CYBER SECURITY MARKET

Cyber Security Market is expected to garner $198 billion by 2022, registering a CAGR of 15.5 % during the forecast period 2016 - 2022. The cyber security market includes solutions such as security incident management, Unified Threat Management (UTM), risk and compliance management, and Identity and Access Management (IAM) that enable organizations to secure infrastructure and data from harmful cyber threats and vulnerabilities. Increase in adoption of mobile devices, and growing reliability on Internet services in industries such as retail, healthcare, BFSI, and energy and utilities supplements the market growth.

However, lack of awareness of the benefits of implementing effective security solutions especially in Small and Medium Enterprises (SMEs) is expected to restrict the growth of the market. Moreover, growth in cloud-based security solutions and tools, and increasing acceptance of big data analytics to gather critical data on cyber threats is creating numerous opportunities for the growth of the market.

The cyber security market offers solutions and services which is utilized among various industry verticals, including manufacturing, public sector, BFSI, healthcare, aerospace and defense, energy and utilities, and IT and telecom. Public sector is one of the prominent end users of the market, owing to the increasing cyber-attacks on state and federal agencies. Additionally, the government sector is most prone to cyber-attacks due to the presence of government records that are packed with traffic documents and proprietorship statistics. In energy sector, security solutions are used to avert attacks that result in infrastructure power cut, generating economic and financial interferences, and at times even environmental destruction. The most common attacks in the energy and utilities sector include phishing, malware, virus, Advanced Persistent Threat (APT), and Trojan.

The prominent players of the market include Cisco Systems, IBM Corporation, Trend Micro, Symantec Corporation, FireEye, Sophos, Intel Corporation, HPE, Verizon Communications, and Dell EMC (RSA Security).

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