Research Nester has released a report titled “Cyber Security Market - Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the cyber security market in terms of market segmentation by component, by security type, by deployment model, by organization size, by industry vertical and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global cyber security market is segmented by industry vertical into aerospace & defense, government, BFSI, IT & telecom, healthcare, retail, manufacturing, energy & utilities, and others, out of which, healthcare segment is anticipated to hold the largest market share on account of rising frauds in healthcare organizations which includes theft of patient health records, medical identities and others. Additionally, the healthcare cybersecurity market is garner a CAGR of around 16% over the forecast period (2019-2027).
The global cyber security market is anticipated to record a CAGR of around 11.21% throughout the forecast period, 2019-2027. Growing incidences of cyber threats worldwide and increased focus on cyber security are some of the key factors driving the growth of the global cyber security market during the forecast period. For instance, Centre For strategic & International Studies (CSIS) recorded a significant cyber incident in the month of September 2019 where Huawei accused the U.S. government of hacking into its intranet and internal information systems so as to disrupt its business operations.
Regionally, the global cyber security market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia Pacific is expected to have largest market share on account of the growing security threats in the region and the presence of several market incumbents. In the statistics by the National Police Agency, Japan, number of unexpected connection attempts to the sensors in Japan peaked 2752.8 count/IP address/day from 491.6 count/IP address/day in-between 2014-18. In another statistics by CERT India, number of security incidents handled by the team peaked to 2,08,456 incidences from 53,081 incidences in-between 2017-18.
Rise in the Adoption of Artificial Intelligence, IoT and Other Technological Platforms
In the statistics by Federal Trade Commission, identity theft complaints registered in the US peaked to 444602 cases from 398952 cases in-between 2016-18. Additionally, registered fraud complaints in the same region peaked to 1,427,563 cases from 1,226,402 cases in-between 2016-18.
Rising cyber security incidences around the globe in the modern era of technological growth, coupled with increasing adoption of technological platforms, such as, cloud-computing in healthcare industry, artificial intelligence in healthcare, artificial intelligence in food and beverages, and others, all of these factors are raising the concern amongst citizens, corporates and in both public and private sectors for the protection of the connected network ecosystem from such incidences. Owing to such factors, there is a rising need amongst the enterprises for the adoption of cybersecurity solutions, which is anticipated to contribute significantly towards the growth of the global cyber security market during the forecast period.
However, concern for high reliability of the enterprises on traditional authentication methods is considered to operate as key restraint to the growth of the global cyber security market.
This report also provides the existing competitive scenario of some of the key players of the global cyber security market, which includes company profiling of IBM Corporation (NYSE: IBM), Cisco Systems, Inc. (NASDAQ: CSCO), Avast Software s.r.o., Broadcom Inc. (NASDAQ: AVGO), Dell Inc., Check Point Software Technologies Ltd. (NASDAQ: CHKP), Cyber Ark Software Ltd. (NASDAQ: CYBR), FireEye, Inc. (NASDAQ: FEYE), Fortinet, Inc. (NASDAQ: FTNT), and Imperva Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global cyber security market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.