The GMI Research forecasts that the cyber security market is witnessing an upsurge in demand during the forecast period. Organizations share a large amount of data in an external and internal environment which has led to a rise in the number of cyberattacks through various platforms. This factor, along with the rising popularity of digitalization, are the key factors driving the growth of the cyber security market.
Top Manufacturers in the Cyber Security Market:
- Avast Software s.r.o.
- FireEye, Inc.
- Cisco Systems Inc.
- Check Point Software Technologies Ltd.
- Dell Inc.
- CyberArk Software Ltd.
- IBM
- Fortinet, Inc.
- Imperva
- Intel Corporation
Cyber Security Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Security solutions are gaining traction, owing to rising cyber threats at an alarming rate. Currently, FireEye, a cyber threat detection firm, has disclosed that they have been attacked on its system due to which there has been the theft of its red team tools. Firewalls and antivirus software are solutions that are witnessing strong growth and have proved to be good in preventing attacks and threats, such as trojans, malware, and phishing. According to cyber security market report, the rising popularity of digitalization has significantly shifted the organizations to widely depend on digitalized information. Organizations share a large amount of data in the external and internal environment, and thus they are more exposed to cybercrime through multiple forms of attacks. All these factors are fuelling the growth of the global cyber security market share in terms of revenue.
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Cybercrime activities are increasing worldwide due to the growing usage of mobile services, social media, cloud, and big data. For example, various opportunities are opened for an online attack by cloud-based services and third-party data storage. As per cyber security market analysis, IoT products that are supported with IP sensors launch exposures to the user data if not effectively tested, thereby growing the requirement for the cyber security system in the business environment. On the other hand, the factors hindering the growth of the global cyber security market size include the shortage of IT resources, lack of knowledge about IAM solutions, in-house professionals, and restricted security budget among SMEs.
Various countries globally have applied precautionary measures owing to the emergence of the COVID-19 pandemic. During the strict lockdown, organizations are trying to find a solution to enable their employees to work from home, which has raised the adoption of video communication platforms. Organizations have started applying cyber security solutions to allow work from home with proper safety of their data. For example, from January 2020, more than 1700 new domains have been registered as per Checkpoint security.
Regional Drivers
Based on the region, Asia-Pacific is expected to grow at a higher CAGR during the forecast period due to the presence of several market incumbents in this region. India is ranking fifth in terms of overall DNS hijacks and has registered rapid growth in cybercrime. For example, India accounted for 37% of the global breaches in terms of data stolen or compromised. Additionally, South Korea is the major target for cyber-attacks owing to the increasing number of connected devices and intellectual property. As per National Police Agency Report in 2019, there has been an upsurge in cybercrimes in South Korea, around 14% in 2018. These factors are energizing the growth of the cyber security market in Asia-Pacific.
Cyber Security Market Segmentation:
Segmentation by Product Type:
- Solutions
- Identity & Access Management
- Unified Threat Management & Threat Mitigation
- Security & Vulnerability Management
- DDoS Mitigation
- Next Generation Firewall
- IDS/IPS
- Security Information & Event Management
- Email Security
- Endpoint Security
- IoT Security
- 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
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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