The global Cyber Security Market is estimated to witness a healthy CAGR during the forecast period, according to a report available on Million Insights. Implementation of advanced cyber security solutions in organizations provides complete protection against threats such as malware, ransomware, phishing, and social engineering.
Rising cases of phishing and malware threats in organizations is anticipated to propel cybersecurity market growth. Growing adoption of digitalization prompts organizations to depend on digital information. Sharing huge volume of data in internal and external environment across the globe is likely to create vulnerabilities in the network. Such network vulnerabilities allow hackers to intrude and access important data.
Stringent government regulations on data privacy in organizations is expected to impel market growth. Moreover, growing adoption of data center, cloud computing, and wireless communication will drive the cyber security industry over the forecast period.
To cater to rising demand for advanced internet safety solutions, manufacturing companies are investing in R&D. For instance, in May 2019, Quick Heal Technologies launched advanced cyber security solution for desktops and laptops. The product is aimed at providing protection against potential cyber threats. In addition, the product is equipped with comprehensive and advanced features such as webcam protection, total ransomware protection, portable file vault, parental control, and safe banking.
Based on component, the cybersecurity industry can be divided into solutions and services. Solution segment is anticipated to dominate the cyber security market over the forecast period. Rising demand for connected devices, bring your own devices (BYOD) and internet of things (IOT) is expected to impel segment’s growth.
On the basis of security type, the cyber security industry can be categorized into enterprise, endpoint, cloud, application, network, and others. Application security segment is likely to hold largest market share in coming years owing to rising number of cyber-attacks in business applications. In addition, rising focus of enterprises to safeguard critical data and business applications will drive segment’s growth over the forecast period.
In terms of deployment, the cybersecurity market can be bifurcated into on-premises and cloud. Cloud based solutions segment is expected to witness highest CAGR over the forecast period. This is attributed to growing adoption of cloud-based safety solutions among small medium enterprises (SMEs). Organizations are transforming their business over cloud to allow cross border and in-house employees to access business related information. In addition, growing popularity of public cloud will drive segment’s growth in coming years.
Based on application, the cybersecurity industry can be classified into healthcare, retail, automotive, defense, BFSI, and others. BFSI segment is predicted to witness highest CAGR over the forecast period owing to increasing use of online payment methods. Such payment methods include unified payments interface (UPI), internet banking, and mobile wallets. Rising demand for real-time payment services through smart devices is likely to expose banking firms to network intruders.
Regional segmentation includes Asia Pacific, Europe, North America, Latin America, and Middle East and Africa (MEA). In addition, increasing investments by enterprises to prevent network intrusion and loss of essential data.
Asia Pacific is likely to witness highest CAGR over the forecast period owing to rising demand for cyber security in the region. Increasing use of IOT devices and growing adoption of smart devices in organizations is driving regional growth. In addition, stringent government regulations pertaining to safety of important data and software in organizations will drive regional growth.
Companies are adopting business strategies such as mergers and acquisitions to expand their business and product portfolio. For instance, in October 2018, Cisco acquired Duo Security to expand its networking strategy. The acquisition was aimed to integrate Duo’s multi factor authentication with Cisco’s cloud platforms, devices, and network. It will allow Cisco’s consumers to securely connect application on any networked device.
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