Cybersecurity Market Valuation to Exceed the Coveted USD 300 billion Mark by 2024

The cybersecurity market is propelled by the increasing need among enterprises to minimize security risks. As enterprises are rapidly embracing cloud platforms and other networking technologies, they are becoming more vulnerable to various cyber-attacks. The average expenditure on cybercrime has increased significantly. In 2017, the average spending by organizations on cybersecurity solutions increased by over 23% accounting for over USD 11.7 million. This rise in budgetary allocations in cybersecurity solutions is driving the growth of the cybersecurity market.

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Some of the players operating in the cybersecurity market are BAE Systems, CyberArk Software Ltd., Microsoft Corporation, Splunk, Inc., RSA Security, LLC., Oracle Corporation, Palo Alto Networks, Inc., Symantec Corporation., F5networks, Inc., Check Point Software Technologies Inc., Hewlett-Packard, Ltd., F-Secure Corporation, FireEye, Inc., Fortinet, Inc., IBM Corporation, Rapid7, Sophos Group plc, Intel Corporation, Proofpoint, Inc., McAfee LLC, Cisco Systems, Inc., and Trend Micro, Inc.

The cybersecurity landscape is dominated by large players such as McAfee, Sophos, Symantec, Trend Micro, Check Point Software, and Palo Alto Networks. These players are conducting strategic acquisitions of various start-ups in the market to broaden the product line and strengthen its position in the market. In November 2018, Symantec Corporation acquired Javelin Networks, an Israel-based cybersecurity provider. The products developed by Javelin Networks will be integrated into Symantec's product portfolio to expand its product offerings.

Another factor propelling cybersecurity market growth is the increasing need among organizations to minimize the security risks. With the increasing adoption of cloud platforms & other network solutions, organizations are becoming more exposed to external breaches. This has driven the companies to increase their budgetary allocations for cybersecurity solutions. The increasing penetration of several mobile and wireless devices is also adding to cybersecurity industry growth. The availability of inexpensive smart devices and developments in the telecommunication infrastructure is increasing the adoption of mobile devices among enterprises and consumers.

The security services market holds over 60% share in the global cybersecurity market. The inexpensive nature of services and the rising adoption of BYOD polices are fostering its adoption among enterprises of all sizes. The network security market is also projected to grow at a CAGR of over 15% over the forecast time period. The rising penetration of integrated security solutions & IP traffic is fueling its adoption network security solutions.

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The large enterprise held over 60% share of the cybersecurity market. The market in large enterprises is primarily driven by the increasing financial losses associated with the cybersecurity breaches. The average cost of cybersecurity breaches among large organizations has increased by over 11% in 2017. The government cybersecurity industry is expected to grow at a CAGR of over 15% over the forecast time period. The loss of critical data and the erosion of trust in government officials have encouraged public sector agencies to deploy cybersecurity solutions to safeguard its network architecture.

The North America region is leading the cybersecurity market with over 40% share in 2017. The increasing investments and acquisition of cybersecurity start-ups by major players in the region are adding to market growth. The European region accounted for over 20% market share of the cybersecurity industry in 2017. The rising public-private partnerships and government investments are driving the cybersecurity industry in the region. The government has also enforced various regulations, enforcing business establishments of all sizes to use cybersecurity solutions.
Some Points From Table Of Content: -

Chapter 7. Global Cybersecurity Market, By Industry
7.1. Key trends, by industry
7.2. Banking
7.2.1. Market estimates and forecast, 2013 - 2024
7.3. Government
7.3.1. Market estimates and forecast, 2013 - 2024
7.4. Manufacturing
7.4.1. Market estimates and forecast, 2013 - 2024
7.5. Transportation
7.5.1. Market estimates and forecast, 2013 - 2024
7.6. IT & telecom
7.6.1. Market estimates and forecast, 2013 - 2024
7.7. Insurance
7.7.1. Market estimates and forecast, 2013 - 2024
7.8. Securities
7.8.1. Market estimates and forecast, 2013 - 2024
7.9. Others
7.9.1. Market estimates and forecast, 2013 - 2024

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