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The global cyber security market value is slated to reach USD 289.8 billion by 2026, exhibiting a handsome CAGR of 10.6%. Fortune Business Insights, in its report, titled “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”, has revealed that the global cyber security market value in 2018 was USD 131.3 billion.
According to the report, one of the major factors that will drive the market during the forecast period will be the growing apprehensions regarding the threats posed to private data. This will raise the demand for cyber security solutions during the forecast period.
Cybersecurity is an umbrella concept which encompasses a range of processes and technologies to protect digital and virtual networks from unauthorized and unwarranted external attacks. Some of its critical components include data security, information technology security, network security, cloud security, application security, and mobile security.
Advancements in Internet of Things (IoT) will Boost the Market
There has been a rising application of IoT technologies across industries as the number of connected devices is getting dense and complicated. This augurs well for the global cyber security market growth as advancements in IoT technologies is pushing up the demand for cloud-based cybersecurity tools. These solutions can perform a wide range functions such as system optimization, cloud storage, communication encryption, and many others. Moreover, it can back-up vital information and store it on the cloud, enabling users to access it from any location. This multi-functionality will boost the adoption rate of cyber security solutions and raise the global cyber security market revenue.
Rising Demand from BFSI Industry to Propel Growth
The BFSI industry is increasingly demanding implementation of cyber security solutions, which is expected to accelerate the expansion of the global cyber security size in the coming decade. The BFSI industry is characterized by a complex web of communication and transactions aimed at providing financial services to consumers in an efficient manner. Since protection of financial data is crucial for any economy, the demand for cyber security software solutions is speedily growing in the BFSI industry. This need is also aggravated by the increasing number of electronic transactions such as online money transfers through NEFT and RTGS. A similar trend is being observed in the healthcare sector where health records are under constant threat of cyberattacks.
North America to Dominate the Market; Asia-Pacific to Remain Close at Heels
Presence of big companies such IBM and Microsoft and excessive reliance on the internet are the two most prominent factors that fuel the market in North America. The region generated a revenue of USD 53.3 billion in 2018 and is, thus, projected to hold a dominant chunk of the global cyber security market share till 2026. The market in Asia-Pacific is anticipated to grow as a result of rising internet and smartphone penetration in India and corresponding need for cybersecurity solutions. Extensive use of Information and Communications Technology (ICT) in Europe will further bolster the global market growth in the forecast period.
Acquisitions and Partnerships to Catalyze Market Competition
Competition in this market is projected to be characterized by increasing instances of partnerships and acquisitions by major participants. For example, in September 2019, with a view to extend its Prisma cloud security software, Palo Alto Networks acquired a company, called Puresec, which provides server-less security. In May 2019, Singapore Polytechnic and Check Point Software Technologies collaborated to initiate a study program for students to provide them with hands-on experience of solving IT problems.
Some of the key players in the global cyber security market include:
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/cyber-security-market-101165
The global cybersecurity market Report Scope & Segmentation in the following manner:
Value (USD Million)
By Organization Size