry (Aerospace and Defense, Government, BFSI, IT & Telecom, Healthcare, Retail, Manufacturing), by Geography (U.S., Canada, U.K., Russia, Ireland, China, Australia, India, South Korea, South Africa, Nigeria, Kenya, Morocco, Brazil, Mexico) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023" at: https://www.psmarketresearch.com/market-analysis/cyber-security-market

Based on security type, application was globally the largest security type, with $18.7 billion in 2016. Large enterprises accounted for larger share of the cyber security market compared to SMEs. The demand for cyber security has been growing by more than 5% in all the industries, however, the highest growth in demand has been observed from BFSI, where the rate of cyber-attacks is very high.

Geographically, the cyber security market is expected to witness the fastest growth in Asia-Pacific, during the forecast period. High value targets in a less secure environment, have made this region a potential target for cyber-criminals. China accounted for the largest share of 31.4% of the APAC cyber security market in 2016. This is mainly attributed to the increased wired and wireless internet usage, rapid computerization, growth of e-commerce, and the rise in the adoption of cloud computing in the country.

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Market Breakdown by Industry

Aerospace and Defense
Government and Public Utilities
Banking, Financial Services, and Insurance (BFSI)
Healthcare
Retail
IT and Telecom
Manufacturing
Others (Education, Automotive, Hospitality)

Market Breakdown by Component

Solution
Risk and Compliance Management
Identity and access management (IAM)
Firewall
Security and vulnerability management (SVM)
Encryption
Intrusion detection system/intrusion prevention system (IDS / IPS)
Unified threat management (UTM)
Disaster recovery
Web Filtering
Distributed Denial of Service (DDOS) mitigation
Antivirus/Antimalware
Data loss prevention
Services
Managed
Professional

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The cyber security market is fragmented, and has been witnessing several partnerships and acquisitions among key players. Some of the major players in the cyber security industry are BAE Systems, Plc, RSA Security LLC, IBM Corporation, Symantec Corporation, Palo Alto Networks, Inc., Fortinet, Inc., FireEye, Inc., Check Point Software Technologies Ltd, Cisco Systems Inc., and Juniper Networks, Inc.

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