Global Cyber Security Market – Analysis and Forecast (2018-2024)

1. Global Cyber Security Market

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3. Global Cyber Security Market The global cyber security market is projected to reach USD 282.3 billion by 2024, registering a CAGR of 11.1% during the forecast period. The increasing number of cyber-attacks and increasing adoption of digital solutions by most industries, propelling the growth of the market.

4. Global Cyber Security Market Based on component, the global cyber security market is categorized into solutions and services, wherein the solutions category accounted for a larger share in 2017. The category is expected to lead throughout the forecast period; however, the services category is expected to witness the faster growth during the forecast period owing to the increasing number of new entrants providing security services against cyber-attacks and increasing concern regarding the data security and privacy. Further, the cyber security solutions market is sub-segmented into identity and access management, security and vulnerability management, risk and compliance management, encryption, firewall, unified threat management, web filtering, disaster recovery, distributed denial of services mitigation, antivirus or antimalware, data loss prevention, and intrusion detection systems. Among all these categories, the web filtering solution category is expected to witness the fastest growth in the market during the forecast period. Further, the cyber security services market is sub-divided into managed and professional, wherein the managed services are expected to witness the faster growth in the market during the forecast period.

5. Global Cyber Security Market The global cyber security market has been driven by several key factors, predominantly the stringent directives for data privacy, increasing number of cyber-attacks, increasing adoption of digital solutions by most industries, and increasing inclination towards cloud-based solutions from on-premise. Owing to security reasons, enterprises are inclining towards the usage of cloud-based solutions to keep data safe at third-party servers. However, with the increasing adoption of cloud-based solutions, the chances of cyber-attacks also increase, thus creating a huge demand for security solutions and services against cyber-attacks. Another key factor driving the growth of the industry is the increasing adoption of IoT solutions in healthcare, BFSI, and across other different industries.

6. Global Cyber Security Market North America has been one of the largest consumers of cyber security during the forecast period. The region is home to a large number of industry players and also spends a large amount of capital to tackle cyber threats. Asia-Pacific is observed to witness significant growth in the global cyber security market during the forecast period. APAC region comprises of a large population with internet access, the increasing penetration, and increasing awareness among masses and government bodies for tackling cyber threats and crimes.

7. Global Cyber Security Market Market players in the global cyber security industry are investing capital to develop technologically advanced systems for security and vulnerability management, risk and compliance management, and encryption among others. Some of the key players operating in the global cyber security market are Hewlett Packard Enterprise, McAfee Inc., IBM Corporation, Symantec Corporation, Trend Micro, Inc., Check Point Software Technologies Ltd., Palo Alto Networks, Inc., Cisco Systems, Inc., Fortinet, Inc., Sophos Ltd., F-Secure, Kaspersky Lab, Webroot, Inc., and LogRhythm, Inc.

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