The global Cyber Security Market is slated to constructively grace the ICT vertical going forward. RPA (Robotic Process Automation) is expected to take the world by storm. Various functionalities like interpretation of applications, data handling, processing transactions, and, for that matter, even replying to the emails are getting automated, which help in reducing the downtime. This would be the renaissance witnessed due to ICT vertical all over. These days, managed security service providers (MSSPs) are being hired by several organizations for undertaking security monitoring, so as to do away with limitations on the part of in-house staff. Plus, organizations that need custom security deployments due to extra-expansive architecture get majorly benefitted through these security services. The status quo is expected to remain the same throughout.
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Companies are prioritizing significant investments in regulatory compliance efforts to gain immunity from risks that surround security breaches. In line with this, the global cyber security market value surpassed US$ 100 Bn in 2018 and will see stupendous growth at a double digit CAGR during the forecast period (2019-2029).
Regulatory standards such as PCI DSS, HIPAA, and ISO 27001 prescribe recommendations for data protection and improvement of enterprise information security management. Businesses are being able to achieve and define specific IT security goals by demonstrating compliances with cyber security process such as vulnerability management to minimize the risk of network attacks. Each major cyber security standard requires a specific change to be integrated with new technology.
Key Players:
The report has profiled some of the Important players prevalent in the global like – IBM Corporation , Microsoft Corp., Lockheed Martin, Intel Corporation, Secureworks , Symantec Corporation , Verizon Communication Inc., Sophos Ltd., Trend Micro Incorporated, Check point software technologies. and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Cyber Security.
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Key Takeaways
- Providers of cyber security solutions are eyeing expansion opportunity in Asia Pacific excluding Japan (APEJ) owing to increasing IT infrastructure and rising demand for smart devices.
- Increasing adoption of cloud-based security solutions for cyber security in small and medium scale enterprises is a major concern to prevent their data from ransomware attacks.
- Increasing threats such as malware/PoS malware, account hijacking, malicious script injection, DDoS attacks, data breach, phishing, and spear phishing attacks, need efficient cyber security solutions in the connected IoT ecosystem.
- The banking, financial services and insurance (BFSI) industry is expected to generate high demand for cyber security solutions and services during the forecast period.
With the number of connected devices anticipated to reach its tipping point by 2025, the risk of cyber security seems to be aggravating rapidly. Moreover, this is further complemented by brisk expansion of smart/connected homes landscape. While it’s clear that more the number of connected devices, more the risk of cyber security threats; we foresee a spectacular rise in demand for more effective and efficient cyber security measures in the near future.
Innovation the Key to Winning New Markets
Key players in the cyber security market are IBM Corporation, Microsoft Corp., Secureworks, McAfee, Symantec Corporation, Sophos Ltd., Trend Micro Incorporated, and Check point software technologies. They captured around 40-45% of the total cyber security market share in terms of value in 2018. These companies are focusing on business expansion through partnerships and collaborations with local and regional players to enhance their geographic footprints.
- For instance, in September 2019, IBM Security announced a new project with the City of Los Angeles and the LA Cyber Lab to help give local businesses an edge while defending against cyber security threats.
- In September 2019, Arcserve, LLC, a data protection solution provider and Sophos Ltd, announced a global alliance to provide organizations with dedicated cyber security protection for backed up data.
Key geographies evaluated in this report are:
North America – U.S, Canada
Europe – France, Germany, Italy, Spain, and the UK, Eastern Europe, CIS
APAC – China, India, Japan, Australia, Others
Latin America – Argentina, Brazil, Others
Key Stakeholders
Cyber Security Market Manufacturers
Cyber Security Market Distributors/Traders/Wholesalers
Cyber Security Market Subcomponent Manufacturers
Industry Association
Downstream Vendors
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Key Questions Answered in This Report.
What will the Market growth rate in Future?
What are the key factors driving the global Market?
Who are the key manufacturers in Market space?
What are the opportunities and threats faced by the vendors in the global industry?
What are sales, revenue, and price analysis by regions of industry?
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