— Cyber Security Industry 2019
As per the report found on Wise Guy Reports (WGR), the global cyber security market is anticipated to scale a decent valuation of USD 269 Bn by 2026. Increasing dependency of end-user industries on IT services is expected to primarily drive the growth of the market in the forthcoming years. One of the key end-user industries is the healthcare industry that has been observing a rise in cases of cyber-attacks. Increasing demand for electronic health records in the black market is responsible for accelerating the growth of the cyber security market over the next couple of years. The budget allocation for cybersecurity is limited in the healthcare industry. However, the development of affordable technology to check these attacks is likely to increase the adoption of cyber security solutions in the industry over the next few years. Similarly, other industries are also expected to witness a rise in the adoption of the technology in the nearby future, thus, supporting market growth.
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Some Of Major Key Players Included :-
The well-known companies profiled in the report include Symantec Corporation, Cisco Systems Inc., BAE Systems Inc., EMC Corporation, Hewlett-Packard Enterprise, Intel Security, Palo Alto Networks, Proofpoint Inc., LogRhythm Inc., IBM Corporation, Fortinet, Inc., and Centrify Corporation among others.
Data is the most crucial intangible asset of an organization. Increasing cyber terrorism has led to an increase in the need for the protection of sensitive data currently. This, in turn, is expected to lead the growth of the cyber security market over the next few years. Apart from the large enterprises, the small and medium enterprises are assessed to contribute substantially to the development of the market in the foreseeable future. The ongoing trend of Bring Your Own Device (BYOD) is likely to further boost the expansion of the cyber security market in the nearby future.
Increasing penetration of mobile devices has unleashed opportunities of growth for the market players. Also, investments in technological advancements are anticipated to be responsible for the expansion of the market over the next few years. These technological developments are poised to dictate the growth trajectory of the market in the upcoming years. However, the complex structure of data security is projected to hinder the growth pace of the market in the foreseeable future. In addition, the rising adoption of pirated solutions remains an impediment to market growth.
The end-users of cyber security solutions identified in this report are BFSI, travel and hospitality, IT & telecom, retail, healthcare, defense and government, and others. Among these, the defense and government segment accounted for the maximum market share in 2017. Increasing investments by the governments in cyber security solutions for protecting sensitive information is expected to support the growth pace of the segment in the forthcoming years. Different types of product profiled in this analysis are network security, enterprise security, application security, endpoint security, and others. On-premise and cloud-based are the two types of deployment model analyzed. By organization size, the market is divided into large enterprises and small & medium businesses. The different types of solutions are unified threat management, encryption, identity and access management, antivirus/anti-malware, data loss prevention, disaster recovery, risk and compliance management, and others. Solutions and services are the major segments based on components.
Geographically, North America is the largest regional segment and is poised to retain its market position over the next couple of years. Asia Pacific is also poised to exhibit substantial growth in the forthcoming years. It is anticipated to register a comparatively higher CAGR across the assessment period.
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