Cybersecurity Market Set for Massive Growth Over 2024 | BAE Systems, CyberArk Software Ltd., Microsoft Corporation, Splunk, Inc., RSA Security, LLC., Oracle Corporation, Palo Alto Networks, Inc.

Cybersecurity Market in transportation sector is anticipated to grow at a CAGR of over 15% over the projected timespan. The use of the Industrial Internet of Things (IIoT), smart logistics, and several modernization initiatives will provide a broader surface for cybercriminals to penetrate the company network. This has promoted the use of cybersecurity solutions in the transportation and logistics industry. The banking industry is predicted to grow at a CAGR of over 16% over the forecast timespan. The introduction of various stringent regulatory policies that mandate financial establishments to deploy security solutions has influenced the cybersecurity industry.

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With global enterprises rapidly embracing cloud platforms as well as other networking technologies, cybersecurity market is anticipated to observe a massive upscale in revenue. As more and more organizations transition into the cloud and work to minimize security risks, making the enterprise network less vulnerable to a plethora of cyber-attacks, the average annual spending on cybersecurity is expected to rise significantly. In fact, back in 2017 the average spending on cybersecurity solutions by organizations went up as much as 23% accounting for more than $11.7 million. This increasing cyber security budget in several organizations globally is expected to be one of the most prominent growth inducing factors propelling cybersecurity market.

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 market 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.

While the topic of cybersecurity once received perfunctory response from global governments, the scenario has undergone a drastic change today. A number of nations have increasingly begun looking for ways to protect their government agencies from malicious attacks by boosting their cybersecurity preparedness efforts. The potential of the threat is so much that in 2018, the World Economic Forum launched Global Centre for Cybersecurity to protect the world against hackers. These cyber security efforts were further magnified in late 2018 when more than 50 countries signing an international cyber security principles agreement that aims to put an end to malicious cyber-activities in peacetime - an act that is bound to significantly drive the growth prospects of cybersecurity market.

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.

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.

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It is rather overt that the global cybersecurity market is well positioned to establish itself as a lucrative investment ground. As per Global market Insights, Inc., cybersecurity industry size, driven by the growing number of cyberthreats that are frequently cropping up, is anticipated to be pegged at $300 billion by 2024.

Glimpse of Table of Content (ToC)

Chapter 4. Competitive Landscape
4.1. Introduction
4.2. Competive analysis of major market players, 2017
4.2.1. Check Point Software
4.2.2. Fortinet
4.2.3. IBM
4.2.4. Intel
4.2.5. McAfee
4.2.6. Palo Alto Networks
4.2.7. Sophos
4.2.8. Symantec
4.2.9. Trend Micro
Chapter 6. Global Cybersecurity Market, By Organization Type
6.1. Key trends, by organization type
6.2. SMEs
6.2.1. Market estimates and forecast, 2013 – 2024
6.3. Government
6.3.1. Market estimates and forecast, 2013 – 2024
6.4. Large organizations
6.4.1. Market estimates and forecast, 2013 – 2024

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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