Cybersecurity Market: Expected to Witness a Sustainable Growth Over Forecast Year 2019 – 2026 Leading Players are; IBM Corporation, Sophos , Trend Micro , Cisco Systems , HPE, Fortinet , Check Point Software Technologies Ltd. , Juniper Networks, Inc., S

The global cybersecurity market is expected to witness high adoption, owing to rapid digitalization, higher spending on information security, and the advent of 5G. Various industrial and commercial sectors are implementing cybersecurity solutions to safeguard their data. The market is anticipated to expand at a compound annual growth rate (CAGR) of 11.6% during the period of 2017 to 2026.

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Solution segment insights:
Governance, risk and compliance solutions occupied a market share of 51% in 2017, as most of the global compliance norms necessitates data security. Government departments are the largest consumers of these solutions as they need to maintain huge volumes of data, including information of the citizens, government strategies and planning, etc.

Identity and access management (IAM) solutions also occupy a large share (26%) of the market. Stolen credentials of employees is the leading facilitator of system hacking cases and data breach incidents, which is expected to cost businesses around USD 2 Tn by 2019, globally. Hence, stronger mechanisms such as multi-factor and biometric authentication are witnessing a rapid adoption. Encryption solutions is gaining grounds due to proliferation of data shared on social media and stored in virtual storage devices. It is expected to expand at a CAGR of 17.9% during the forecast period.

End use industry segment insights:
The financial services industry is the largest consumer of cybersecurity solutions, with a global share of 39% in 2017. With the digitalization of financial services, cyberattacks continue to threaten data privacy and customer loyalty. Advancements in machine learning and analytics allow financial organizations to detect abnormalities in transaction of data, and take necessary corrective actions. Sectors such as government, telecommunications, and healthcare occupy 20%, 16%, and 15% of the market, respectively, in 2017. High growth is expected in the defense sector during the forecast period due to increasing use of Internet of Things (IoT) to connect aircraft, ground vehicles, ships, and weapons systems.

Regional insights:
North America has shown the highest adoption of cybersecurity products, and occupied approximately 37% of the global market in 2017. Across the United States (U.S.), private and public agencies are implementing cybersecurity systems in order to safeguard their stakeholders. Recently, the U.S. Defense Secretary established a task force to recommend ways to curb theft of critical technologies by adversary countries. Europe and Asia-Pacific comprised 25% and 20%, respectively, of the global cybersecurity market. Since the adoption of the European Union's (EU's) cybersecurity strategy in 2013, the European Commission has pushed up its activities and efforts to provide better security to Europeans in various online activities. The Latin America market has started to pick up as the Brazilian government signed a contract in 2017 with Microsoft to update its cybersecurity systems in order tackle the repeated cyberattacks coming from WannaCry ransomware.

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Market Segmentation:
The Global Cybersecurity Market is segmented on the service type, component, deployment model, organization size, application, and region.

By Service Type:
Wireless security
Application security
Network security
Endpoint security
Cloud security 
On-premise 

By Component:
Solution
1 Security Information and Event Management 
2 Security and vulnerability management
3 Antivirus/anti-malware
4 Firewall
5 Risk and compliance management
6 Identity and Access Management 
7 Encryption
8 Data Loss Prevention 
9 Unified Threat Management 
10 Intrusion Detection System /Intrusion Prevention System 
11 Disaster recovery
12 Distributed Denial of Service mitigation
Service
1 Managed Service
2 Professional Service
Risk and threat assessment
Support and maintenance
Training and education
Consulting
Design and integration

By Deployment Model:
1 Cloud-based
2 On-premise 

By Organization Size:
1 Large Companies
2 Small and Medium Businesses 

By Application:
1 Government 
2 IT and Telecommunications
3 Banking, Financial Services, and Insurance (BFSI)
4 Retail
5 Healthcare
6 Aerospace and Defense
7 Manufacturing
8 Others

By Region:
1 North America (U.S., Canada, Mexico)
2 Europe (Germany, UK, France, Rest of Europe)
3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4 Latin America (Brazil, Argentina, Rest of Latin America) 
5 Middle East & Africa

Competitive Landscape:
The major players in the market are as follows:
1. IBM Corporation
2. Sophos 
3. Trend Micro 
4. Cisco Systems 
5. HPE
6. Fortinet 
7. Check Point Software Technologies Ltd. 
8. Juniper Networks, Inc.
9. Symantec Corporation 
10. Palo Alto Networks 
11. McAfee LLC 
12. Fireeye

These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.

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