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[227+ Pages Report] The latest market study titled “Cyber Security Market” published by Facts & Factors carefully combs the market and details the analytical and comprehensive review of the market. We estimate that the global Cyber Security Market size & share was USD 176.6 Billion in the year 2020 and will grow to a market value of USD 398.3 Billion by 2026 at an anticipated CAGR growth rate of 14.9% during the forecast period 2021-2026.
Cyber security is a set of well-defined practices that attempt to process and regulate systems, networks, programs, devices, and data from a variety of irregular activities originating from cyber-attacks. Cyber security aims to protect against such unauthorized provocations and in some cases even avoid further exploitation of systems using a series of counteractive technologies. Depending on the application and requirements, there are a variety of cyber security measures ranging from national security, application security, information security, and operational security to name a few.
The driving forces behind the significant growth of the global cyber security market are primarily the rise in sophisticated cypher attacks coupled with the rising frequency and intensity of cyber-attacks during the forecast period. Moreover, the need to defend the critical systems from advanced threats such as Advanced Persistent Threats (APTs) will boost the growth of the market into a highly ballooned state. With the rising prevalence of the Internet of Things (IoT) and the rise of sharing data across various platforms and regions will further boost the need to improve and advance cyber security measures. A rapid increase in vulnerable security measures, threats, frauds, and risks associated with the businesses in accordance with these factors will further propel the growth of the cyber security market.
Increasing use of technology in the sector of retails, banking, telecom, information and technology, and manufacturing will further boost the market footprint of the global cyber security market during the forecast. The integration of technology with the governmental organization and essential services branch will pave the pathway for even more sophisticated cypher attacks and phishing attempts leading to a bloated cyber security market. The latest trend of bringing your own device (BYOD) has opened the pathway for online cyber security risks which were previously unseen. Moreover, digital loopholes in the security of a growing number of applications will further open new revenue streams for the global cyber security market to expand. However, high initial costs and a lack of knowledgeable technicians in the field will hamper the growth of the market to a certain extent.
The global cyber security market can be segmented into component, solution, security type, services, deployment, organization size, industry verticals, and regions.
The global cyber security market can be broken down into hardware, software, and services on the basis of components. The service segment is expected to dominate the segment during the forecast owing to the increased need of safeguarding government utilities and other sectors from increasing cyber attacks. The global cyber security market can be divided into unified threat management (UTM), intrusion detection system (IDS)/ intrusion prevention system (IPS), data prevention loss (DLP), identity & access management (IAM), SIEM, DDoS, risk & compliance, and others on the basis of the solution. IAM will account for the largest market share during the forecast owing to the increasing prevalence of employee targeted activities and the need to track and automate certain security-related features. The global cyber security market can be fragmented into endpoint, cloud, network, application, infrastructure protection, data security, and others (content security, database security, and web security) on the basis of security type.
The global cyber security market can be broken down into professional, consulting, training and education, support and maintenance, and managed services on the basis of services. The professional segment is expected to occupy the largest market share during the forecast owing to increased demand for additional services such as employee training, penetrative testing, enterprise risk assessment, and physical security testing among others on the basis of service types. The global cyber security market can be broken down into cloud-based and on-premise on the basis of deployment. The on-premise segment is expected to occupy the largest market share during the forecast owing to the organization’s preference to keep confidential data in-house rather than handing it to cloud service providers. The global cyber security market can be segmented into SMEs and large enterprises on the basis of organization size. The large enterprise segment will account for the largest market share during the forecast owing to an increase in the security solution needs and the increased notion of being prepared against any form of cyber-attack even before it occurs. The global cyber security market can be divided into IT & telecom, retail, BSFI, healthcare, defense/government, manufacturing, energy, and others on the basis of industry verticals. The government/defense segment will account for the largest market share during the forecast owing to increased hostility against government-based organizations and the constant threat of attack arising from state-sponsored hacktivists.
North America is expected to occupy the largest market share during the forecast period and will accumulate more than 35% of the total market share in terms of global market collection at a steady CAGR. Factors crediting the significant rise in the market in the region include a rise in prominent vendors and the presence of key players in the market. Additionally, increased spending on advanced security measures by larger and SMEs is expected to boost the growth of the market in the region. Moreover, increasingly stringent regulations regarding data privacy and protection coupled with strong standards and policies will propel revenue streams for the market in the region in a positive manner. Asia-Pacific is expected to witness the fastest growing CAGR during the forecast from the increasing prevalence of cypher attacks on the telecom, energy, finance, and BSFI to name a few.
The key participants in the global cyber security market are Broadcom, Cisco Systems, Inc., Check Point Software Technology Ltd., IBM, McAfee LLC, Palo Alto Networks, Inc., Trend Micro Incorporated, Symantec, Sophos, Micro Focus, Juniper Networks, Oracle, F-Secure, Qualys, Forcepoint, Fireeye, Palo Alto Networks, RSA Security, and Imperva, among others.
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