Cyber Security Market Overview:
According to a survey by INTERPOL, the West African cyber economy observed a disquieting 132% rise in reported crimes pertaining to cybersecurity between 2013 and 2015. An average of $2.7 million losses from businesses and $422,000 losses from individuals stolen were reported each year during the period. Moreover, in their 2017 annual report, the organization reported that cybercrime is the fasted growing crime in the world. Now, this has made cybersecurity an indispensable need of the hour in businesses, government bodies, the financial sector, and remotely everything that utilizes data. So, organizations across the globe are heavily investing in cybersecurity which is fostering the cyber security market that was already valued to be $140 billion to $150 billion as of 2018, according to IndustryARC’s market analyst. Furthermore, the analyst estimates that the demand for cybersecurity will be growing with a CAGR of 8% during the forecast period of 2019 to 2025.
Owing to the prevalent use of technology and data in North America, the region is the most vulnerable to cyber threats and crimes. However, financial stability in the region allows organizations to invest in cybersecurity for the security of data and software. Furthermore, the current government has also invested in cybersecurity with its own cybersecurity defense agency that had made to the headlines in November 2018. These factors are collectively responsible for the growing cyber security market size in North America, the region which holds the maximum market share of nearly 40%.
Cyber Security Market Outlook:
Cybersecurity or information technology (IT) security is nothing but a technology that protects systems and software from cybercrimes like eavesdropping, phishing, spoofing, and tamper. As mentioned above, cybersecurity has penetrated in a myriad of sectors that include aerospace, government, financial services, healthcare, automobile, information technology, and other sectors. However, telecommunications and crimes pertaining to it drive the need for cybersecurity in that sector the maximum.
“The growing number of Internet users across the globe which is instilling a greater susceptibility to irrevocable cybercrimes and the fact that a lot of important data like bank account details and business information in the form of emails are stored in the contemporary smartphones are creating a sustainable cybersecurity marketplace for the vendors,” highlights the market analyst in the market research report. Furthermore, the analyst estimates that the application of the cyber security market in the telecom sector will observe a healthy CAGR of 10% through to 2025.
Cyber Security Market Growth Drivers:
The Proliferation of Big Data Across the Globe –
According to a business intelligence report by IndustryARC’s market analyst, the enterprise software market was valued to be $360 billion as of 2018, and the demand for the same is estimated to grow with a CAGR of 6%. This means that a lot of companies are investing in enterprise software in order to store the data. However, the businesses leveraging big data technology are also facing challenges in keeping their data secure from cyber-attacks. Considering that this big data wave has pervaded across the globe, it is creating a gamut of opportunities in the cyber security market.
The Growth of Cloud Computing –
World Bank’s perception towards cloud computing resonates with the findings by the information technology company Cisco which concluded; by 2019, 83% of all global data center traffic will come from cloud services. This is going to bring a revolutionary change in the data sector with a lot of organization investing in cloud services. Now, cybersecurity is going to be an integral part of all the cloud services for data protection which will further flourish the cyber security market.
The Demand for Cybersecurity in Aerospace –
The navigation and guidance systems in airplanes are highly vulnerable to cyber-attacks, repercussions of which are irrevocable. So, the defense agencies across the globe protect their computer networks on the ground and air from such attacks and investing infrastructure security, and it requires cybersecurity which is driving the cyber security market growth. This is further bolstered by the Machine to Machine (M2M) technologies that have penetrated in the aerospace sector.
Cyber Security Market Challenges:
The growing demand for the advanced security systems due to the blockchain revolution, IIoT threats, and AI wave are some challenges faced by the vendors in the cyber security market. Furthermore, ransomware attacks are growing at a rapid rate which is again becoming a major challenge to the cybersecurity ventures. However, a significant investment in R&D in order to create better security systems that can suffice the need for security in various sectors will be helping vendors to ameliorate the challenges.
Cyber Security Market Key Players Perspective:
The key players crusading for the cyber security market share are NTT Com Security, NGC Group, Secure Link, Cisco, Symantec, Palo Alto Networks, Checkpoint, Microsoft, McAfee, Trend Micro, Sophos, Dell, and SecureWorks.
Cyber Security Market Trends:
- In August 2018, Cisco agreed to buy Duo Security for a whopping sum of $2.35 billion. The acquisition was attributed to Cisco’s vision to allow its customers to securely connect any user on any device to any application over any network.
- In October 2018, Bitdefender acquired behavioral and network security analytics organization RedSocks for an undisclosed sum of money. The acquisition attributes to Bitdefender’s goal to expand its cybersecurity portfolio.
- In October 2018, the cybersecurity company Imperva Inc. agreed to be acquired by a private equity firm Thoma Bravo LLC. The acquisition is worth $2.1 billion.
- The recent trend of data manipulation instead of data theft is bringing new practices in the cyber security market that vendors are trying to incorporate.
Cyber Security Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the cyber security market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cyber security market, and their specific applications in network & endpoint security, internet of things/industrial internet of things security, threat intelligence, mobile security, behavioral detection, cloud security, deception security, and other sectors. Furthermore, the report also documents the demand growth in various industry sectors such as aerospace, government, financial services, healthcare, telecommunications, automobile, information technology sector, and others.
Cyber security Market Report: Industry Coverage
The report analyses the product demands by the type of product - cybersecurity software, cybersecurity hardware, and others. It is further segmented on the basis of technologies that include context aware behavioral analytics, next generation breach detection, virtual dispersive networking (VDN), and others.
The cyber security market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia