Global Statistics Representing Cyber Security Market Scenario
Cyber-attacks have increased exponentially over the years which has generated the need for cyber security solutions. Increase in the number of internet users across the globe has led to adoption of technology advancements stirring strong requirement for cyber security solutions.
Prolific rise in embracing advanced technologies along with network securities and increased internet penetration in different parts of the world is expected to drive the cyber security market during the forecast period 2019–2026.
Global Cyber Security market was valued at USD 135.23 billion in 2017 and anticipated to grow at CAGR 8.3% during the forecast period 2019–2026.
Cyber security market is expected to witness dynamic growth due to rise in the number of government initiatives over global digitization towards government sectors such as healthcare, education, IT & telecom, and others. For instance, in early 2018 World Economic Forum launched a Global Center for Cybersecurity to provide a safe and secure global cyberspace. Additionally, adoption of emerging networking trends such as cloud computing, IoT, social networking, and others are projected to increase the demand for data security thereby pertaining to drive the cyber security services over the forecast period.
Growing demand for industrial cyber security such as aerospace & defense, automotive, healthcare is expected to expand the cyber security market. The rapid development of smart cities resulting to rise in digitization along with end to end security services is expected to be the major driving factor for cyber security market. Increased growth in cloud computing market and adoption of IoT solutions and services is expected to fuel the cyber security market during the forecast period 2019–2026.
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 as it is user friendly and cost-effective. Additionally, growing adoption of cloud storage system is expected to influence the cyber security market in the segment. Scalability, simple operations, and its cost-effective services are expected to surge the market growth for cloud-based cyber security solutions. Additionally, as cloud-based solutions do not require purchasing, installing, and maintaining hardware or software solutions, it is attributed to impel the cyber security market in the segment.
However, economies such as Australia and Russia are leveraging strict regulations on domestic cloud servers instead of using foreign servers which limits the growth of the market. For instance, Russia’s Data Localization law (Russian Federal Law No. 242-FZ, effective Sept. 1, 2015) has an explicit requirement that the companies gathering information about Russian citizens must use servers located within Russia.
Based on services, this market is segmented into professional and managed services. Embracing cloud-based services, stringent data security laws, and data analytics by organizations are expected to drive the market managed cyber security services. The need to follow General Data Protection Regulation (GDPR) also influences the market growth in this segment such as EU Data protection directive adopted by European Union for data protection and privacy of European citizens.
By end users, the cyber security market is segmented into IT & telecom, aerospace & defense, public sectors, healthcare, and others.
Geographically, the global cyber security market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (LAMEA).
North America holds the largest share for the cybersecurity market. The developed countries in the region such as U.S., Canada are well advancing in the field of technology and the presence of prominent players is driving the demand for the market in the region. Additionally, small and medium organizations are adopting the cyber security solution technology which is further increasing the market growth.
The Asia Pacific is the fastest growing market for the global cybersecurity market. The cyber security threats are increasing in the large-sized organization in Asia Pacific. According to study commissioned by Microsoft, the potential economic loss across Asia Pacific due to cybersecurity incidents hit a staggering amount USD 1.745 trillion; which is more than 7% of the region’s total GDP of USD 24.3 trillion. Increasing government initiatives towards digitalization, growth of e-commerce, rising adoption of cloud computing and growing internet usage are driving the demand for the market in the region. For instance, in 2017, Government of India launched ‘Cyber Swachhta Kendra’ (Botnet Cleaning and Malware Analysis Centre), a part of Digital India initiative, for desktop and mobile security solutions in India operated under Computer Emergency Response Team (CERT-in).
Europe holds the second largest share in the global cybersecurity market. Europe is experiencing increasing number of cyber-attacks. For instance, according to the cyber-crime report for Europe 2018, digital transactions in Europe were hit by over 30% cyber-attacks in the first three months of 2018. Therefore, spending on security solutions is boosted and the demand for the cybersecurity market is also increased in the region.
Latin America and Middle East & Africa holds the least share for the global cybersecurity market. According to Cisco, in 2018, Cyber-attacks in 48% of the Middle East and Africa companies resulted to damage of more than USD 500,000, while 58 % of the businesses had to manage an outage of more than five hours due to a breach. The high incidence of cyber-attacks in the region is creating a boom in the cybersecurity.
Some of the major players in cyber security market are Cisco Systems, Inc. (U.S.), Symantec Corporation (U.S.), International Business Machines Corporation (U.S.), Amazon Web Services, Inc. (U.S), McAfee, LLC (U.S), Microsoft (U.S.), Check Point Software Technologies Ltd. (Israel), FireEye, Inc. (U.S).
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