Cyber Security Market to Witness Robust Expansion throughout the Forecast
Posted by Jason Lee on September 25th, 2019
Cyber threats influence more than just the Information Technology (IT) infrastructure of a company. These threats cause interruptions to the entire network, which further impacts the principal business functions and task. Moreover, organizations evaluate cyber security in terms of direct influence to the successful execution of an organization’s primary mission. Thus, cyber security incorporates the safety of assets from cyber-crime, terrorism, and other network service disruptions that affect everyday operations.
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In addition, cyber security can be accomplished through active monitoring and prompt response to disruptions. The key players of cyber security market, such as Tata Consultancy Services (TCS), Symantec Corporation, Accenture and others, provide innovative solutions and services to end users. The cyber security market size was valued at 4.60 billion in 2017 and is projected to reach 8.99 billion by 2025, growing at a CAGR of 11.9% from 2018 to 2025.
Factors such as rise in malware and phishing threats, and increase in adoption of IoT and BYOD trend among organizations, are driving the cyber security market share. In addition, surge in demand for cloud-based cyber security solutions is also one of the major factors fueling the cyber security industry growth. However, constant need to conform to industry standards, regulations, and complexities of device security are some of the major factors hampering the market growth. Furthermore, cyber security industry activities are now being prioritized and aligned to strategic business activities to minimize the damage of IT resources, which provide a major opportunity for the cyber security market growth. Also, increase in need for strong authentication techniques is also expected to provide lucrative opportunities for the cyber security industry.
The global cyber security market is segmented based on component, solution/offerings, deployment type, user type, industry vertical, and region. In terms of component, the cyber security market segments include solution and services. The solution segment is again bifurcated into hardware and software. Based on solution/offerings, the cyber security market is segmented into identity and access management, infrastructure security, governance, risk, & compliance, unified vulnerability management service offering, and data security and privacy service offering. Based on deployment type, the cyber security market is divided into cloud and on-premises. By user type, the cyber security market is classified into large enterprises and small & medium enterprises. In terms of industry vertical, the cyber security market is segmented into aerospace and defense, BFSI, public sector, retail, healthcare, IT and telecom, energy and utilities, manufacturing, and others. Based on region, the cyber security market size is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global cyber security market is dominated by key players such as Accenture, Capgemini, Cognizant, HCL Technologies Limited, IBM Corporation, Symantec Corporation, Tata Consultancy Services, Wipro Limited, and others.
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About the AuthorJason Lee
Joined: September 20th, 2019
Articles Posted: 305
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