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Global Cyber Security Market
Global Cyber Security Market
The GMI Research report affirms that the Cyber Security Market will go through a compounding growth over the forecast period. This is mainly because of the surging prominence of digitalisation and the accelerating number of connected devices.
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Introduction of the Cyber Security Market:
Cyber security solutions helps to identify, supervise, resist, and investigate cyber threats in order to prevent private data. It is the application generated to safeguard programs, devices, and data from destruction, attack, or unsanctioned access. The main motive of cyber security is to preserve computing assets belonging to an organization’s network against all the imperils throughout the overall life cycle of a cyber-attack.
Key Market Players:
· FireEye, Inc.
· Avast Software s.r.o.
· Cisco Systems Inc.
· Dell Inc.
· Check Point Software Technologies Ltd.
· CyberArk Software Ltd.
· IBM
· Imperva
· Fortinet, Inc.
· Intel Corporation
Cyber Security Market Dynamics
The increasing prominence of security solutions because of the exponential surge in the cyber threats has significantly contributed to the growth of the global cyber security market. For example, FireEye a cyber threat recognition firm, divulged that it has experienced an attack on its system, leading in the thievery of its red team instruments. Also, as per the Global Cyber Security Market Research, the rapid increase in digitalisation has drifted organisations to substantially depend on digitalised information. Organisations allot a huge amount of data in external as well as internal environment, which exposes them to cybercrime via different forms of attacks. Solutions like firewalls and antivirus software has significantly grown and are accounted as the most effective in impeding attacks and perils, such as Trojans and malware.
The significant platform for the increasing cybercrime activities is connected through the application of social media, big data, mobile services, and cloud. For example, cloud based services and third party data storage has unfolded various approaches for an online attack. The Internet of thing products are gauged with IP sensors to establish susceptibility to the user data if not properly tested, thus raising the need for cyber security system in business landscape.
The sudden outbreak of the coronavirus crisis has persuaded countries to implement preventive measures. During this pandemic, enterprises have figured out a way to enable their employees to work from home, thus, augmenting the acquisition of video communication platforms. Organisations effectuate cyber security solution to allow work from home with précised accuracy. For example, since January 2020, over 1700 new domains have been recorded as per the report of Checkpoint security. However, the insufficient in-house competence, lack of IT resources, inadequate awareness about IAM solutions, and restrained security budget among Small Medium Enterprises might hamper the Cyber Security Market Share.
Product Type Segment Drivers
The solutions segment is projected to anticipate a higher CAGR over the forecast period. This is because of the evolving need to supervise in-house and external threats for large as well as small & medium enterprises. Furthermore, the intensified investment and the growing acquisition of cloud technologies among various industries, such as banking, IT & telecommunication, financial services, & insurance, are serving as a major role in stimulating the growth of the solutions segment. For instance, Quick Heal Technologies, in 2020, introduced new cyber security solutions for government, businesses, and consumers, which imparts cloud-based email security to avoid spam, and infected mails.
End-Use Industry Segment Drivers
Based on the end-user industry, the defense & intelligence and aerospace segment is envisaged to perceive an exponential growth over the forecast period. Airplane navigation and guidance systems are highly vulnerable to cyber-attacks, which can result in huge ramifications. This raises the demand to safeguard all the networks and computers for airborne operations. Furthermore, the surging endorsement of machine-to-machine (M2M) technologies across the aerospace domain with a rising emphasis of governments on cyber security to oppose cyber terrorism is projected to pave the way for an increase in Cyber Security Market Size.
Cyber Security Market Segmentation:
Segmentation by Product Type
· Solutions
o Identity & Access Management
o Unified Threat Management & Threat Mitigation
o Security & Vulnerability Management
o DDoS Mitigation
o Next Generation Firewall
o IDS/IPS
o Security Information & Event Management
o Email Security
o Endpoint Security
o IoT Security
o Other Solutions
· Services
Segmentation by Deployment
· On-Cloud
· On-Premises
Segmentation by End-User Industry
· Aerospace, Defense & Intelligence
· Banking, Financial Services & Insurance
· Healthcare
· Manufacturing
· Retail
· Public Utility
· IT & Telecommunication
· Other End-User Industries
Segmentation by Region:
· North America
o United States of America
o Canada
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
About GMI Research
GMI Research, a market research and consulting company cumulates information about various industries to provide various small and medium enterprises with business insights. Our team ensures that all factual and accurate research reaches our clients to acknowledge them with emerging opportunities and challenges.
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