16th March 2020 – The global “CyberSecurity market” presents a widespread and elementary study of Cyber
Security business at the side of the analysis of subjective aspects which is
able to give key business insights to the readers. World Cyber Security Market
analysis report offers the analytical read of the business by learning various
factors like Cyber Security market growth, consumption volume, market trends
and Cyber Security business price structures throughout the forecast amount
from 2013 to 2024.
The global Cyber Security Market is
estimated to witness a healthy CAGR during the forecast period, according to a
report available on Million Insights. Cyber security is defined as advanced
technology that protects computer systems, programs, and networks from digital
attacks. These attacks are aimed at accessing, changing, and destroying
important information related to businesses. Implementation of advanced cyber
security solutions in organizations provides complete protection against
threats such as malware, ransomware, phishing, and social engineering.
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Main features of the report:
·
To provide detailed analysis of
the market structure along with forecast of the various segments and
sub-segments of the global Cyber Security Market.
·
A complete backdrop analysis,
which includes an assessment of the parent market
·
Important changes in market
dynamics
·
Market segmentation up to the
second or third level
·
To provide country level
analysis of the market for segment by application, product type and
sub-segments.
·
To provide strategic profiling
of key players in the market, comprehensively analyzing their core
competencies, and drawing a competitive landscape for the market.
·
Track and analyze competitive
developments such as joint ventures, strategic alliances, mergers and
acquisitions, new product developments, and research and developments in the
global Cyber Security Market.
·
Emerging niche segments and
regional markets
·
An objective assessment of the
trajectory of the industry.
Rising cases of phishing and malware
threats in organizations is anticipated to propel cybersecurity market growth.
Growing adoption of digitalization prompts organizations to depend on digital
information. Sharing huge volume of data in internal and external environment
across the globe is likely to create vulnerabilities in the network. Such network
vulnerabilities allow hackers to intrude and access important data. This factor
is expected to impel demand for advanced network solutions to secure
information and software. Stringent government regulations on data privacy in
organizations is expected to impel market growth. Moreover, growing adoption of
data center, cloud computing, and wireless communication will drive the cyber
security industry over the forecast period.
To cater to rising demand for advanced
internet safety solutions, manufacturing companies are investing in R&D.
For instance, in May 2019, Quick Heal Technologies launched advanced cyber
security solution for desktops and laptops. The product is aimed at providing
protection against potential cyber threats. In addition, the product is equipped
with comprehensive and advanced features such as webcam protection, total
ransomware protection, portable file vault, parental control, and safe banking.
Component Insights:
Based on component, the cybersecurity
industry can be divided into solutions and services. Solution segment is
anticipated to dominate the cyber security market over the forecast period.
Rising demand for connected devices, bring your own devices (BYOD) and internet
of things (IOT) is expected to impel segment’s growth.
Security Type:
On the basis of security type, the cyber
security industry can be categorized into enterprise, endpoint, cloud,
application, network, and others. Application security segment is likely to
hold largest market share in coming years owing to rising number of
cyber-attacks in business applications. In addition, rising focus of
enterprises to safeguard critical data and business applications will drive
segment’s growth over the forecast period.
Deployment Insights:
In terms of deployment, the
cybersecurity market can be bifurcated into on-premises and cloud. Cloud based
solutions segment is expected to witness highest CAGR over the forecast period.
This is attributed to growing adoption of cloud-based safety solutions among
small medium enterprises (SMEs). Organizations are transforming their business
over cloud to allow cross border and in-house employees to access business
related information. In addition, growing popularity of public cloud will drive
segment’s growth in coming years.
Application Insights:
Based on application, the cybersecurity
industry can be classified into healthcare, retail, automotive, defense, BFSI,
and others. BFSI segment is predicted to witness highest CAGR over the forecast
period owing to increasing use of online payment methods. Such payment methods
include unified payments interface (UPI), internet banking, and mobile wallets.
Rising demand for real-time payment services through smart devices is likely to
expose banking firms to network intruders.
Regional segmentation includes Asia
Pacific, Europe, North America, Latin America, and Middle East and Africa
(MEA). As of 2018, North America dominated the market and held largest market
share. This is attributed to presence of major market players such as IBM,
Cisco, and Symantec in the region. In addition, increasing investments by
enterprises to prevent network intrusion and loss of essential data.
Asia Pacific is likely to witness
highest CAGR over the forecast period owing to rising demand for cyber security
in the region. Increasing use of IOT devices and growing adoption of smart
devices in organizations is driving regional growth. In addition, stringent
government regulations pertaining to safety of important data and software in
organizations will drive regional growth.
Some of the leading companies
offering cyber security solutions are Symantec Corporation; Checkpoint Software
Technologies Ltd; Cisco Systems Inc.; Fortinet Inc.; and Trend Micro. Companies
are adopting business strategies such as mergers and acquisitions to expand
their business and product portfolio. For instance, in October 2018, Cisco
acquired Duo Security to expand its networking strategy. The acquisition was
aimed to integrate Duo’s multi factor authentication with Cisco’s cloud
platforms, devices, and network. It will allow Cisco’s consumers to securely
connect application on any networked device.
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