Cyber Security Market Overview:
Cyber security involves technologies, processes and practices designed to protect computers, networks, programs and data from unauthorized access. The global cyber security market is anticipated to grow at to USD 251 Billion by 2023, at a CAGR growth of 11% between 2017 and 2023.
Now a day’s government of various countries are actively participating in making the country more secure. Recently UK government announced the collaboration of private company with government bodies to make the UK more secure. Apart from this government is adopting the new liberal policies which will help in following areas such as increasing rate of new cyber security start-ups, and collaboration of tech giants to develop some useful measures in order to reduce cyber-attacks.
The Global cyber security market is growing with the rapid pace; mainly due to the proliferation of cyber-attacks. Cyber-attacks have been increasing rapidly around the globe. A study shows that only U.A.E region suffered from around 50 network attacks and 60 web attacks in 2014. According to a recent study report published by the Market Research Future, the global market of cyber security is booming and expected to reach huge market size over the forecast period. The market is projected to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
The factors driving the global market of cyber security market are increasing dependence on technology, increasing adoption of cloud computing and others. On the other hand, under skilled labour, high adoption of pirated software are some of the factors hindering the growth of cyber security market.
The Cyber Security Market is highly competitive due to the increase government initiatives to support cyber security start-ups. Recently UK government announced the collaboration of private company with government bodies to make the UK more secure.
Major Key Players:
Intel Security (U.S.), Symantec Corporation (U.S.), Hewlett Packard Enterprise (U.S.), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Rapid7, Inc. (U.S.), EMC RSA (U.S.), FireEye, Inc. (U.S.), Trend Micro, Inc. (Japan) and Sophos Ltd. (U.K.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global cyber security Market.
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Cyber Security Market Regional Analysis:
North-America is dominating the global cyber security market with the largest market due to the high technology dependence and high adoption of IoT. Cyber security market in Asia-Pacific market is expected to grow at a substantial CAGR during 2016 to 2023 owing to a large enterprises and SMEs in the region are increasingly adopting cloud-based Cyber Security solutions.
The Asian countries like China, Japan, South Korea and others are showing interests in the development of cyber security soultions. According to recent news, Japan is planning to invest in the cyber security sector in Zimbabwe to protect citizens and tourists from different countries. The European market for cyber security Market is expected to grow at a considerable CAGR (2016-2023).
Industry News:
June 2017 – Intel has joined Team8, an Israeli creator of cyber security start-ups, as a strategic partner and will help with the formation of companies that address the largest cyber security problems.
December 2017 – French technology consulting firm Atos ATO.O offered to buy Gemalto for 4.3 billion euros ($5.06 billion) to boost its cyber security services as states and big corporations seek to cope with a growing number of attacks on the Internet worldwide.
Cyber security Global Market Competitive Analysis:
The Market of cyber security appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio.
Major players are investing on internal R&D and, most of all, in acquiring other firms. Cisco and IBM have decided to join forces to swap threat intelligence between their internal research groups for investigating major hacks and moving forward. The two companies also plan to add product integrations that connect their portfolios over the course of the year. Also, Cisco Systems is continuously looking for acquisitions as it pushes towards working real time on cyber security intelligence data.
The rising government funding is also expected to motivate key companies to invent new cyber security modules that match the changing trends and needs across the globe. These players possess state of art R&D labs and strong sales and distribution network which have helped them to gain leadership position in the market.
Segments:
- Based on solutions, the cyber security market has been segmented by identity & access management, risk & compliance management, unified threat management, disaster recovery, firewall, antivirus, web filtering, others,
- Based on service, the cyber security market has been segmented by managed services, professional services, training & education, consulting, support & maintenance, design & integration, risk & threat assessment, and others.
- Based on security type, the cyber security market has been segmented by network security, end point security, application security, cloud security, wireless security, others. Application security is expected to grow at the fastest CAGR owing to internet of things, bring your own device trend and growing number of connected devices.
- Based on deployment, the cyber security market has been segmented by cloud, and on-premise.
- Based on vertical, the cyber security market has been segmented by BFSI, manufacturing, healthcare, retail, IT & telecommunication, aerospace & defense, government, others.
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Restraints:
Interference from state apparatus and intelligence agencies owing to use of data encryption in crimes is a cause of concern. For example, the National Security Agency is charged with deliberately weakening the data encryption standard algorithm, revealed by former NSA analyst Edward Snowden.
Deliberate subverting of cryptography standards by intelligence agencies with the argument that encryption prevents law enforcement from accessing data coupled with the demands of “responsible encryption” where the data can be decrypted under a warrant are serious threats to the market. High cost of installation and maintenance and lack of awareness in developing regions of the world are other restraints on the market.
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