Press release
Cybersecurity Market Outlook To 2026 - BAE Systems, CyberArk Software Ltd., Microsoft Corporation, Splunk, Inc., RSA Security, LLC., Oracle Corporation, Palo Alto Networks.
Cyber Security Market
The global cybersecurity market has established itself as tremendously lucrative investment avenue in recent years due to the increasing demand for security solutions across several enterprises throughout the world. Several industries and firms spread across the globe are adopting cybersecurity solutions to safeguard their online financial transactions as well as highly sensitive data from cyberattacks, unauthorized access, and other vulnerabilities.
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The competitive landscape of the global cybersecurity market is inclusive of players such as Google LLC, Oracle Corporation, Nokia Networks, Microsoft Corporation, IBM Corporation, and Amazon Web Services among others.
Driven by the threat potential of cyberattack more and more large enterprises are embracing cyber security solutions. Indeed, large enterprises accounted for over 60% of the global cybersecurity market share in 2017. It is also prudent to mention that 2017 was witness to one of the biggest cyberattacks ever, where the WannaCry ransomware, which affected over 400,000 machines across 150 nations, cost the world approximately $4 billion in losses. Large enterprises on an average lost over $10 million because of cyber security breaches.
The United States of America has been facing consistent threats from an increasing number of highly-sophisticated malicious entities that are motivated by a whole host of different factors ranging from ideological & political interests to espionage & financial gains. The Armed Forces Communications and Electronics Association (AFCEA), in September of 2018 had pointed out that the U.S. government did not possess a comprehensive cyber security strategy leaving U.S. critical infrastructure and federal agencies extremely vulnerable to cyberattacks. In the days that followed, the Trump administration released the National Cyber Strategy, the nation's first, fully-articulated cyber strategy in over 15 years.
o Growing demand from the banking sector in Europe
The enterprises working in the European banking sector are increasingly implementing advanced cybersecurity solutions, which is a major factor augmenting Europe cybersecurity market size. Numerous private corporate and government entities have witnessed growing instances of cyberattacks, which has prompted both these sectors to work together to eliminate such vulnerabilities.
Taking February 2020 for instance, European Central Bank partnered with the Euro Cyber Resilience Board members. Together, both of these organizations unveiled the Cyber Information and Intelligence Sharing Initiative. This initiative aims at identifying and further averting cyberattacks and enhances cybersecurity throughout financial institutions. Considering these growth factors, the Europe cybersecurity market is slated to grow at a CAGR of more than 15% through the forthcoming
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