Cybersecurity refers to the protection of networks, devices, programs and data from attack or unauthorized access. Organizations transmit sensitive data across multiple networks and devices during business process. This leads to the need for cybersecurity in organizations for secured data transfer which impels the market growth.
Cybercrime activities are increasing due to connectivity through the cloud, Big data, mobile services and social media. For instance, according to Symantec internet security threat report, number of mobile malware variants increased by 54% in 2017 with an average of 24,000 malicious mobile applications being blocked each day.
Also, third-party data storage and cloud-based services are making systems vulnerable for cyber-attacks which are driving demand for the cybersecurity market. Increasing use of IoT devices is also further increasing the demand for the market.
Cyber security market is primarily segmented to deployment, services, user type, end-users, and region.
On the basis of deployment, cyber security market is segmented to cloud and on-premises. Cloud-based deployment mode is expected to witness significant growth in cyber security market. Enterprises are opting for cloud-based solutions owing to growing adoption of cloud storage system which is expected to influence the cyber security market in the segment. Additionally, low cost maintenance is further expected to fuel the cyber security market growth.
Based on services, this market is segmented into professional and managed services. Factors such as embracing cloud-based services, stringent data security laws, and data analytics by organizations are expected to drive the market in managed cyber security services.
By end users, the cyber security market is segmented into IT & telecom, aerospace & defense, public sectors, healthcare, and others.
Geographically, cyber security market is segmented into North America, Asia Pacific, Europe, and Latin America, Middle East and Africa (LAMEA).
Asia Pacific is expected to witness dynamic growth in cyber security market owing to the factor of increase in the number of cyberthreats, cybercrimes, and data breaches attributed to growing businesses in this region as compared to that of North America and Europe. Accelerating pace of digital connectivity and digital transformation makes this region vulnerable to cyber exploitation. This creates an opportunity for cyber security market contrasted with low cybersecurity awareness, growing cross-border data transfers and weak regulations. Apparently, according to 2017 edition of Global Risks Report published by World Economic Forum, cyber-attacks are ranked among top five risks of doing business in Asia Pacific region due to the impact of technological threats resulting to increase in demand for cyber security over the forecast period.
Europe followed by North America is likely to witness significant growth in cyber security market as these regions are increasingly on national agenda of cyber security for government and other business firms. One of the major incidents known as NotPetya in 2017 infected Russian oil giant Rosneft along with other Ukrainian power companies, airports and central banks resulting to rise in organizations setting plans for more secure and resilient cyber space. Best practice approaches to the new regulations in terms of technology and strategy will put a positive stretch in growth of cyber security market.
However, LAMEA is expected to witness considerable growth in cyber security market.
Some of the major players in cyber security market are Cisco Systems, Inc. (U.S.), Symantec Corporation (U.S.), IBM (U.S.), Amazon Web Services, Inc. (U.S), McAfee, LLC (U.S) and others.
Cyber Security Market Segmentation