Cyber Security Market Size & Share Analysis In Terms Of Value & Volume By 2023

Mobile devices’ increasing usage, rising cyber-attack incidence, and stringent government regulations for data privacy are driving the cyber security market. In 2016, it valued $81.4 billion, and it is projected to grow at a 10.7% CAGR during the forecast period (2017–2023). Cyber security is the amalgamation of comprehensive technologies, practices, and processes that offer security to computers, IT networks, software, programs, and data from any kind of attack, unauthorized access, or damage.

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The cyber security market is observing a trend of the bring-your-own-device (BYOD) culture in organizations, as it is being linked with employee satisfaction and increased productivity. The increasing use of personal devices, such as laptops and personal digital assistants, is being encouraged by organizations to enhance productivity. However, their rising adoption is posing a major challenge as it is putting the corporate data at a high risk of cyber-attacks.

The major driving factor for the cyber security market is the increasing number of mobile devices. With technological advancements, mobile devices are now equipped with GPS navigation, email, and internet, which a personal computer has. However, the security measures for mobile devices are outdated, making them vulnerable to cyber-attacks. This puts sensitive information, such as contact details, passwords, and location, at a high theft risk.

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The classifications of the cyber security market based on security type are wireless, application, cloud, network, endpoint, and others. Due to the rising demand for protecting enterprise data and solutions from devious cyber-attacks, the market for the applications is expected to perform the best during the forecast period. Further, the deployment segment is categorized into cloud and on-premises, and in 2016, both the categories saw nearly equal deployment.

Therefore, as more professionals are allowed to bring their own devices and the usage of smartphones grow, the sale of cyber security solutions and services are also expected to rise further.

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