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Cyber Security Market to Reach $366.10 Billion by 2028; GE Healthcare’s Skeye to Detect & Prevent Internet Security Threats Across Healthcare Industry

March 10, 2021 | Information & Technology

The global cyber security market size is expected to showcase significant growth by reaching USD 366.10 billion by 2028. This information is published by Fortune Business Insights, in its latest report titled, “Cyber Security Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment Type (Cloud and On-Premise), By Enterprise Size (Small & Medium Enterprise and Large Enterprise), By Industry (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities and Others) and Regional Forecast, 2021-2028.” The report further mentions that the market stood at USD 153.16 billion in 2020 and is likely to exhibit an astounding CAGR of 12.0% between 2021 and 2028. The increasing focus on adopting advanced technologies such as artificial intelligence, the internet of things (IoT), and machine learning is expected to boost the product’s demand during the forecast period.


GE Healthcare Launches Advanced Healthcare Device Network Security Solution to Mitigate Threats


In February 2020, GE Healthcare announced the launch of a new cyber security solution that is an amalgamation of artificial intelligence and advanced process management tools. According to the company, the new vendor-agnostic offering effectively helps medical institutions fights network security threats. Named as Skeye, the solution augments the existing resources of the hospitals by offering an efficient monitoring through remote security operations center (SOC) that aids in detecting, analyzing, and responding to threats at real time. Such initiatives by companies such as GE is likely to boost the market’s demand in the forthcoming years.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/cyber-security-market-101165


Increasing Adoption of Advanced Technologies to Augment Growth


Leading market players such as IBM Corporation, Cisco Systems, and others are focusing on developing network security solutions based on several advanced technologies such as machine learning, the internet of things (IoT), and cloud computing, among others. For instance, in September 2020, Askul Corp. introduced advanced internet security solution, Shadankun, developed by Cyber security Cloud, Inc. in their business unit. The solution is expected to secure sensitive and confidential asset from cyber threats. These advanced technologies aid in filtering the cybercrimes and further prevent the misuse of sensitive data. Moreover, supportive government initiatives to impose internet security protocols is expected to contribute to the global cyber security market growth in the forthcoming years.


Major Companies Focus on Partnership to Expand Their Product Portfolio and Revenue Sales


The global market is fragmented by the presence of major companies focusing on partnering other companies to expand their product portfolio and further strengthen their presence. In addition to this, other key players are adopting organic and inorganic growth strategies to maintain their presence in the global marketplace.


Industry Development:



  • January 2021 – FireEye announced the launch of its open source cyber security solution to detect malicious cyber-attacks experienced by the Solar Winds supply chain.



  • December 2019 - Fortinet, Inc. announced its partnership with Google LLC to integrate its advanced cloud security portfolio with the Google Cloud platform. This will allow the customers to obtain advanced security features to secure their workloads.


List of the Companies Operating in the Global Market:



  • Cisco Systems, Inc. (California, United States)

  • IBM Corporation (New York, United States)

  • Fortinet, Inc. (California, United States)

  • Proofpoint, Inc. (California, United States)

  • Microsoft Corporation (Washington, United States)

  • Palo Alto Networks, Inc. (California, United States)

  • Zscaler, Inc. (California, United States)

  • Broadcom, Inc. (California, United States)

  • F5 Networks, Inc. (Washington, United States)

  • Check Point Software Technologies (Israel)

  • Sophos Ltd. (United Kingdom)

  • BAE System (Farnborough, United Kingdom)

  • Kaspersky Lab (Moscow, Russia)

  • SonicWall (California, United States)

  • Tenable Network Security (Maryland, United States)

  • Karamba Security (Hasharon, Israel)

  • Cyberark (Massachusetts, United States)

  • F-Secure Corporation (Helsinki, Finland)

  • RSA Security LLC (Massachusetts, United States)

  • Juniper Networks, Inc. (California, United States)

  • Oracle Corporation (California, United States)

  • Foresite MSP LLC (Kansas, United States)

  • FireEye Inc. (California, United States)

  • Forcepoint LLC (Texas, United States)

  • Convergent Network Solutions Ltd (London, United Kingdom)

  • McAfee Inc. (California, United States)

  • Armor Defense Inc. (Texas, United States)

  • Transputec Ltd (London, United Kingdom)

  • Zeguro Inc. (California, United States)

  • Cyber Security Services (Ohio, United States)


Further Report Findings:



  • North America stood at USD 61.93 billion in 2020. The region is expected to hold the largest global market share in terms of revenue in the forthcoming years. This is attributable to the increasing demand for advanced enterprise security solutions and supportive government initiatives to establish cyber security protocols in the region between 2021 and 2028.

  • The market in Asia-Pacific is expected to showcase significant growth owing to the presence of large network security suppliers and the increasing investment in security projects in countries such as India, Japan, and China. 

  • Based on industry, the BFSI segment held a market share of about 19.5% in 2020 and is expected to experience exponential growth during the forecast period. This is ascribable to factors such as the increasing demand for advanced security solutions across banks and other financial institutions to prevent data theft and other cybercrimes.  


Table of Segmentation:






















































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion)



Segmentation



  Component; Deployment Type; Enterprise Size; Industry and Region



By Component




  • Solution


    • Network Security

    • Cloud Application Security

    • End-point Security

    • Secure Web Gateway

    • Internet Security

    • Others


  • Services          



By Deployment Type




  • On-Premises

  • Cloud



By Enterprise Size




  • Small and Medium Enterprises (SME's)

  • Large Enterprises



By Industry




  • BFSI

  • IT and Telecommunications

  • Retail

  • Healthcare

  • Government

  • Manufacturing

  • Travel and Transportation

  • Energy and Utilities

  • Others



By Region



(Component; Deployment Type; Enterprise Size; Industry and Region)  



  • North America (Component; Deployment Type; Enterprise Size; Industry; and Country)  

    • United States

    • Canada

    • Mexico



  • South America (Component; Deployment Type; Enterprise Size; Industry and Country)

    • Brazil

    • Argentina

    • Rest of South America



  • Europe (Component; Deployment Type; Enterprise Size; Industry and Country)

    • United Kingdom

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Benelux

    • Nordics

    • Rest of Europe



  • The Middle East & Africa (Component; Deployment Type; Enterprise Size; Industry and Country)

    • Turkey

    • Israel

    • GCC

    • North Africa

    • South Africa

    • Rest of the Middle East & Africa





  • Asia Pacific (Component; Deployment Type; Enterprise Size; Industry and Country)


    • China

    • India

    • Japan

    • South Korea

    • ASEAN

    • Oceania China

    • Rest of Asia Pacific



Cyber Security Market
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  • 2017-2019
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