The global Cyber Security Market is predicted to touch USD 199.98 billion at a 10.5% CAGR between 2021- 2027 states the recent Market Research Future (MRFR) analysis. Cybersecurity is a combination of different processes and technologies that have been designed for shielding data, devices, and networks from unauthorized access or attack. It has extensive applications in aerospace and defense, government, retail, IT and telecommunication, healthcare, BFSI, manufacturing, and other sectors.
Various factors are propelling the global Cyber Security Market share. As per the current MRFR report, such factors include the growing demand for enterprise mobility, increasing penetration of smartphones, rise in IoT devices that demand network security solutions, requirement amid organizations to reduce security risks, surging cases of cyber-attacks, and demand for cybersecurity during the ongoing COVID-19 outbreak for securing the virtual private network servers that are crucial for organizations having employees working from home.
On the contrary, limited security expenses among SMEs, lack of knowledge regarding IAM solutions, and lack of in-house expertise & IT resources are factors that may limit the global cybersecurity industry growth over the forecast period.
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The MRFR report provides an inclusive segmental analysis of the global Cyber Security Market Size Analysis report based on vertical, security type, deployment model, organization size, and component.
By component, the global Cyber Security Market is segmented into services and solutions. The solutions segment is again segmented into security information & event management, data loss prevention, web filtering, antivirus, firewall, disaster recovery, unified threat management, risk and compliance management, identity and access management, and others. The services segment is again segmented into professional services and managed services. The professional service is again segmented into design and integration, support and maintenance, consulting, and training & education. Of these, the services segment will lead the market over the forecast period.
By deployment model, the global Cyber Security Market is segmented into on-premise and cloud. Of these, the cloud segment will dominate the market over the forecast period.
By vertical, the global Cyber Security Market is segmented into aerospace and defense, government, retail, IT and telecommunication, healthcare, BFSI, manufacturing, and others. Of these, the government segment will have a major share in the market over the forecast period.
By security type, the global Cyber Security Market is segmented into large enterprise and small & medium-sized enterprise (SME). Of these, the large enterprise segment will spearhead the market over the forecast period.
By organization size, the global Cyber Security Market is segmented into wireless security, cloud security, application security, endpoint security, network security, and others.
Based on the region, the global Cyber Security Market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will lead the market over the forecast period. Rising number of cyber-attacks, presence of top security vendors who have regional and global headquarters in the US, increased expenditure on security services and solutions by SMEs and large enterprises, and rising policies and standards to maintain security and data privacy are adding to the growth of the global Cyber Security Market in the region. The US hold the maximum share in the market as it is the most technologically developed region as well as possesses a strong adoption of cloud technology.
The global Cyber Security Market in the APAC region is predicted to have healthy growth during the forecast period. Increasing adoption of such technologies by businesses across verticals for protecting their data and network, technological advances, massive penetration of internet and smartphones across business segments and consumers, globalization, increasing use of cloud-based solutions, rising sophistication of cyber-attacks, and rapid economic development is adding to the global Cyber Security Market growth in the region.
The global Cyber Security Market in Europe is predicted to have notable growth over the forecast period. GDPR compliance, increasing cyber projects, significant developments, and increasing use in surveillance and defense are adding to the global Cyber Security Market growth in the region.
The global Cyber Security Market in the RoW is predicted to have sound growth over the forecast period.
Key players profiled in the global Cyber Security Market report include Akamai Technologies (US), Carbon Black, Inc. (US), BAE Systems (UK), Imperva (US), SecureWorks, Inc. (Dell Technologies) (US), Sophos Ltd. (UK), Trend Micro, Inc. (Japan), FireEye, Inc. (US), EMC RSA (US), Rapid7, Inc. (US), Cisco Systems, Inc. (US), IBM Corporation (US), HP Enterprise (US), Symantec Corporation (US), and Intel Corporation (US).
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