Cyber Security Market is Expected to Show a Significant Growth During the Forecast Period 2021 – 2025

Posted on 2021-06-21 by researchinsights in Technology // 0 Comments

San Jose, California , USA, June 21, 2021 — /EPR Network/ —

The global Cyber Security Market is estimated to witness a healthy CAGR during the forecast period, according to a report available on Million Insights. Cyber security is defined as advanced technology that protects computer systems, programs, and networks from digital attacks. These attacks are aimed at accessing, changing, and destroying important information related to businesses. Implementation of advanced cyber security solutions in organizations provides complete protection against threats such as malware, ransomware, phishing, and social engineering.

Rising cases of phishing and malware threats in organizations is anticipated to propel cybersecurity market growth. Growing adoption of digitalization prompts organizations to depend on digital information. Sharing huge volume of data in internal and external environment across the globe is likely to create vulnerabilities in the network. Such network vulnerabilities allow hackers to intrude and access important data. This factor is expected to impel demand for advanced network solutions to secure information and software. Stringent government regulations on data privacy in organizations is expected to impel market growth. Moreover, growing adoption of data center, cloud computing, and wireless communication will drive the cyber security industry over the forecast period.

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To cater to rising demand for advanced internet safety solutions, manufacturing companies are investing in R&D. For instance, in May 2019, Quick Heal Technologies launched advanced cyber security solution for desktops and laptops. The product is aimed at providing protection against potential cyber threats. In addition, the product is equipped with comprehensive and advanced features such as webcam protection, total ransomware protection, portable file vault, parental control, and safe banking.

Based on component, the cybersecurity industry can be divided into solutions and services. Solution segment is anticipated to dominate the cyber security market over the forecast period. Rising demand for connected devices, bring your own devices (BYOD) and internet of things (IOT) is expected to impel segment’s growth.

Cyber security Component Outlook (Revenue, USD Billion, 2015 – 2025)

Solution
Services

Cyber security Security Type Outlook (Revenue, USD Billion, 2015 – 2025)

Enterprise
Endpoint
Cloud
Network
Application
Others

Cyber security Solution Outlook (Revenue, USD Billion, 2015 – 2025)

UTM
IDS/IPS
DLP
IAM
SIEM
DDoS
Risk & Compliance
Others

Some of the leading companies offering cyber security solutions are Symantec Corporation; Checkpoint Software Technologies Ltd; Cisco Systems Inc.; Fortinet Inc.; and Trend Micro. Companies are adopting business strategies such as mergers and acquisitions to expand their business and product portfolio. For instance, in October 2018, Cisco acquired Duo Security to expand its networking strategy. The acquisition was aimed to integrate Duo’s multi factor authentication with Cisco’s cloud platforms, devices, and network. It will allow Cisco’s consumers to securely connect application on any networked device.

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Regional segmentation includes Asia Pacific, Europe, North America, Latin America, and Middle East and Africa (MEA). As of 2018, North America dominated the market and held largest market share. This is attributed to presence of major market players such as IBM, Cisco, and Symantec in the region. In addition, increasing investments by enterprises to prevent network intrusion and loss of essential data.

Asia Pacific is likely to witness highest CAGR over the forecast period owing to rising demand for cyber security in the region. Increasing use of IOT devices and growing adoption of smart devices in organizations is driving regional growth. In addition, stringent government regulations pertaining to safety of important data and software in organizations will drive regional growth.

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