What's Driving the Cybersecurity Market Trends? BAE Systems, Check Point Software Technologies, Cisco, CyberArk, F5 Networks, FireEye, F-Secure, IBM, Intel, McAfee, Microsoft, Oracle, Palo Alto Networks, Proofpoint, Inc., Rapid7, RSA Security (DEII), Splu

Global cybersecurity market share is anticipated to witness a massive upscale in revenue in the following years, perhaps attributing to surging prevalence of cyberattacks across the various organizations. Ascribing to this, numerous enterprises are rapidly implementing cloud platforms, thereby stimulating the business dynamics during 2018-2024.

A paradigm shift towards the adoption of cloud and other networking technologies with an intent to minimize the security risks has triggered the market growth. As a matter of fact, average investment on cybersecurity is likely to rise considerably to dodge monetary and non-monetary losses, eventually proliferating the market size. As per credible sources, the financial losses in the last 5 years have escalated over 62 per cent registering an urgent requirement for cybersecurity solutions to secure the crucial data.

Further, stringent regulatory norms addressing the information and data protection is also supplementing the industry growth.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. BAE Systems
2. Check Point Software Technologies, Inc.
3. Cisco Systems, Inc.
4. CyberArk
5. F5 Networks
6. FireEye
7. F-Secure
8. IBM Corporation
9. Intel
10. McAfee
11. Microsoft Corporation
12. Oracle Corporation
13. Palo Alto Networks, Inc.
14. Proofpoint, Inc.
15. Rapid7
16. RSA Security (DEII)
17. Splunk, Inc.
18. Symantec Corporation

Apparently, cybersecurity market has evolved as one of the most revolutionizing business spaces till date on the grounds of the fact that the technology helps in secure storage and transfer of vital data.

The global cybersecurity market is anticipated to record a valuation of over USD 300 billion by 2024, as cited by a Global Market Insights, Inc., research report.

Cybersecurity market is defined by a vast application spectrum and has gained widespread popularity on account of the same, over the past few years. On these grounds, it is pivotal to mention that the wide scale use of online payment methods and burgeoning cyberattacks has enabled the banking segment to evolve as one of the major revenue pockets for the market in the recent times.

Introduction of stringent governmental policies addressing the need for deployment of security solutions have positively influenced the market dynamics.

Apparently, the banking segment is estimated to exhibit a CAGR of 16 per cent through 2024.
Additionally, the government sector has emerged as one of the most lucrative application segments for cybersecurity industry as well, on the grounds of the technology deployment in the public sector agencies to safeguard the network architecture. As a result, government cybersecurity market would register a growth rate of 15 per cent through the mentioned timespan.

Based on the organizational segmentation, the large enterprises are projected to accrue noticeable improvements in the upcoming years owing to rising investment on cybersecurity solutions to reduce the monetary and private data loss.

As per trusted reports, British Airways in September 2017 revealed that nearly 2 lakhs of its passenger information had been digitally attacked thereby exposing the personal details of the travelers. The United Kingdom authorities slammed a fine of USD 244 million on the airlines for overseeing the required security measures.

According to estimates, the large enterprises held over 60 per cent of the global cybersecurity market share in 2017 and is probable to grow at a prodigious pace in the upcoming years.

The global cybersecurity market, as per the product type spectrum, is segmented into 3 types- Identity, Authentication and Access Management (IAAM), network security market, and security services.

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The IAAM segment is likely to amass considerable proceeds over the forecast period. This growth can be aptly credited to the elevating rise in transfer of huge amounts of data across the enterprises whilst adding to the hike in cyberattack incidents. Mounting adoption of cloud-based services and third-party storage would further accelerate the growth of IAAM cybersecurity market. Apparently, the IAAM market is likely to record a CAGR of over 17 per cent through 2024.

Meanwhile, the network security segment would leverage substantial gains in the global cybersecurity business owing to the expediting penetration of integrated security solutions. As per estimates, the network security market is likely to depict a CAGR of 15 per cent through the projected timeline.

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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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