According to a recent report published by Allied Market Research, titled,"Cyber Security Market by Component, Solution/Offerings, Deployment Type, User Type, and Industry Verticals: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the cyber security market was valued at $104.60 billion in 2017 and is projected to reach $258.99 billion by 2025, growing at a CAGR of 11.9% from 2018 to 2025.
Global cyber security market trends include rise in malware and phishing threats and increase in adoption of IoT and BYOD among organizations are the key drivers for the market. In addition, growth in demand for cloud-based cyber security solutions is also one of the major factors fueling the cyber security market growth. Moreover, huge growth in the number of devices and the amount of bandwidth enterprises are leveraging is forcing them to seek solutions that are scalable and can eliminate the need to backhaul security to the corporate office. However, constant need to conform to cyber security industry standards, regulations, and complexities of device security are some of the major factors hampering the market growth.
Furthermore, cyber security activities are now being prioritized and aligned to strategic business activities to minimize the damage of IT resources, which provides a major growth opportunity for the market. Also, increasing need for strong authentication techniques is also expected to provide lucrative opportunities for the market.
Based on component, the solutions segment dominated the overall cyber security market size in 2017 and is expected to remain dominant during the forecast period, due to increase in need to monitor external and in-house threats for large as well as small & medium enterprises. Further, the services segment is also expected to grow at a rapid pace throughout the forecast years.
North America dominated the overall cyber security market in 2017 and is expected to remain dominant during the forecast period, due to growth in dependency on Internet and social media platforms. Moreover, increase in usage of cloud, mobile data, and digitization has also boosted the demand for cyber security solutions in the region. Furthermore, Asia-Pacific is expected to exhibit highest growth rate throughout the forecast period.
Key Findings of the Cyber Security Market:
- Based on deployment type, the cloud segment is expected to exhibit significant growth rate in the global cyber security market during the forecast period. The growth of this segment is mainly attributed to low maintenance cost, which is majorly preferred by small & medium enterprises.
- Based on user type, the large enterprises segment generated the highest revenue for cyber security market share in 2017, the growth of this segment is mainly attributed to the major focus on implementing effective security solutions by large enterprises.
- Based on cyber security industry vertical, the BFSI sector dominated the overall cyber security market in 2017 and is expected to exhibit significant growth during the forecast period. The growth of this sector is mainly attributed to the increase in need for providing sealed security and digital privacy in financial institutions. In addition, increase in adoption of smartphones, internet banking, and cloud are fueling the market growth in this sector.
Some of the key market players profiled in the report include Accenture, Capgemini, Cognizant, HCL Technologies Limited, IBM Corporation, Symantec Corporation, Tata Consultancy Services, Wipro Limited, and others.