Global Cybersecurity Market is estimated to be valued over US$ 150 Bn in 2018

Posted by Alex Werner on June 12th, 2018

Global Cybersecurity Market Size Analysis

Based on the recent research study on “Global Cybersecurity Market Analysis and Forecast, 2018–2028” by Bekryl Market Analyst indicates that “The Global Cybersecurity Market is estimated to be valued over US$ 150 Billion in 2018 and is expected to register a healthy CAGR of 10.7% during the forecast period, 2018–2028. This is attributed due to increasing incidence of data breaches and threats especially in BFSI as well as Government end-use verticals. For instance; in April 2018, three banks in Mexico experienced an incidence of cyber-attack while operating with SPEI, Mexico’s interbank electronic transfer system.”

Other factors such as stringent data privacy measures, growing cloud adoption across various end-use, use of legacy systems are certain factors that are expected to boost the growth of the cyber security market in the near future.  Limited security budget especially in small organizations and integration compatibility issues with the existing infrastructure are anticipated to hinder the growth of the cyber security market to a certain extent.

Global Cybersecurity Market Insights, By End-use Verticals

BFSI and Government segments collectively is estimated to accounts for majority revenue share of global cybersecurity market in 2018 attributed to availability of large sets of valuable data. Various large scale banks and governments agencies in certain countries such as U.S. and U.K. are deploying measures to enhance their security at the backend infrastructure. The health care segment is anticipated to grow at a high CAGR during the forecast period primarily due to large adoption of digitalization across its value chain.

For instance; In April 2018, the The National Health Service, U.K. announced plans to enhance their infrastructure against any cyberattacks and would spend over US$ 200 Million over deploying solutions to secure its systems.

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Global Cybersecurity Market Analysis, By Organization Type

Large scale enterprise segment currently dominates the cybersecurity market primarily due to high adoption among large scale financial services providers especially banks. According to ‘Cyber Security Breaches Survey 2018’, it is estimated that over 40% of businesses in the U.K. have experienced a cyber-attack in 2017. Although the total number of cyberattacks witnessed a drop from 46% last year, 72% of the total large businesses witnessed an attacks and increase from 68% last year.

Global Cybersecurity Market Size and Forecast: Regional Analysis

The market in North America currently dominates the global Cybersecurity market followed by Europe, primarily due to growing number of cyber threats and incidence across various verticals. In addition, government in various countries especially the U.S. have increased their spending on cybersecurity to ensure safety of public and confidential data and information. For instance for the fiscal year 2019, the U.S. presidential’ budget for cybersecurity-related activities would reach to an estimated value of US$ 14.9 Bn, an increase of US$ 583 Mn from last year estimated levels.

Asia Pacific cybersecurity market pose a lucrative opportunity for players to invest in the coming years and is forecast to grow at a high rate during the forecast period. This is primarily due to growing adoption of cybersecurity technology across various verticals especially in BFSI, healthcare and government sectors in the region.

Global Cybersecurity Market Size and Forecast: Competition Landscape

Some of the key players in the global Cybersecurity market are McAfee LLC, Trend Micro, Inc., Symantec Corporation, Hewlett Packard Enterprise,  Check Point Software Technologies Ltd., Cisco Systems, Inc., Palo Alto Networks, Inc., Juniper Networks, Inc. , Fortinet, Inc., FireEye, Inc. (US), Sophos Ltd. (UK), Rapid7, Inc. (US), EMC RSA (US), LogRhythm, Inc. (US), Optiv Security Inc. (US), Webroot, Inc. (US), CyberArk Software Ltd. (US), Qualys, Inc. (US), F-Secure (Finland), Trustwave Holdings, Inc. (US), Proofpoint, Inc. (US), Splunk, Inc. (US), Kaspersky Lab (Russia), and Imperva, Inc. (US). and among others are provided in this report.

Cybersecurity Market Industry Segmentation

BY Type  

  • Network Security
  • Endpoint Security
  • Application Security
  • Cloud Security
  • Wireless Security
  • Others

BY Component Type 

  • Solution
    • Identity and Access Management
    • Risk and Compliance Management
    • Encryption
    • Data Loss Prevention
    • Unified Threat Management
    • Firewall
    • Antivirus/Anti-Malware
    • Intrusion Detection System/Intrusion Prevention System
    • Security and Vulnerability Management
    • Disaster Recovery
    • Distributed Denial of Service Mitigation
    • Security Information and Event Management
  • Services
    • Managed Services
    • Consulting Services
    • Design, Implementation and Integration Services
    • Training and Education Services
    • Support and Maintenance Services
    • Risk and Threat Assessment Services

By End-use Verticals:

  • BFSI
  • Defense
  • Healthcare
  • Government
  • Automotive
  • Retail
  • Telecom
  • IT services
  • Manufacturing
  • Energy and Utitlites
  • Media & Entertainment
  • Others

By Organization Size:

  • Large Scale Enterprises
  • Mid-Scale Enterprises
  • Small Scale Enterprises

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Alex Werner

About the Author

Alex Werner
Joined: December 7th, 2017
Articles Posted: 25

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