(I-BusinessNews.Com, November 08, 2019 ) Market Overview
• Cyber security is a broad collection of technologies, solutions, services, and risk management approaches to protect organizational and user personal and professional data from cyber crimes.
• Market size – The government, public utilities, and enterprises are all dependent on the internet, wireless technologies, and cloud-based services for storage, processing, and retrieval of data.
• With the increase in this dependency over the years, cyber-attacks have increased exponentially and have generated the need for unified cybersecurity solutions that support enhanced enterprise mobility and strict data disclosure laws.
• The cyber security market is experiencing a boom because of the need for global cyber security for secure and resilient cyber space.
Market Dynamics
Market Drivers
• Increase in the number of internet users is stirring strong requirements for various cyber security solutions such as cloud-based IAM products, UTM, web filtering and so on requiring a minimal initial investment.
• In the coming years, it is expected that the majority of the big cyber security providers will widen their product portfolio and enhance the network of their partners globally.
Market Challenges
The Biggest Challenge for Cyber Security organizations results from two Mega Trends
• The exponential growth in data from business systems and security sensors meant to protect those businesses.
• The extreme and growing shortage of skilled cyber security personnel to analyze and respond to incidents illuminated by this data.
• The other challenge is the Budget. 62% of CIOs and other cyber security professionals from the Global Information Security survey, 2015 said budget constraints are their biggest challenge.
Market Segmentation
Based on the Security Type
• The global cyber security market is segmented into Network security, Wireless security, Cloud security, etc.
• More than 40% of overall share is with Network security market due to increasing visualization of servers and rise in use of Network security solutions by medium and small sized business across the globe.
Based on Industry/Sector
• Banking and finance sector is witnessing significant changes due to the adaption of IT solutions for the improvement of banking services.
• Increasing adoption of online transactions and increasing use of services such as National Electronic Fund Transfer (NEFT), Real-time Gross Settlement Systems (RTGS), Electronic Clearing Service (ECS), and mobile transactions has propelled demand for security solutions to carry out these tractions safely and securely.
• The count is expected to rise to 181.77 billion users by 2025.
• The continuous increase will raise the market demand.
By Product Type
• Network Security
• Cloud security
• Application Security
• End-Point security
• Wireless network Security
• Others
By solution
• Threat Intelligence and Response
• Identity and access management
• Data Loss Prevention
• Threat mitigation
• Encryption
By Region
• Asia Pacific
• Europe
• North America
• South America
• Rest of the world
Geographical Analysis
• Based on geography, the Cyber Security Market is segmented into Asia Pacific, Europe, North America, South America and Rest of the world.
• The global cyber security market is dominated by North America as the US is a significant contributor.
• Europe is the second leading player in the cyber security market.
• Asia-Pacific is also rapidly emerging as a prominent market for cybersecurity products and service providers due to rising concerns of governments toward safeguarding their respective cyber ecosystem.
Company Profiles
• It profiles companies like Check Point Software Technologies, Fire Eye Inc. Intel Security, Cisco Systems Inc. IBM Corporation, Symantec Corporation, Dell Technologies, Inc. Cyber-Ark Software.
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