According to a report by Grand View Research, Inc.; the global cyber security market is estimated to attain nearly USD 205.51 billion by 2024. Growing requirement of advanced cyber security solutions in organizations owing to increasing number of cyber-attacks can propel the global market over the forecast period (2014 to 2024). Implementation of advanced level of cyber security can reduce the chances of any type of security breach and prevent the loss of crucial organizational data.
Increasing cases of security breaches and data thefts in organizations is anticipated to propel market growth over the forecast period. Rising investments in cyber security to prevent occurrence of malware attacks and cybercrimes in healthcare organizations and governments can further impel market growth. High adoption of automation in banking and other emerging sectors is also likely to stimulate growth of the market. Sharing of large data in internal and external environments of organizations is expected to fuel market growth during the forecast period.
The worldwide cyber security market can be segregated on the basis of security type, component, deployment, application, and region. Based on security type, the market can be classified into endpoint, enterprise, cloud, network, application, and others. In 2015, the enterprise segment dominated the market by acquiring around 51.05% market share in terms of revenue. Growing number of cyber-attacks on small medium enterprises is likely to foster demand for enterprise security solutions. In addition, favorable government policies for data privacy & security and compliance can positively influence market expansion in near future.
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On the other hand, application security segment is estimated to exhibit the highest CAGR of around 18.3% during the forecast period. Rise in security breaches in business applications coupled with favorable government regulations for application security can impel cyber security market growth through 2024.
Based on component, the market can be bifurcated into services and solutions. In the forthcoming years, the solutions segment is likely to dominate the global market in terms of revenue share. In 2015, identity and access management (IAM) among solutions was expected to amount over USD 7.07 billion. Growing popularity of bring your own devices (BYOD), connected devices, and internet of things (IoT) is likely to impact segment growth.
On the other hand, the services segment is estimated to exhibit the highest CAGR of around 12.3% over the forecast period. Increasing adoption of security as a service (SaaS) in organizations is likely to impel demand for third party vendor offering high-end security models. This factor is anticipated to boost the global market development in the forthcoming years.
Based on deployment, the market for cyber security can be divided into cloud and on-premise. In the coming years, cloud based solutions are likely to witness significant growth owing to cost-effectiveness of these storage platforms. In addition, high demand among employees for cloud based access to data and all the information related to organizations can create growth opportunities for cyber security over the forecast period.
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Based on application, the market can be segmented retail, healthcare, defense, automotive, banking, financial services and insurance (BFSI), and others. In 2015, the defense/government segment accounted for the maximum market share of over 27.27% owing to threats like data breach and cyber terrorism associated with intelligence and financial activities. In addition, increasing number of cyber-attacks such as malware, negligent insiders, and zero-day attacks can impel market growth.
Regional segmentation includes Europe, Asia Pacific, North America, Latin America, and Middle East & Africa. In 2015, North America dominated the market while accounting for over USD 30.95 billion of market revenue. Presence of a high number of vendors offering advanced cyber security solutions and services is likely to foster regional market growth in near future. In addition, rising awareness regarding cyber security among small and medium enterprises can amplify market growth in the region during the forecast period.
In Asia Pacific, the market for cyber security is estimated to exhibit CAGR of around 15.5% over the forecast period owing to the rising implementation of digitization in China and India. In addition, deployment of credible and robust cyber security policies by the Indian and Chinese governments can further influence growth of the regional market in the forthcoming years.
Some of the leading companies in the global cyber security market are Checkpoint Software Technologies Ltd; Symantec Corporation; Fortinet Inc.; Cisco Systems Inc.; and Trend Micro.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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