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The global cyber security market size is slated to reach USD 281.74 billion by 2027. 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. Fortune Business Insights, in its report, titled “Cyber Security Market Size, Share & Industry Analysis, By Solution (Network Security, Cloud Application Security, End-point Security, Secure Web Gateway, Internet Security and Others), By Deployment Type (Cloud and On Premise), By Enterprise Size (Small & Medium Enterprise and Large Enterprise), By End-Use (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities and Others) and Region Forecast, 2020-2027”, has revealed that the global cyber security market value in 2019 was USD 112.01 billion and is expected to rise at a handsome CAGR of 12.6% during the forecast period, 2020-2027.
Cyber security 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.
Check Point Acquires IoT Start Up to Tackle Next-Gen Cyber Attacks
The frequency of cyberattacks is on the rise and companies are exploring different means to innovate and provide enduring solutions, thereby driving the cyber security market trends. In November 2019, the Israeli IT security provider Check Point Software Technologies acquired an Internet of Things (IoT) start up based in Tel Aviv called Cymplify. The acquisition would enable Check Point to strengthen its IoT security portfolio by amalgamating Cymplify’s technology with its own Infinity architecture. The motive behind this move is to develop and deliver solutions to effectively counter 5th and 6th generation cyberattacks. This development marks an important step forward in cybersecurity as IoT, Artificial Intelligence (AI), and other such technologies have infiltrated nearly every aspect of human life.
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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 cyber security 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 Corporation and Microsoft Corporation and excessive reliance on the internet are the two most prominent factors that fuel the market in North America. The region is projected to hold a dominant chunk of the global cyber security market share till 2027. The market in Asia-Pacific is anticipated to grow as a result of rising internet and smartphone penetration in India and corresponding need for cyber security solutions. Extensive use of Information and Communications Technology (ICT) in Europe will further bolster the global cyber security market growth in the forecast period.
Acquisitions and Partnerships to Catalyze Market Competition
Competition in the global cyber security market is projected to be characterized by increasing instances of partnerships and acquisitions by major participants. Such ventures are enabling players to diversify their product portfolio and crystallize their market position.
Some of the key players in the global cyber security market include:
The global cyber security market is segmented in the following manner:
2015 - 2027
2020 - 2027
2015 - 2018
Value (USD billion)
By Deployment Type
By Enterprise Size