Cyber Security Market Rising Trends, Growth Opportunities and Global Outlook 2021 – IBM Corporation, FireEye Inc., ProofPoint Inc
Cyber Security or Information Technology (IT) security, provides protection against phishing, malware, ransomware, cyber-scams, identity theft, cyber theft, cyber-attacks, and other types of cybercrimes. Cyber security safeguards user interface, networks, hardware, software, and electronic data from unauthorized and unlicensed access. It holds wide applications at individual level, as well as in small, medium, and large enterprises, to safeguard the overall digital ecosystem.
The Cyber Defense Magazine has presented cyber security statistics for the year 2019, wherein it has reported the annual cost of damage caused by cybercrime to be around USD 5 trillion by 2020 . Moreover, the cyber security expenditures are anticipated to reach USD 1 trillion by the year 2024. These generate soaring demand for efficient cyber security solutions, thereby propagating the growth of global cyber security market.
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Top Companies: IBM Corporation, FireEye Inc., ProofPoint Inc., Symantec Corporation, Cisco Systems, Inc., Check Point Software Technologies Ltd, Imperva Inc., Palo Alto Networks Inc., AVG Technologies NV, Dell Technologies Inc., Trend Micro Inc., Cyber Ark Software Ltd, Fortinet, Rapid7 Inc., and Intel Security (Intel Corporation)
Market Dynamics and Trends
Increasing number of cyber-attacks on the digital ecosystem of the corporate sector, SMEs, large enterprises and other industry verticals; along with the increasing cases of phishing activities, affects adversely on organizational reputation and reduce customer base. This reason has led to increasing demand of cyber security solutions, thereby propagating the growth of cyber security market.
Moreover, factors such as increasing penetration of BYOD (Bring Your Own Device) trend, higher adoption of smart gadgets, emerging e-commerce and m-commerce businesses, cloud-based data management in SMEs, as well as increased digitization in BFSI sectors, exposes different industry verticals at the risk of cyber threats, hence spawning an upsurge in the growth of cyber security market.
However, complex nature of regulatory policies, along with unmet industry standards are expected to inhibit the growth of cyber security market during the forecast period.
Moreover, advancements in IoT, API & AI technologies, along with increasing safety concerns in public and private sectors shall augment the growth of cyber security market in coming future.
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Market Segmentations and Scope of the Study:
The global cyber security market share has been analyzed based on components, user type, deployment, industry vertical and geography.
Based on components, the market is segmented into solution and services. The solutions segment is further sub segmented into Identity and Access Management (IAM), infrastructure security, governance, risk, & compliance, unified vulnerability management service offering, and data security and privacy service offering. Based on user type, the market is large enterprises and Small & Medium Enterprises (SMEs). Based on deployment, the market is further categorized into cloud and on-premise. Based on industry vertical, the cyber security market is bifurcated into BFSI, IT & telecom, aerospace & defense, public sector, retail, healthcare, energy & utilities, manufacturing, and others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
North America is expected to dominate the global cyber security market throughout the forecast period, accounting for the major market share. This is attributed to higher penetration of cyber security solutions at core level in business enterprises, presence of key service providers in this region, well established IT infrastructures, and stringent corporate safety standards regarding digital security.
Asia Pacific is expected to grow with the highest CAGR values in the global cyber security market throughout the forecast period, owing to increasing incidences of cybercrimes, growing standardization of online streaming policies, higher adoption of cyber security solutions in SMEs, increasing penetration of Multinational Companies especially in developing economies, as well as untapped market opportunities offered by emerging economies specifically India and China.
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