Cyber Security Market to Witness the Highest Growth Globally in Coming Years
by Rahul Gautam ManagerGlobal cyber security market is projected
to reach a size of $165.2 billion by 2023, growing at a CAGR of 10.7%.
The cyber security market has been
gaining traction due to its increased adoption in multiple industries, such as
aerospace and defense, government, banking, financial services and insurance
(BFSI), healthcare, retail, IT & telecom, and manufacturing. Cyber security
solutions have been garnering higher revenues as compared to services; however,
a higher growth is being witnessed in the services category. They enable
enterprises to identify threats and protect organizations’ data from lethal
cyber-attacks. It speeds up the process of noticing attacks and enables
organizations to adopt predictive measures in combating cyber-crimes, which has
been driving its market.
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Based on security type, application was
globally the largest security type, with $18.7 billion in 2016. Large
enterprises accounted for larger share of the cyber security market compared to
SMEs. The demand for cyber security has been growing by more than 5% in all the
industries, however, the highest growth in demand has been observed from BFSI,
where the rate of cyber-attacks is very high.
Geographically, the cyber security market
is expected to witness the fastest growth in Asia-Pacific, during the forecast
period. High value targets in a less secure environment, have made this region
a potential target for cyber-criminals. China accounted for the largest share
of 31.4% of the APAC cyber security market in 2016. This is mainly attributed
to the increased wired and wireless internet usage, rapid computerization,
growth of e-commerce, and the rise in the adoption of cloud computing in the
country.
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The cyber security market is fragmented,
and has been witnessing several partnerships and acquisitions among key
players. Some of the major players in the cyber security industry are BAE
Systems, Plc, RSA Security LLC, IBM Corporation, Symantec Corporation, Palo
Alto Networks, Inc., Fortinet, Inc., FireEye, Inc., Check Point Software
Technologies Ltd, Cisco Systems Inc., and Juniper Networks, Inc.
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Created on Jun 28th 2019 03:00. Viewed 377 times.