Cyber Security Market worth USD 181.77 Billion in 2021: By Security Type, Segments, Applications and Region

Zion Research has published a new report titled “Cyber Security Market (Network Security, Cloud Security, Wireless Security, and Others), By Solution (Identity and Access Management (IAM), Encryption, Risk and Compliance Management, Data Loss Prevention, Antivirus And Antimalware, Firewall And Others), By Vertical (Aerospace, Government, Financial Services, Telecommunication, Healthcare And Others): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021”. According to the report, global demand for cyber security market was valued at USD 105.45 billion in 2015, is expected to reach USD 181.77 billion in 2021 and is anticipated to grow at a CAGR of 9.5% between 2016 and 2021.

Cyber security can be described as the security of systems, networks, and data in cyberspace. Cyber security is a serious issue for all businesses across the globe. This field is of growing importance due to the increasing dependence on computer systems and the growth of smart devices such as smartphones and tablets. One of the most challenging elements of cyber security is the rapidly and continuously developing nature of security risks.

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North America dominated the cyber security market in 2015, which was mainly contributed by the rapid adoption of cloud computing, strict rules by the government and emerging possible cyber threats. The U.S. accounted maximum share in the cyber security solutions and services market in 2015. U.S. is the leading market in this region as it acquired more than 80% share in the cyber security market. Cyber security market in North America will grow at the moderate rate in upcoming years.

Europe was the second leading player in cyber security market in 2015, owing to rising number of mobile workforce, adoption of cloud-based services and broad opportunity for cyber vendors in the market. Europe is expected to remain relatively stable over the forecast period.
Asia Pacific market is expected to show rapid growth, primarily due to increase in cyber crime and demand for cyber security solutions and products in emerging economies in this regions. Asia-Pacific region is expected to grow at the highest rate in the near future.

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Latin America expected to be the future market for cyber security. It expected to show huge development in next five years. Brazil is seen as the most potential business sector in Latin America for the cyber security market. Latin America shows the promising growth for the cyber security market.

The Middle East is witnessing significant growth in cyber security market due to growing market opportunities in industries such as financial, healthcare, and banking. With the speedy economic growth and increasing the risk of cyber crimes, many industries in the Middle East countries have started to recognize the need for the cyber security system. This develops healthy demand for cyber security systems among the organizations in this region.

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The major drivers of this market include stringent government regulation on data privacy and increasing cyber threats. Lack of awareness and availability of pirated security software are expected to hamper the cyber security market in the forecast period. There is a significant increase in the cyber security market due to development in cyber solution and services and it offers various options to safeguard data. Providing cyber security solution to ever increasing government IT domain becomes an expensive challenge for the government authorities.

The cyber security market is segmented based on security types, solution, and vertical and by regions. On the basic of security types market is divided into network security, cloud security, wireless security and others. Cyber solution segment includes identity and access management (IAM), encryption, risk and compliance management, data loss prevention, antivirus and antimalware, firewall and others. By vertical, market is segmented into aerospace, government, financial services, telecommunication, healthcare, and others.

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In 2015, North America dominated the cyber security market owing to the increasing cyber crime and strict government rules against it. Asia Pacific is a fastest growing regional market for cyber security market due to increasing number of internet users in China and India.

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