Cybersecurity is a set of processes and practices designed to safeguard endpoints, networks, applications, and data from advanced threats and vulnerabilities, cyber warfare, cyber terrorism, and cyber espionage. Enterprises need to adopt security technologies, solutions, tools, policies, security concepts, guidelines, risk management approaches, and professional and managed services to protect the critical enterprise information and infrastructure from the rising volume and sophistication of cyber-attacks. The global Cybersecurity Market is expected to grow from USD 152.71 billion in 2018 to USD 248.26 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.2% from 2018 to 2023.
Cybersecurity solutions are used to secure the network infrastructure and the devices connected to it. The cybersecurity market is segmented by solution into Identity and Access Management (IAM), risk and compliance management, encryption, Data Loss Prevention (DLP), Unified Threat Management (UTM), firewall, antivirus/antimalware, Intrusion Detection System/Intrusion Prevention System (IDS/IPS), security and vulnerability management, disaster recovery, Distributed Denial of Service (DDoS) mitigation, web filtering, and others (application whitelisting and patch management).
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The encryption solutions segment is expected to grow at the highest CAGR from 2018 to 2023
The encryption solutions segment is expected to register the highest CAGR in the global cybersecurity market during 2018–2023. Encryption solutions offer consistent protection to sensitive data across all critical points in the entire lifecycle. These solutions enable enterprises to hide their critical data from unauthorized bad actors.
The emergence of disruptive digital technologies, such as IoT, across industry verticals; stringent data protection regulations for information security; and increasing number of supply chain-based attacks exploiting the software supply chain have opened up a wide range of avenues for the growth of the cybersecurity market. The cybersecurity market consists of solutions, technologies, and services applied at various levels to protect organizations’ and users’ personal and professional data from cyber-attacks. Modern-day business organizations are highly dependent on Information and Communication Technologies (ICT), making them vulnerable to a variety of cybercrimes. Cyber threats are growing rapidly with adversaries becoming more professional and adept at breaking the barriers established by traditional security measures. Hence, organizations must take preventive measures to deploy advanced cybersecurity solutions and services to combat sophisticated cyber threats. Moreover, cybersecurity vendors are developing advanced intelligence-based cybersecurity solutions to provide holistic and proactive security to critical business applications.
The cybersecurity market includes a number of vendors providing cybersecurity solutions and services. Some of these vendors are IBM (US), Check Point (US), Cisco (US), CyberArk (Israel), F5 Networks (US), FireEye (US), Forcepoint (US), Fortinet (US), Amazon Web Services (US), Oracle (US), Palo Alto Networks (US), Imperva (US), Qualys (US), RSA Security (US), F-Secure (Finland), McAfee (US), Micro Focus (UK), Microsoft (US), Proofpoint (US), Rapid7 (US), Sophos (UK), Splunk (US), Symantec (US), Trend Micro (Japan), and Juniper Networks (US). Players in this market have embraced different strategies to extend their worldwide presence and expand their shares. Partnerships and collaborations, and new product launches are the key strategies adopted by industry players to accomplish growth in the market. Apart from these developments, mergers and acquisitions, and business expansions are some of the other significant strategies embraced by the players in the cybersecurity market.
FireEye, a global cybersecurity innovation and technology organization, offers a broad product and services portfolio for technologies such as network, email, mobile, endpoint, forensics, file management and storage, and security management. For continued long-term growth, FireEye focuses on expanding its business capabilities by acquiring key industry players in the cybersecurity space. In January 2018, the company acquired X15 Software, a provider of big data and machine learning-based solutions. With this acquisition, FireEye added X15 Software’s big data and machine learning capabilities to its security tools portfolio. In 2017, FireEye invested approximately USD 243 million of its total revenue toward R&D, focusing on high growth and high value. Additionally, the company enhanced its global threat management platform, providing greater visibility to automate security operations.
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Cisco has a strong cybersecurity product and services portfolio, and it aims to offer customers a highly secure and intelligent platform to meet security-related challenges in today’s changing threat landscape. The company continuously focuses on expanding its business to increase its customer base. For instance, Cisco collaborated with Orange to expand Orange’s open transit internet network across Europe, Africa, and the Middle East with the help of Cisco’s network convergence system. Additionally, in May 2017, Cisco collaborated with IBM to provide better protection to Cisco’s large customer base against cybercrimes. Cisco also launched the first fully automated remote PHY solution named Infinite Broadband RPHY solution, for cable access networks. Cisco is accelerating its pace of innovation through Encrypted Traffic Analytics (ETA), an intent-based networking platform that helps enterprises detect malware in encrypted traffic without decrypting it.
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