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Market Scenario:Cyber security has again proved its prominence in 2018, the year that was filled with several major cyber security breaches from Facebook, Google, and British Airways to Hotel Marriott, T-Mobile, and even Uber.
Lapses in security exposed the personal data of hundreds of millions of individuals to unauthorized users including the other N number of breaches, worldwide that went unreported.
These glitches have cost these companies a wealth of customers personal information and heavy dividends that went through the drains ending up at the Federal Trade Commission (FTC) offices. Needless to say, these breaches affected the lives of millions of users.
The irony is that all these breaches could have been avoided if the cyber security solutions were in place, security bugs would have been identified earlier, and patches would have been immediately created and deployed.
Most of the giant business have learned this lesson the hard way. Nevertheless, there are also a large number of companies out there that have already implemented cyber security solutions, safeguarding their businesses against the increasing volume of Cyber Security Market.
Proactive or passive, companies are increasingly adopting cyber protection solutions. This shift has not only led to the increasing demand but also to the increasing size of the cyber security market. Along with the growing demand for cyber protection solutions, the demand for hardware and software has also garnered huge gains.
Considering the graph of the growth the market is continually climbing, Market Research Future (MRFR) in its recently published study report asserts that the global cyber security market is expected to grow at a double-digit CAGR of 11% from 2017- 2023, crossing over the valuation of 251 BN USD by 2023.
Additional factors boosting the market growth include the need for stringent compliance and regulatory requirements and increased deployment of web and cloud-based applications. Increasing enterprise budgets being allocated to cyber protection are also driving greater interest in investment opportunities in this high-growth sector.
On the other hand, factors such as the negligence towards cyber protection compliances are restricting the market growth up to some extent. Nevertheless, the proliferation of BYOD trends and connected devices alongside the Internet of things (IoT) will support the market growth over the forecast period.
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Major Key Players:
Some of the key players profiled in the analysis are Symantec Corporation (U.S.), Intel Security (U.S.), Hewlett Packard Enterprise (U.S.), Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), Rapid7, Inc. (U.S.), FireEye, Inc. (U.S.), EMC RSA (U.S.), Sophos Ltd. (U.K.), and Trend Micro, Inc. (Japan) among others.
Cyber Security Market Segmentation:
The MRFR analysis is segmented into six key dynamics for the convenience;
• By Solution: Identity & Access Management, Risk & Compliance Management, Unified Threat Management, Disaster Recovery, Firewall, Antivirus, and Web Filtering among others.
• By Service: Managed Services, Professional Services, Training & Education, Consulting, Support & Maintenance, Design & Integration, and Risk & Threat Assessment among others.
• By Security Type: Network Security, End Point Security, Application Security, Cloud Security, and Wireless Security among others.
• By Deployment: On-Cloud, On-Premise, and others.
• By Vertical: BFSI, Manufacturing, Healthcare, Retail, IT & Telecommunication, Aerospace & Defense, and Government among others.
• By Regions: North America, Europe, APAC and Rest-of-the-World.
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Cyber Security Market Regional Analysis:
The North American region is leading in the global cyber security market. The US and Canada are well developed in the field of technology and also some of the major players providing cybersecurity options in the region. The presence of advanced infrastructure and increasing adoption of technological advancements is driving the market growth of the regional market.
The European region accounts for the second-largest market share in the cyber security market. Europe’s good command over the technology is a major driving force behind the growth of the market in the region.
Most of the companies in Europe keep themselves abreast with the latest information on newer cyber threats and update their cybersecurity model periodically. Among other European countries, Germany, France, and the U.K. are anticipated to drive the growth of the regional market.
The Asia Pacific and MEA regions have emerged as the fastest growing market for cybersecurity. The APAC is expected to surpass the revenues of the North American market during the forecast period. Since China and India are in the developing phase, these countries have become a soft target for the attackers to steal the data in the initial stage of development. Developing economies in these regions and increasing need for data security are the primary reasons for the growth of the cyber security market in the region.
Cyber Security Market Competitive Analysis:
The highly competitive global cyber security market appears to be fragmented characterized the presence of well-established players and small-scale players forming a competitive landscape in the market.
Key players operating in the market are investing substantially in transforming the consumer and business landscape in the future. Matured players incorporate strategic initiatives such as collaboration, partnership, acquisition, product & technology launch, and expansion to gain a competitive edge in this market.
Industry/Innovation/ Related News:
January 16, 2019 --– The Bombay Stock Exchange (BSE - India) announced signing of a pact with Lucideus, an Indian Enterprise Cyber Security platforms company to defend cyber-attacks and secure stockbrokers' interest as per the guidelines of the Securities and Exchange Board of India (SEBI), the regulator for the securities market in India.
Lucideus will provide a cybersecurity operations center (SOC) using artificial intelligence and machine learning-backed Security Assessment Framework for Enterprises (SAFE) platform/solution.
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Intended Audience:
• Technology investors
• Integrated device manufacturers (IDMs)
• Original equipment manufacturers (OEMs)
• Research/Consultancy firms
• Government agencies
• Cyber security vendors
• Network solution providers
• Independent software vendors
• Consulting firms
• System integrators
• IT security agencies
• Managed Security Service Providers
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