Cyber Security Market Overview:
Cyber Security Market is expected to garner $198 billion by 2022, registering a CAGR of 15.5 % during the forecast period 2016-2022. The cyber security market includes solutions such as security incident management, Unified Threat Management (UTM), risk and compliance management, and Identity and Access Management (IAM) that enable organizations to secure infrastructure and data from harmful cyber threats and vulnerabilities. Increase in adoption of mobile devices, and growing reliability on Internet services in industries such as retail, healthcare, BFSI, and energy and utilities supplements the market growth.
However, lack of awareness of the benefits of implementing effective security solutions especially in Small and Medium Enterprises (SMEs) is expected to restrict the growth of the market. Moreover, growth in cloud-based security solutions and tools, and increasing acceptance of big data analytics to gather critical data on cyber threats is creating numerous opportunities for the growth of the market.
The cyber security market offers solutions and services which is utilized among various industry verticals, including manufacturing, public sector, BFSI, healthcare, aerospace and defense, energy and utilities, and IT and telecom. Public sector is one of the prominent end users of the market, owing to the increasing cyber-attacks on state and federal agencies. Additionally, the government sector is most prone to cyber-attacks due to the presence of government records that are packed with traffic documents and proprietorship statistics. In energy sector, security solutions are used to avert attacks that result in infrastructure power cut, generating economic and financial interferences, and at times even environmental destruction. The most common attacks in the energy and utilities sector include phishing, malware, virus, Advanced Persistent Threat (APT), and Trojan.
The prominent players of the market include Cisco Systems, IBM Corporation, Trend Micro, Symantec Corporation, FireEye, Sophos, Intel Corporation, HPE, Verizon Communications, and Dell EMC (RSA Security).
The global cyber security market is segmented based on solutions, services, deployment type, user type, industry verticals, and geography. Based on the solutions, the market is divided into risk and compliance management, Unified Threat Management (UTM), security incident management, Identity and Access Management (IAM), encryption, intrusion prevention systems, and others. Services are further classified into professional and managed services. Deployment type include cloud and on-premises. User type is further sub-divided into large enterprise and SMEs. Industry verticals include aerospace and defense, BFSI, public sector, retail, healthcare, IT and Telecom, energy and utilities, manufacturing, and others. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
North America, Europe, Asia-Pacific, and LAMEA.
Note: Others in solutions include disaster recovery, social media control, and vulnerability assessment
Note: Others in industry verticals include education, automotive, and media and entertainment
Source: Primary Research, Company Releases, Government Publications, and AMR Analysis
In the year 2015, public sector dominated the global cyber security market due to increasing cyber-attacks on federal and state institutions. However, healthcare sector is expected to grow at the fastest CAGR during the forecast period, owing to the criticality of data stored in healthcare organizations, which contains patient health records, electronic health information, and financial data, and since health records comprise sensitive data, it can be used for medical identity theft and fraud.
Global Cyber Security Market: Top Impacting Factors
Increasing malware and phishing threats among enterprises
Malware, including viruses and Trojans continue to have a distinctive place in the reserves of attackers. In 2016, publicly engineered phishing emails along with other email attacks were a major concern. These attacks are expected to continue due to the growing Internet reliability and increasing usage of mobile devices in the corporate environment. Furthermore, phishing attacks are one of the most common security challenges faced by organizations that enable access to passwords, credit card information, and other sensitive information regarding phone calls, emails, and social media accounts.
Rising BYOD implementation
The emerging BYOD trend among organizations has made devices and applications more vulnerable to malware and threats. Even though, the policy encourages employees to use mobile devices such as smartphones or tablets, this has made corporate date more vulnerable to cyber-attacks. This initiative has resulted in enterprise mobility, improving the organization productivity, however the risk associated with this model, is encouraging organizations to implement effective security solution. The BYOD trend is here to stay, due to its positive impact on the overall organizations productivity, hence this trend would stimulate the growth of cyber security solutions in the coming years.
Stringent industry standards and regulations
Cyber security standards and regulations are commonly applicable to all organizations, regardless of organization size and industry. Since, cyber-attacks have become progressively dominant, regulatory expectations for robust and comprehensive security management is essential for all organizations. For instance, financial organizations in the U.S. need to conform to Gramm Leach- Biley Act, the Bank Secrecy Act, and the Sarbanes-Oxley. Additionally, banks and other institutions are regularly scrutinized on their amenability with these rules, as well as distributed with information security strategies and announcements. This factor is projected to persevere in the coming years, as regulations help organizations to be aware of evolving risks and threats, and facilitate monitoring and awareness of cyber threats and susceptibilities.
- The study provides an in-depth analysis of the global cyber security market along with current trends and future estimations to elucidate the imminent investment pockets.
- Current and future trends are outlined to determine the overall attractiveness and to single out profitable trends to gain a stronger foothold in the cyber security market.
- The report provides information of key drivers, restraints, and opportunities along with their impact analysis.
- Quantitative analysis of the current market and forecast for the period of 2014-2022 is provided to highlight the financial appetency of the cyber security market.
- Porters Five Forces analysis of the cyber security market illustrates the potency of buyers and suppliers that participate in the market.
- Value chain analysis provides a clear understanding on the roles of stakeholders.
CYBER SECURITY MARKET KEY SEGMENTS
The cyber security market is segmented based on solutions, services, deployment type, user type, industry vertical, and geography.
- Risk and compliance management
- Unified threat management (UTM)
- Security incident management
- Identity and access management (IAM)
- Intrusion prevention systems
- Others (disaster recovery, vulnerability assessment, and social media control)
- Professional services
- Managed services
BY DEPLOYMENT TYPE
BY USER TYPE
- Large enterprises
- Small and Medium Enterprises (SMEs)
BY INDUSTRY VERTICAL
- Aerospace and defense
- Public sector
- IT and Telecom
- Energy and utilities
- Others (automotive, education, and media and entertainment)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
KEY MARKET PLAYERS PROFILED IN THE REPORT
- Cisco Systems
- IBM Corporation
- Intel Corporation
- Symantec Corporation
- Trend Micro
- Verizon Communications
- Dell EMC (RSA Security)
COMPANIES MENTIONED IN THE REPORT
Cato Networks, Fireglass, A10 Networks, Palo Alto Networks, Check Point Software Technologies, Forescout Technologies, Rapid7, Zimperium, Linoma Software, InsideSecure, Coresec, and SecuEra Technologies.