According to a new market research report, “Cyber Security Market by Solution (IAM, Encryption, DLP, Risk and Compliance Management, IDS/IPS, UTM, Firewall, Antivirus/Antimalware, SIEM, Disaster Recovery, DDOS Mitigation, Web Filtering, and Security Services) – Global Forecast to 2020”, published by MarketsandMarkets, The Cyber Security Market to grow from $106.32 Billion in 2015 to $170.21 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 9.8%.
The market report defines and segments global market into cyber security solutions and services. New technologies are emerging and many players are investing into new solutions in the Cyber Security Market.
Nowadays, companies are focusing not only on security solutions but also on security services. Among the services, managed security service is rapidly gaining traction by covering 40% of the security market in 2015. Managed security services help clients to prepare for cyber-attacks by understanding and managing cyber exposure, enabling them to make informed investment decisions and to put necessary, cost-effective protection in place.
Explosive increase in cyber threats is backed by factors such as increasing mobile and web usage and social media, among others. Also, Internet of Things (IoT) is another major factor that has invited various cyber threats at various sensors, terminals, and end devices. Considering this, every sector has a wide scope for cyber security requirement. Organizations are looking for integrated security solutions these days to cater their various security needs through one platform for cost benefits and to reduce complications. The aerospace, defense, and intelligence vertical needs the most advanced cyber security solutions due to increasing security need of the nations. E-governance, increasing concerns regarding territorial security like military, navy, and economic has led the government to think more seriously about cyber threats. Also, increasing demand for cyber security has led the government to make about stringent cyber and IT laws, legal and regulatory compliances, and data security.
Major driving factors for the Cyber Security Market are increasing strictness of government regulations and evolving cyber threats, which are forcing organizations to focus more on cyber security. Also, increasing mobile data usage, cloud usage, and digitization contribute to increasing cyber security awareness. Increasing scope of BOYD at workplace is also said to be driving the market on long-term basis. By utilizing solutions such as data center as a processing and storage powerhouse, data loss protection, data recovery management, leaks and hacking threats can be reduced up to a very large extent. Furthermore, the advancements in virtual machine isolation, client authentication, and secure opportunistic computing are expected to facilitate the adoption of cloud computing, wireless security, and data center, which in turn will boost the demand for advanced security solutions in the coming years. However, lack of talented security professionals in organizations is one of the major problems that have to be tackled.
The major vendors in the Cyber Security Market are IBM corporations, Intel Corporation, Booz Allen Hamilton, CSC, Lockheed Martin, Northrop Grumman, Sophos, Symantec, and Trend Micro.
The global cyber security report is segmented on the basis of type, solution, service, vertical, and region. The cyber security types include network security, endpoint security, application security, content security, and wireless security & cloud security. The services are segmented as consulting, design & integration, risk & threat assessment, managed security services, and training & education. The market is segmented into solutions such as identity and access management, risk and compliance management, encryption, data loss prevention, unified threat management, firewall, antivirus and antimalware, Intrusion Detection System (IDS)/Intrusion Prevention System (IPS), Security Information and Event Management (SIEM), disaster recovery, Distributed Denial of Service (DDoS) mitigation, and whitelisting. In addition, the report classifies the industry verticals as aerospace, defense, and intelligence; government; Banking, Financial Services, and Insurance (BFSI); telecommunication; healthcare; retail; manufacturing; and others. Also, the regions covered are North America, Europe, Asia-Pacific, Middle-East and Africa, and Latin America.
MarketsandMarkets expects the global Cyber Security Market to grow from $106.32 Billion in 2015 to $170.21 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 9.8%. In the current scenario, North America is expected to be the largest market on the basis of spending and adoption of cyber security solutions and services. MarketsandMarkets expects North America to retain its position as the highest revenue generator for the Cyber Security Market during the entire forecast period, while significant revenue growth is expected from Latin American and Asia-Pacific regions.
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