A study by Triton Market Research with the title ‘Global Cyber Security Market,’ covers the Global Analysis and Forecast for 2019-2028 by Application (Unified Vulnerability Management Service Offering; Infrastructure Security; Governance, Risk & Compliance; Identity & Access Management; Data Security & Privacy Service Offering; Others), by Organization Size (SMEs, Large Organizations), by Deployment (Cloud, On-premises), by Components (Service, Solution), and by Geographical Region (Latin America, North America, Middle East and Africa, Europe, Asia-Pacific).
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As per the report, the global cyber security market is estimated to reach $308.75 billion by 2028, proliferating with a CAGR of 10.65% over the projected years 2019-2028.
Cyber security is the application of different controls and technologies to protect networks, systems, devices and data from unauthorized access, theft or damage to the systems and electronic data.
The growing trend of adopting BYOD (bring your own device) and IoT (Internet of Things) is witnessed among several organizations, which has made devices more vulnerable to cyber attacks. This factor is driving the growth of the global cyber security market. The increasing number of devices makes it difficult to manage the data flow in these systems, thereby exposing them more to APTs (advanced persistent threats). However, the limited budgets of small and medium enterprises, coupled with the complex designs of device security, are hampering the market growth.
The cyber security market is primarily segmented into application, organization size, deployment, and components. The first segment, application, is categorized into unified vulnerability management service offering; infrastructure security; governance, risk & compliance; identity & access management; data security & privacy service offering and others. The second segment, organization size, bifurcates into SMEs and large organizations. The third segment, deployment, includes cloud and on-premises. The last segment, components, is bifurcated into service and solution.
According to the regional landscape, Asia-Pacific will be the fastest-growing region for cyber security in the projected period. Due to the increasing cases of cyber attacks, governments of countries like India, Japan, South Korea and Australia & New Zealand have been taking several initiatives towards the development of the studied market to combat cyber threats. The growing number of connected devices and enhanced mobile phone usage are offering a fertile land to cyber attackers. This is also pushing the growth of the cyber security market in the coming years.
Major players in the cyber security market are Symantec Corporation (Broadcom Inc), Cyber Ark Software Ltd, FireEye Inc, Fortinet Inc,Check Point Software Technologies Ltd, Rapid7, Proofpoint Inc, Imperva, International Business Machines Corporation, Palo Alto Networks Inc, Dell Technologies Inc, Cisco Systems Inc, Intel Security (Intel Corporation), Trend Micro Incorporated and AVG Technologies (Acquired By Avast Software sro).
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Question & Answer: Cyber Security Market
Question 1: Which factors are driving the growth of the global cyber security market?
Answer: The growing trend of adopting BYOD (bring your own device) and IoT (Internet of Things) is witnessed among several organizations, which has made devices more vulnerable to cyber attacks. This factor is driving the growth of the global cyber security market. The increasing number of devices makes it difficult to manage the data flow in these systems, thereby exposing them more to APTs (advanced persistent threats).
Question 2: What is hampering the growth of the global cyber security market?
Answer: The limited budgets of small and medium enterprises, coupled with the complex designs of device security, are hampering the market growth.
Question 3: In which way is Asia-Pacific influencing the cyber security market outlook?
Answer: According to the regional landscape, Asia-Pacific will be the fastest-growing region for cyber security in the projected period. Due to the increasing cases of cyber attacks, governments of countries like India, Japan, South Korea and Australia & New Zealand have been taking several initiatives towards the development of the studied market to combat cyber threats. The growing number of connected devices and enhanced mobile phone usage are offering a fertile land to cyber attackers. This is also pushing the growth of the cyber security market in the coming years
Question 4: Which are the major players mentioned in the competitive landscape of the cyber security market report?
Answer: Major players in the cyber security market are Symantec Corporation (Broadcom Inc), Cyber Ark Software Ltd, FireEye Inc, Fortinet Inc,Check Point Software Technologies Ltd, Rapid7, Proofpoint Inc, Imperva, International Business Machines Corporation, Palo Alto Networks Inc, Dell Technologies Inc, Cisco Systems Inc, Intel Security (Intel Corporation), Trend Micro Incorporated and AVG Technologies (Acquired By Avast Software sro).
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The Global Complaint Management Software Market is predicted to show growth at $4950.32 million by 2028, at a CAGR of 11.10% over the forecasted period 2019-2028.
There is an increasing need for addressing consumer complaints and effectively resolving them. This is to ensure greater customer satisfaction and to retain brand reputation. This factor is instigating the demand for the compliant management software market.
Due to the cost-efficiency, there is increased adoption of cloud-based complaint management software among organizations. Besides, the integration of new technologies like AI (artificial intelligence) in complaint management systems is creating new opportunities for market growth. Voice analysis, which can analyze a customer’s voice and detect tone and emotion, is one of the widespread uses of AI in this system. For instance, IBM Watson’s Tone Analyzer is integrated with chatbots that help in analyzing the tone of customers and predict their sentiments. AI can also be used to classify the complaints received, which can speed up the process. These factors are likely to push the growth of the complaint management software market in the coming years.
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