Cyber Security Market is poised to register the highest CAGR of 11.9% from 2018 to 2025 | Key Players Includes include Accenture, Cognizant, Capgemini, IBM Corporation, HCL Technologies Limited, Tata Consultancy Services
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The surge in trend of IoT & BYOD, rise in threats of malware and phishing among enterprises an increase in demand for cloud-based cybersecurity solutions facilitate the market growth. On the other hand, complexities related to the security of devices and budgetary constraints hinder the growth of the market. Contrarily, an increase in requirement for strong authentication methods and transformation in the antivirus industry create new growth opportunities for the market.
Solutions segment to continue its dominant share in terms of revenue by 2025:
Based on the component, the solutions segment accounted for more than two-thirds of the total market share and is projected to continue its dominant share in terms of revenue by 2025. This is attributed to a surge in requirements for monitoring external and in-house threats in large and small & medium enterprises. On the other hand, the services segment is expected to grow at the fastest CAGR of 13.8% from 2018 to 2025. This is due to rise in the adoption of digital technologies across the different industries and needs for data privacy and protection.
An on-premise segment to dominate by 2025:
On the basis of deployment type, the on-premise segment held the major share in 2017, contributing nearly three-fifths of the total market share. This is due to a surge in the adoption of cybersecurity solutions by large enterprises and rise in need to secure critical data from cyber attacks in an organization. Contrarily, the cloud segment would register the fastest growth rate with a CAGR of 13.9% from 2018 to 2025, owing to demand for cloud-based cybersecurity solutions along with low maintenance and capital costs.
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North America to maintain its lead in terms of revenue throughout the forecast period
North America accounted for nearly one-third of the total market share in 2017 and will maintain its lead in terms of revenue throughout the forecast period. This is due to the increase in dependency on social media applications and the internet. However, Asia-Pacific is expected to register the largest CAGR of 13.6% during the forecast period, owing to penetration of internet and smartphones in countries including China and India leading to increase in adoption of cybersecurity measures in the region.
Leading market players:
Key market players analyzed in the research include Accenture, Cognizant, Capgemini, IBM Corporation, HCL Technologies Limited, Tata Consultancy Services, Symantec Corporation, Wipro Limited, and others.
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