ReportCrux Market Research has published a new report titled “Cyber Security Market by Component (Services, and Solutions); by Offering (Infrastructure Security, Identity and Access Management (IAM), Data Security and Privacy Service Offering, Governance, Risk & Compliance, and Unified Vulnerability Management Service Offering); by Deployment (Cloud-Based, and On-Premises); by Organization Size (Large Enterprises, and Small & Medium Enterprises), by Industry Vertical (IT and Telecom, Aerospace and Defense, Retail, BFSI, Public Sector, Healthcare, Manufacturing, Energy and Utilities, and Others); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027″.
Cyber Security Market Size:
According to the report, global demand for cyber security market was valued at approximately USD 140.2 Billion in 2019 and is expected to generate revenue of around USD 354.7 Billion by end of 2027, growing at a CAGR of around 12.3% between 2020 and 2027. Rise in Malware and Phishing Threats Among Enterprises.
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Cyber protection is often referred to as information technology (IT) protection, emphasizing the need to secure machines, networks, services, and data from unlicensed or random access. Cyber security and cyberattacks are becoming more relevant in today’s changing digital world. Situations have become critical in the company due to increasingly rising theft, fear, cybercrime, risks and vulnerabilities.
As cyberattacks have become increasingly significant, security strategies have also made progress. Factors such as an increase in malware and phishing attacks, and increase in the rate of BYOD and IoT adoption among organizations is driving the cyber security market.
In the recent years, revolutionary and evolving developments in the retail, finance, IT, security and automobile industries have provided new skills, automation and ease of service. However, these innovations have also emerged as a dominant force in the growth of the global threat environment of bugs, hacks, and malware. Increasing prevalence of digitization has caused organizations to rely heavily on digitized information. Sharing a large amount of data in an external and internal environment, as well as around the globe, has caused companies to fall victim to cybercrime across multiple modes of attack. Technologies like Internet of Things (IoT) and new business models rely heavily on global digitization for their development. As the network is getting more sophisticated, integrated, and holds more details, the access to the threat surface has become even wider while at the same time highlighting the vulnerabilities in the company protection framework thus boosting market growth for cyber security.
Segmental and Geographic Analysis:
The global market for the cyber security is segmented on the basis of offering, deployment, component, industry vertical, organization size, and region. Based on component, the market is bifurcated into services, and solutions. The services sector is likely to grow at high CAGR in the forecast period. Organizations are recruiting third-party suppliers for their protection templates, thus stimulating the development of security as a service (SaaS). In comparison, third-party suppliers on the market are giving the clients a reliable solution at a reduced cost thus boosting market growth.
Based on offering, the market is categorized into on infrastructure security, identity and access management (IAM), data security and privacy service offering, governance, risk & compliance, and unified vulnerability management service offering.
The market for IAM held almost 25% share of the market in 2019 as the number of cyberattacks has risen worldwide, alleviation of the casualties resulting from these events has become a major concern in all industries. Rising cyberattacks on small and medium-sized businesses are likely to fuel demand for IAM and enterprise security solutions.
Based on the deployment, the global market for cyber security is segmented into cloud-based, and on-premises. From this, on-premise market accounted for almost 57% share of the market in 2019. Organizations choose to keep in-house data confidential rather than hand it over to a cloud provider. In fact, on-site systems provide hands-on ownership and control of security surveillance, and also provide a versatile and agile security program. This, in effect, is expected to raise competition for on-site information security implementation over the projected period.
On the basis of organization size, the market is bifurcated into small & medium enterprises (SMEs), and large enterprises. The market for small & medium enterprises is likely to grow at high CAGR in the forecast period. The growth of this category is primarily related to the increasing emphasis on the deployment of successful security strategies by large organizations due to their extended perimeter.
Based on industry vertical, the market is categorized into IT and Telecom, aerospace and defense, retail, BFSI, public sector, healthcare, manufacturing, energy and utilities, and others. The market in BFSI sector is likely to grow at high CAGR in the forecast period. The development of this sector is partly due to an increase in the need for sealed security and information privacy in financial institutions. In addition, the rise in online banking, smart phone usage, and cloud computing is driving the development of the information security industry in this area.
Regionally the market is segmented into Asia Pacific, North America, Europe, Latin America and Middle East & Africa. The market in North America accounted for 34% share in 2019. This development is mainly due to the involvement of leading players providing innovative technologies and services to all sectors of the country. In addition, growing perception of information security within small and medium-sized enterprises is projected to fuel demand for cyber security solutions over the forecast period. Asia Pacific is likely to grow at high CAGR of almost 12.8% in the forecast period. Countries like India and China are progressing quickly towards digitization of all industries, which is projected to accelerate cyber-crime activity in the country. As a result, the governments of China and India are collaborating on a comprehensive and realistic information security strategy and action plan that is intended to reduce the effects of cybercrime in the country.
Key Market Players:
Major players in cyber security market are Trend Micro (Japan), F5 Networks (U.S.), Check Point Software Technologies (Israel), F-Secure (Finland), Oracle (U.S.), Micro Focus (U.K.), Qualys (U.S.), RSA Security (U.S.), AWS (U.S.), Proofpoint (U.S.), and IBM Corporation (U.S.) among others. Players are poised to capitalize on the changing world of cyber threats. Protection vendors are promising improved functionality to their offerings to prevent unexpected cyber threats. Companies who use trust as a competitive advantage have protection on three main principles, including avoidance, identification, and response.
The report segments of Global Cyber Security Market are as follows:
Identity and Access Management (IAM)
Data Security and Privacy Service Offering
Governance, Risk & Compliance
Unified Vulnerability Management Service Offering
By Organization Size
Small & Medium Enterprises
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