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Cyber Security Market Size, Share & Industry Analysis, By Component (Solutions, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By End-User (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities and Others) and Regional Forecast, 2019 – 2026

Region : Global | Published Date: Oct, 2019 | Report ID: FBI101165| Status : Published

 

KEY INDUSTRY INSIGHTS

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The global cyber security market size stood at USD 131.3 Billion in 2018 is projected to reach USD 289.8 Billion by 2026, exhibiting a CAGR of 10.6% during the forecast period.


Over the years, ensuring cyber security has always been a challenge for businesses or organizations across the globe. As this is the golden era of digital transformation, cyber-attacks evolve every day as attackers become more inventive. Interconnection of several sectors, expansion of exposure points and concentration of assets are some of the prevailing trends that are exposing the critical infrastructure to increased risks. However, it becomes difficult to accurately define cybersecurity solutions and identify good cyber security.


Cyber security refers to a broad range of technologies, processes, and practices designed to protect computer networks, devices, and programs from cyber-attacks, unauthorized access, and data damages. Cyber security is also termed as Information Technology Security or electronic information security. Cyber security is an interconnected ecosystem of networks. Network security, application security, endpoint security, data security, identity, and access management, cloud security, mobile security, and others are the most vital elements of cyber security.


Anything that is connected to the internet for communication purpose, including mobiles, smart devices, computers, and others are at risk of data breach activities. This includes communication systems such as emails, text messages, and others, transportation systems including airplane navigation systems, traffic management systems, government databases such as social security numbers, tax records, also the financial systems, healthcare systems, and the educational systems. 


Furthermore, cyber security is a robust process which offers capabilities of prediction, prevention, response, and detection of fraudulent cyber activities. Prediction helps to take preventive measures to identify attackers, and their objectives and implement effective measures before any undesired cyber-attack takes place. Prevention involves securing the computing environment with enhanced and updated tools, and technologies and other best-known methods will help to prevent attacks and loss of data.


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Response refers to the immediate and real-time responses to address the incidents and monitor key areas and other activities which will avoid cyber-attacks and other fraudulent activities. Detection includes the efficient management of efforts to repair, and recover the data as per needed and balance the overall network ecosystem. These are essential aspects of cyber security. In addition to these aspects, technology shift and new trends in the digital era are going to disrupt the existing cyber security solutions.


Hence, the cyber security market will witness tremendous growth in the coming years owing to the financial and other economic losses experienced by the companies and businesses due to the number of data breaches and hacking activities. Such undesired and fraudulent activities will drive the organizations interest in adopting cyber security solutions. 


MARKET DRIVERS


“Growing adoption of E-commerce platform and the emergence of disruptive technologies such as Artificial Intelligence and IoT.”


In the current scenario, cyber security has become the primary concern for the citizens, as well as for the corporate, public, and private sectors. With the growing adoption of E-commerce platform, developments in the disruptive technologies’ such as Artificial Intelligence and IoT, and increasing clusters of connected devices have encouraged the adoption of cyber security solutions in a connected network ecosystem. Also, Artificial Intelligence, IoT have promoted the development and deployment of cyber security solutions. This will immensely drive the cyber security market growth in the coming years.


As our day to day work, we are dependent on various connected networks such as digital networks, connected devices, and other critical infrastructure. The society is now turning towards net banking, online shopping, and others on a large scale. These technologies offer convenience and are feasible to use, but on the other hand, there exist some challenges with them. Cyber security is one of the key challenges faced by users of the aforementioned technologies. Hence, an active, enhanced, and efficient cyber security solution would overcome the challenges. This will fuel this market growth in the coming years.


“Rising data security and privacy concerns and Increasing investments by governments in cybersecurity solutions.”


Cybersecurity is becoming a fast-moving discipline and has drawn the attention of many governments and businesses to invest in cyber security solutions. In the current scenario, the digital and knowledge-based methods, and the process are the backbone of cyber security and has emerged as one of the primary drivers of the economic growth of the cyber security market. Many governments are the major purchaser of the cyber security solution as they hold a large amount of confidential data.


For instance, recently, an employee from a well-established and renowned bank received an email which hacked the entire system. Hackers accessed the login credentials to execute a fund transfer of millions of rupees. Quick and prompt actions helped the bank to recover almost total value. Furthermore, a food tech company realized that the data including names, email Id, and addresses of their thousands of users were hacked by an ethical hacker the hacker threatened the company to expose the data on the web.


To avoid such situations as mention above, there is an immense need to deploy enhanced and effective cyber security solutions. The cyber security solutions will drive the adoption of cyber security across the globe.


SEGMENTATION


By Deployment Analysis


“Rising Cyber threats and data breaches will fuel demand for cloud-based cyber security solution.”


The Internet of Thing is rapidly changing the Industrial environment as every device is connected to the internet for communication purpose and to access the available information on the web. The collection of data and connectivity relies more extensively on the cloud where data analytics and intelligent algorithms are deployed to analyze and protect the data. However, besides its flexible uses, support to new services and other advantages, the widespread adoption of cloud-based cyber security solution is hampered by the privacy and security issues.


Cloud-based cyber security solutions are capable of offering online storage, social networking privacy, system optimization, and others. Online storage involves backup and restoring of data in case of any data loss or data breaches. Also, it offers cross-platform contacts backup and restores abilities that save information between various devices. Cloud-based cyber security solutions also protect the privacy issues on social media networking sites by keeping track of the settings and recommending effective measures.


There are three main types of cloud technologies in which cloud-based cyber security solutions can be deployed, including public cloud, private cloud, and hybrid cloud. Wherein the private cloud is exclusively deployed for the use of a single independent organization. Public cloud deployment is provided for the general public to provide cyber security solutions over the internet. Hybrid cloud is an integration of two or more types of cloud infrastructure deployed in different models.


As a result, owing to the benefit and advances of cloud technology, the adoption of cloud-based deployment of cyber security solution will ensure to augment the global cyber security market.


By Solution Analysis


“End-point security is forecast to emerge as the fastest-growing segment, followed by cloud security.”


The traditional methods of end-point security are not valid for modern cyber threats. There is an immense need to deploy an enhanced solution to keep the endpoint safe. To prevent the intrusion of malware and viruses, the endpoint security uses a digital platform such as endpoint protection platform engine. Endpoint Cyber security helps organizations to rapidly identify and eradicate suspicious activities and threats. These benefits of cybersecurity solutions will augment the global market growth in the future.


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Application security focuses on keeping software and hardware devices free of cyber threats and data breaches. A dedicated application would provide access to the data which is protected by the application. This factors will fuel the cyber security market growth. Furthermore, Network security is a practice of securing the connected network ecosystem from the attackers and the intruders, including the malware and virus attacks.


By End-User Outlook/ Analysis


“BFSI industry will emerge dominant in terms of revenue. “


Cyber security in BFSI is a complex, multifunctional ecosystem that demands advanced protection from cyber threats. Banks, online payments, and other financial services are the most attractive targets of cybercriminals. Despite being at the high risk of sophisticated cyber threats, many commercial organizations lack advanced technological support as well as cyber security solutions.


Such situations emerge the need for cyber security solutions to be deployed in the organizations. Cyber security solutions would help the banks or any other financial organization to protect important data integrated with real-time intelligence against sophisticated and persistent cyber-attacks.


The Healthcare Industry will witness the highest growth rate in the cyber security market trends during the forecast period. Healthcare industry has the unique cases of deployment of cyber security solutions. Cyber security solutions are deployed in the healthcare industry to cater the demands of data protection, including the customer health care records.


Today, organizations across the globe need a connected healthcare system which would be accessed from every single touchpoint by the concerned authority and mandatorily integrated with the high-performance cyber security and real-time proactive decisions. This will fuel the cyber security market growth during the forecast period.


Regional Analysis


North America will ensure to lead the global market during the forecast period. The U.S. cyber security market will hold a large share of the cyber security market in North America. High profile security breaches, increased dependency has driven the cyber security market growth across the region. The emergence of E-commerce platform is boosting the market in North America. Public and private enterprises in the U.S. are implementing cyber security standards to benefit consumers. This will drive the market growth in the region. 


The U.S. government is the primary consumer of cyber security solutions. Despite the IT budgets and substantial budgets for other projects, the U.S. government is committed to increasing the cyber security fundings. Furthermore, North America houses the key market players including Raytheon, Symantec, Northrop Grumman, Booz Allen Hamilton, Palo Alto Networks, Cisco Systems, Dell, General Dynamics, IBM, HP, and Intel this is likely to contribute North Americas highest share.


North America Cyber Security Market Size, 2018

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Asia Pacific is projected to hold the second-largest share in the cyber security market. According to Symantec Corporation, India has ranked among the top five countries to witness the cyber security crimes as per mentioned in the report released by the online security firm. Also, a survey has stated that India holds third rank in terms of the number of internet users across the globe followed by USA and China. This history and available statistical data will help the organizations to deploy cyber security solutions.


Following North America and Asia Pacific, Europe is anticipated to exhibit remarkable growth over the forecast period. The majority spending’s of organizations in critical infrastructure and cyber intelligence will drive the cyber security market growth across the region. Europe has emerged as an active market for ICT, defence, and aerospace. This will offer future opportunities for cyber security solutions. Public and private end-users, as well as mandatory government rules and policies, will positively influence the market across Europe.


INDUSTRY KEY PLAYERS


“Key players in the Cyber security market, including Check Point Software Technologies Ltd., Qualys, Inc., McAfee, LLC, and others will adopt strategies to strengthen their position in the global market.”


Check Point Software Technologies Ltd. is actively working in developing and providing the cyber security solutions to the end-users. Check Point Software Technologies Ltd. provides cyber security solutions based on the business size, security type, and Industry. The company also provides cyber security services such as Professional Services, Lifecycle Management Services, Security Consulting, and Threat Cloud Managed Security Services.


Qualys’s suite of security compliance and services continues to cater to the rising demands for cyber security solutions from the organizations across the globe. Qualys cyber security solutions truly offer the capabilities to search, detect, prioritize, and respond to cyber security threats and attacks.


For instance, one of the largest public-sector authorities in the U.S. serving about millions of customers has a very large interconnected network ecosystem with huge documentation there was an increasing need for the IT service management of the organization to modernize their cybersecurity protection and services. The management eventually opted for the Qualys cybersecurity solutions. Services deployed by Qualys include Continuous Vulnerability Management, Vulnerability Prioritization and Metrics, Network Analysis and others. 


List of Key Companies Profiled



  • IBM

  • Cisco

  • Oracle

  • Palo Alto Networks, Inc.

  • Qualys, Inc.

  • RSA Security LLC.

  • F-Secure

  • McAfee, LLC

  • Micro Focus

  • Microsoft

  • Proofpoint

  • Rapid7 

  • Sophos Ltd.

  • Splunk Inc. 

  • Symantec Corporation

  • Check Point Software Technologies Ltd.

  • CyberArk Software Ltd.

  • F5 Networks, Inc. 

  • Trend Micro Incorporated.

  • Amazon Web Services, Inc.

  • Fortinet, Inc.

  • FireEye, Inc.

  • Forcepoint


Report Coverage


Cyber security is a broad concept. Primarily there are three basic principles of cyber security, including confidentiality, integrity, and availability. Confidentiality includes information that is confidential and needs to be shared only with a selected number of resources. For instance, if the bank account credentials are leaked, the concerned person will suffer from financial losses. Integrity involves keeping information being duplicated or altered. When a virus or malware enters into a database or any other system, it will scramble all the data and prevent the concerned people from accessing the data. Availability refers to ensuring that those who rely entirely on specific and accurate information can access it. Availability is correlated with integrity. But, availability also involves things like preventing people from accessing confidential data from the internet.


The report provides qualitative and quantitative insights into the cyber security market and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented on the basis of component, deployment, organization size, end user, and geography. Based on the component, the market is divided into solutions and services. The solution segment of This market is classified into Network Security, Cloud Security, Application Security, End-point Security, and others. The Service is further bifurcated into Professional Services and Managed Services.


Based on the Deployment, the market is segmented into Cloud and On-Premise. By Organization Size, the global market has been bifurcated into SMEs and Large Enterprises. By End-user the cyber security market has been segmented as BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities and Others. Geographically, the market has been analysed across five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.


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Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the price trend analysis, recent industry developments such as mergers & acquisitions, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key cyber security industry trends, competitive landscape and company profiles.


Report Scope & Segmentation














































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Million)



Segmentation



By Component



  • Solutions

    • Network Security

    • Cloud Security

    • Application Security

    • End-point Security

    • Others



  • Services

    • Professional Services

    • Managed Services





By Deployment



  • On-Premises

  • Cloud



By Organization Size



  • SMEs

  • Large Enterprises



By End-User



  • BFSI

  • IT and Telecommunications

  • Retail

  • Healthcare

  • Government

  • Manufacturing

  • Travel and Transportation

  • Energy and Utilities

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)



 


 


INDUSTRY DEVELOPMENT



  • September 2019 - Palo Alto Networks acquired Puresec, an organization which offers serverless security. This acquisition will enable Palo Alto Networks to extend its Prisma cloud security strategy.

  • August 2019 - Proficio, managed security service provider announced that they have stepped into a partnership with Qualys provider of cloud-based security solutions. This partnership aims to integrate the Qualys cloud-based security solutions with Profocio’s Managed detection and response capabilities. As an outcome of this partnership, Profocio’s clients will be able to access the Qualys apps which includes Policy compliance, vulnerability management, File monitoring and threat protection this will contribute to Proficio’s strategy of consistently providing threat visibility and security.

  • May 2019 - Checkpoint software technology, provider of cybersecurity solutions partners with Singapore polytechnic to strengthen cybersecurity skills in Singapore. There is a massive shortfall of cybersecurity professionals across the globe the checkpoint security program is designed for the students from the classroom to their careers. Through this study program, the students will gain an ability to recognize and solve the IT security threats, hands-on experience with enhanced IT solutions and also gain an overview of the cybersecurity Infrastructure.


Frequently Asked Questions

As per Fortune Business Insights study the global cybersecurity market is predicted to reach US$ 289.8 Billion by 2026 with a CAGR of 10.6% (2019 -2026).

As per our study, adoption of cybersecurity is being driven by industries such as healthcare, BFSI, and IT &Telecommunication. Currently (in 2019), global cybersecurity market value at US$ 143.2 Billion, and it is anticipated to reach US$ 289.8 Billion by 2026 at a CAGR of 10.6% during the forecast period (2019 -2026)

Globally, spending on cybersecurity solutions is increasing each year. Some of the regions such as in Europe generated a revenue of US$ 33.2 Billion in 2018 and is expected to generate a remarkable revenue share by 2026. Startups, SME’s and the large size enterprises are making substantial investments in cybersecurity solutions.

In the cybersecurity market, End-point Security and Cloud Security are the leading segments. Demand for end-point is expected to increase across the IT industry in the near future. Due to advancements in cloud technology and IoT, and also rising penetration of Internet cloud security would be a leading segment.

Some of the driving factors for the cybersecurity market are growing adoption of E-commerce platform and the emergence of disruptive technologies such as Artificial Intelligence (AI) and IoT.

In the cybersecurity market, some of the key players are IBM, Oracle, Palo Alto Networks, Qualys, Inc., and Check Point Software Technologies Ltd. These players are focusing on acquisition and partnership with domestic players to provide cybersecurity solutions

North America is expected to hold the highest market share in the cybersecurity market. Factors triggering the market growth are IT budgets and substantial budgets for other projects, the U.S. government is committed to increasing the cybersecurity fundings. Furthermore, North America houses the key market players, which contributes to market growth.

BFSI industry is expected to exhibit high adoption of cybersecurity solutions. Rising cybercrimes related to the monetary actions and other financial services will demand advanced cybersecurity solutions across the industry.

Cyber Security Market Size, Share and Global Industry Trend Forecast till 2026
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