Global Market Study on Cyber Security: Demand Buoyed by Ever-Expanding Connected Environment


Cyber Security  Market
  • Published On : Nov-2019 |
  • Pages : 434 Pages |
  • Format : Cyber Security  Market Cyber Security  Market Cyber Security  Market Cyber Security  Market

In addition to the increasing adoption of cloud-based security solutions, growing awareness about significance of handling security threats and ascending demand for cyber security solution for connected IoT devices will be the key factors driving market for cyber security during the forecast period of this study, 2019 - 2029. Sustaining compliance is a critical component of cyber security programs and companies.

Increasing Adoption of Cloud-Based Security Solutions

Increasing usage of cloud-based security solution for cyber security in multiple workloads, such as data backups, encryption, firewall, mobile and web security to provide protection against attacks like ransom ware, mitigating exploits in the web, preventing external DLLs to load, java applications, is anticipated to drive market growth for cyber security during the forecast period . Cloud-based service costs are comparatively cheaper as they do not need the IT infrastructure to be set up. As a result, small and medium scale enterprises invest less money to improve their cyber security application. As a result, several companies are moving towards cyber security strategies to protect their cloud workloads without cyber security threat risks.

Blockchain Technology Boost Cyber Security Market Growth

Blockchain technology implementations can be seen in financial institutions, music companies, and healthcare firms. However, peer-to-peer blockchain is risky even though it can reduce costs and increase efficiency without a central intermediary. For example, weak encryption, hashing, ineffective cyber security, and poorly written programs may lead to device vulnerabilities. A compromised blockchain can result in unauthorized diversions of funds, infringements of data, and fraudulent transactions. The blockchain technology has a complex structure, which is the safest form of online information storage and sharing.

Increasing Adoption of Cyber Security for Connected IoT Ecosystem

The Internet of Things (IoT) is a massive opportunity for businesses, consumers, and tech organizations. Most organizations are just beginning to scratch the surface of what IoT solutions can accomplish. IoT users and software designers aim to use a wide range of current and future technology solutions to tackle cyber-attack risks associated with their IoT appliance. Tech companies and developers of these solutions must take a lead role in making their devices and solutions secure and deliver a safer and secure IoT environment. Companies delicately evaluate their qualified partners and third-party suppliers, and invest in integrating data privacy and cyber security across the connected ecosystem. Businesses are also considering diverse approaches to create the potential of building, investing, and forming an alliance to achieve their goals that are required in the connected ecosystem.

Apart from this, government organizations across the globe are taking various steps to initiate cyber security, and are partnering with major technology companies for implementing secure IoT solutions. These partnerships and collaborations with technology vendors for the development of cyber-secure IoT applications are generating potential growth opportunities for the cyber security market.

global cyber security market

Asia Pacific Excluding Japan to Display Significant Opportunities in Cyber Security Market

Countries in Asia Pacific Excluding Japan are characterized by significant population, and are witnessing a rise in cyber security threats. This results in mass adoption of smart or connected devices in the region and the development of technology and resources. Growing adoption of advanced technologies, powered by digitalization, is projected to surge the growth of the cyber security market. According to Sophos Ltd., cyber security in AI is of great importance to Indian organizations at the country level where an average of 33% organizations are considering the usage of AI and ML in their cyber security operations, which is expected to increase by 12.4% in years to come.

82 percent of organizations are planning to make some changes in cyber security over the next 12 months. Over 50 percent of companies changed their strategies by integrating new technology, product developments, and regulations for upcoming cyberattacks. In the last 12 months, 33 percent of Indian organizations claimed that they had been infringed. And two-thirds (59%) of Indian respondents feel that their organizations lack a cyber-security team that can adequately detect, investigate, and respond to threats.

Analyst’s Viewpoint

A comprehensive view of the cyber Security market has led our analysts to conclude that, the market is witnessing rapid growth and is expected to expand at a CAGR of 11% during the forecast period. Currently, North America is the most prominent region as it captures substantial share of 39% in the global cyber security market. However, Asia Pacific Excluding Japan is expected to show high growth rate by the end of 2029, owing to increasing adoption of IoT devices, rising cyber-secure IT infrastructure, and increasing awareness regarding security threats.

Persistence Market Research (PMR) recently published a new research study on the cyber security market for the assessment period of 2019-2029. It offers a close look at evolving aspects of the cyber security market as well as dynamics impacting market growth. The research study focuses on key developments in the cyber security market and other developments that are on the cards. The report talks about various macro- and micro-economic factors responsible for having an in-depth impact on market growth.

The market overview provides growth scenario and market potential with maximum precision, which is adjudged with suitable assumptions. The report features unique and relevant factors that are expected to create a significant impact on the cyber security market during the forecast period. This report includes a detailed and considerable amount of information, which will help new solution providers in the most comprehensive manner for better understanding.

Several stakeholders in the cyber security market can rely on the data offered in this research study and delve into pragmatic decision-making. Moreover, information offered in the cyber security market report also help new market entrants expand their bases in the cyber security market.

The report elaborates historical and current trends molding the growth of the cyber security market. The performance journey of the cyber security market has been drawn and analyzed in way that the lucrative side of the market is evident to readers. The competitive landscape presented in the cyber security market report gives a detailed outlook of profiles of key companies operating in the market, along with their differential strategies and key focus areas.

Cyber Security Market: Segmentation

PMR’s research study on the global cyber security market offers a detailed market segmentation, wherein key segments have been discussed in detail. The segmentation of the cyber security market has been offered on the basis of component, security type, deployment, enterprise size, industry, and region. Every segment has been analyzed in detail and data pertaining to the growth of each segment has been included in the study.

Component

Security Type

Deployment

Enterprise Size

Industry

Global

Hardware

Network Security

Cloud

Small & Medium Scale Enterprise

BFSI

North America

Firewall Appliance

Endpoint Security

On-Premises

Large Scale Enterprise

Govt. & Defense

Latin America

Secure Web Gateway

Application Security

IT & Telecom

Western Europe

DDoS Protection Appliance

Database security

Retail

Eastern Europe

UTM Appliance

Manufacturing

Asia Pacific Excluding Japan

IDS/IPS

Healthcare

Japan

Others

Others

Middle East & Africa

Software

Encryption

Data Loss Prevention

Identity & Access Management

Security Information

Cyber Security Market: Key Questions Answered in Report

The research study on the cyber security market offers inclusive insights about the growth of the market in the most comprehensible manner for better understanding of users. Various insights offered in the report answer some salient questions that assist stakeholders in gauging all emerging possibilities in the market.

  • How has rapidly changing business environment acts as major growth engine for the cyber security market?
  • What are key trends that are constantly shaping the growth of the cyber security market?
  • Which are prominent regions offering plentiful opportunities for the cyber security market?
  • What are differential strategies adopted by key players to command a significant chunk of the global market share?

Cyber Security Market: Research Methodology

A unique and promising research methodology forms the base of the cyber security market. The report has been prepared after a comprehensive analysis of market happenings, and riveting insights have been compiled meticulously. The research methodology of the cyber security market has been a two-step process that comprises of primary and secondary research. Key stakeholders, which include cyber security solution & service providers and network service providers, experts of several designations, including executive vice presidents, directors, service engineers, technical advisors, GM marketing professionals, and sales professionals have been interviewed.

Secondary sources referred to garner report findings include investor presentations of top players, World Bank, government websites, press releases, and many other credible sources.

Companies covered in Cyber Security Market Report

  • IBM Corporation 
  • Microsoft Corp.
  • Lockheed Martin
  • Intel Corporation
  • Secureworks 
  • Symantec Corporation 
  • Verizon Communication Inc.
  • Sophos Ltd.
  • Trend Micro Incorporated
  • Check point software technologies.

 

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