Key Market Players in the Cybersecurity Market and Its Opportunities for growth

Posted on 2019-10-29 by MarketsandMarkets in Technology // 0 Comments

The global Cybersecurity Market size is expected to grow from USD 137.63 billion in 2017 to USD 248.26 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.2 % during the forecast period, as per a report by MarketsandMarkets.

Cybersecurity is a set of processes and practices designed to safeguard endpoints, networks, applications, and data from advanced threats and vulnerabilities. Enterprises are required to adopt set of security technologies, solutions, tools, policies, security concepts, guidelines, risk management approaches, and professional and managed services to protect the critical enterprise information and infrastructure from the growing volume and sophistication of cyber-attacks. Cybersecurity solutions and services help businesses secure their critical data, such as intellectual property, financial data, personal information, or other confidential data, which rise due to unauthorized access or attacks.

How leveraging AI and machine learning for cyber defense could add more opportunities?

Cybersecurity vendors are incorporating Artificial Intelligence (AI) and machine learning concepts into their solutions for addressing critical threats related to the hyper-connected workplace, with faster threat detection, mitigation, and response capabilities. The advancements in technologies, such as AI and machine learning, are turning the tides against cybercriminals. AI and machine learning-based cybersecurity solutions analyze a huge amount of data from the past threat records and identify new threats to save enterprise networks from infiltration attempts. AI and machine learning techniques play an integral role when it comes to identifying and safeguarding against the advanced security threats.

The cyber threats are increasing in number day by day, and conventional security solutions are incapable of detecting malware, ransomware, and other sophisticated cyber threats. Hence, cybersecurity professionals are leveraging AI and machine learning technologies for responding to the evolving cyber threats faced by individuals, businesses, and governments. Additionally, vendors are also looking into leveraging modern day concepts such as blockchain into fortifying the capabilities of their cybersecurity solutions and services, thus offering better protection and remediation for the enterprises.

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Key Market Players for Cybersecurity Market

The Cybersecurity Market includes a number of vendors providing cybersecurity solutions and services. Some of these vendors are IBM (US), Check Point (US), Cisco (US), CyberArk (Israel), F5 Networks (US), FireEye (US), Forcepoint (US), Fortinet (US), Amazon Web Services (US), Oracle (US), Palo Alto Networks (US), Imperva (US), Qualys (US), RSA Security (US), F-Secure (Finland), McAfee (US), Micro Focus (UK), Microsoft (US), Proofpoint (US), Rapid7 (US), Sophos (UK), Splunk (US), Symantec (US), Trend Micro (Japan), and Juniper Networks (US). Players in this market have embraced different strategies to extend their worldwide presence and expand their shares. Partnerships and collaborations, and new product launches are the key strategies adopted by industry players to accomplish growth in the market. Apart from these developments, mergers and acquisitions, and business expansions are some of the other significant strategies embraced by the players in the cybersecurity market.

FireEye, a global cybersecurity innovation and technology organization, offers a broad product and services portfolio for technologies such as network, email, mobile, endpoint, forensics, file management and storage, and security management. For continued long-term growth, FireEye focuses on expanding its business capabilities by acquiring key industry players in the cybersecurity space.

Cisco has a strong cybersecurity product and services portfolio, and it aims to offer customers a highly secure and intelligent platform to meet security-related challenges in today’s changing threat landscape. The company continuously focuses on expanding its business to increase its customer base. For instance, Cisco collaborated with Orange to expand Orange’s open transit internet network across Europe, Africa, and the Middle East with the help of Cisco’s network convergence system.

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