The report is titled as ‘Cyber Security Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the cyber security market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The cyber security market is expected to grow at a significant rate in the near future.
The global cyber security market was valued US$ 172.4 Bn at the end of 2020 and expected to reach at a value of US$ 488.2 Bn by 2028 with a significant CAGR of 13.9%.
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Cyber Security Introduction
Information has been considered a substantial aspect of diplomacy, competence, and armed conflict for quite a long time. However, subsequent to the 1990s, the role of information in international security and relations has expanded exponentially and its significance for political matters has escalated, largely due to the spread of information and communication technology (ICT) into all prospects of life in post-industrial societies. Although, along with the increased significance of information, the manipulation of information has also become an illicit activity.
Consequently, cyber security holds an extremely crucial role to play in the field of information technology. In the present-day world, safeguarding the information has evolved into one of the massive challenges. Various organisations and governments are also taking necessary steps and measures in order to inhibit these cyber crimes.
Basically, cyber security can be referred to as a set of techniques primarily that makes an effort to secure the cyber environment of an organization or an individual user. To put it in a different manner, it manages the set of approaches used to safeguard the virtue of programs, networks, and data from illegitimate access. It may be referred to the set of processes, technologies, and it may also be referred to as security of information technology.
Cyber Security Market Dynamics
The internet has undoubtedly made the world tinier in numerous ways yet it has also unlocked us up to various powers and authorities that have never before been so diverse and so challenging. The expeditiously increased dependence on computer systems including various electronic devices, smartphones, televisions all of which constitutes the Internet of Things (IoT), is one of the primary factors that is boosting the demand of cyber security in the global markets, thereby the global cyber security market is projected to grow rapidly in the years to come.
With the same token, the increasing acceptance and demand of digitalization has obliged organizations across the world to rely largely on computerized or digitized information. There is a vast amount of data which is exchanged in an internal and external environment across the globe which has made organizations become a victim to various kinds of cybercrime through different sorts of attacks. Notably, one single successful cyber attack can hamper the reputation and brand of the organisation heavily.
In addition, it can further lead its way to destruction of competitive advantage as well as cause lofty financial damage. Owing to which, cyber security is likely to witness heavy demand in the upcoming years, leading to the extensive growth of the global cyber security market in the forthcoming future.
In addition to that, the emergence of several advanced technologies in the present times, including Artificial Intelligence (AI), Blockchain, Internet of Things (IoT), Machine learning (ML), and others as well as heavy adoption of online e-commerce platforms, all across the globe, is another major factor that is expected to propel the growth of the global cyber security market over the forecast period. For instance, there has been an acquisition of Palo Alto Networks Inc. and Aporeto Inc., which is a machine and IoT identity-based company, in December 2019, in order to bolster the cloud native security platform and further expand its capability of cloud security.
Other than that, the global markets is also observing high demand of enterprise security solutions from various industries across the world, such as Manufacturing, Aerospace & Defense, Banking, Financial Services and Insurance (BFSI), Healthcare and many others, which is also anticipated to augment the growth of the global cyber security market in the near future.
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Cyber Security Market Segmentation
The global cyber security market is segmented on the basis of component, solution, service, security type, deployment, organisation size, vertices and regions.
By Component
- Solution
- Service
By Solution
- Threat Intelligence
- Identity and Access Management
- Security and Vulnerability Management
- Risk and Compliance Management
- Encryption
- Data Loss Prevention
- Network DLP
- Storage/ Data Center DLP
- Endpoint DLP
- Unified Threat Management
- Firewall
- Antivirus/ Antimalware
- Intrusion Detection Systems/ Intrusion Prevention Systems
- Network-based
- Host-based
- Wireless
- Disaster Recovery
- Distributed Denial of Service
- Web Filtering
- Others (Other solutions include application whitelisting and patch management)
By Service
- Professional Services
- Design and Integration
- Risk and Threat Assessment
- Consulting
- Training and Education
- Support and Maintenance
- Managed Security Services
By Security Type
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Others (Other security types include content security, ICS security, database security, and web security)
By Deployment
- On Premises
- Cloud
By Organization Size
- SMEs
- Large Enterprises
By Vertices
- BFSI
- Government and Defense
- Energy and Utilities
- Healthcare
- IT and Telecom
- Manufacturing
- Retail
- Others (Other verticals include education, media & entertainment, and transportation & logistics)
By Region
- North America
- Latin America
- Africa
- Europe
- Asia Pacific
- Middle East
Cyber Security Market Key Players
The global cyber security market key participating players are IBM Corporation, Symantec, Check Point Software Technologies, Cisco Systems, Trend Micro, Sophos, Rapid7, McAfee, Micro Focus, Microsoft, Imperva, Splunk, F5 Networks, Proofpoint, RSA Security, AWS, Juniper Networks, Oracle, Fortinet, Palo Alto Networks, Cyberark, Forcepoint, Fireeye, F-Secure, and Qualys, among others.
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