Worldwide cyber security market is estimated to accumulate over US $269 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Key findings of the report reveal that the increasing requirement for the protection of sensitive data, along with the growing cyber terrorism, has promoted the adoption of cyber security solutions worldwide. Market growth is also fueled by the increasing penetration of mobile devices, escalating trend of BYOD, as well as burgeoning demand for cyber security solutions by small & medium enterprises. Increasing investments in technological advancements by vendors, rising demand for cloud-based cyber security solutions, and surging demand from the developing economies would accelerate the cyber security market growth over the forecast years. However, the increasing use of pirated cyber security solutions, and several complexities pertaining to device security are projected to impede market growth.
The distinguished types of cyber security include enterprise security, endpoint security, network security, application security, and others. As reported, the enterprise security segment led the global cyber security market during the year 2017, in terms of revenue. Based on solution types, the global market is bifurcated into encryption, identity & access management, antivirus/anti-malware, unified threat management, data loss prevention, disaster recovery, risk & compliance management, and others.
In terms of the end-user spectrum, the global market is fragmented into the healthcare, IT & telecom, defense & government, retail, travel & hospitality, BFSI, and other sectors. Reportedly, the defense & government sector bagged the highest market share in the year 2017, given the rising need for protection of sensitive data and evading cyber-attacks. The increasing government spending to provide amplified cyber security to the public sector, specifically in the emerging countries, coupled with rising implantation of cyber security systems in the defense sector, has supported market expansion.
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The cyber-attack cases in the healthcare sector have drastically grown in number over the recent years. The report cites that the healthcare sector is susceptible to cyber-attacks, due to limited budget being allocated for cyber security. Market experts claim that the introduction of affordable cyber security systems, surging awareness, and burgeoning cyber-attack incidences are likely to augment cyber security adoption in the healthcare sector.
As per the geographical landscape, North America amassed the highest revenue in the global market in the year 2017 and is further poised to dominate the industry over the forecast timeframe. Rise in the number of cyber-attacks, ascending BYOD trend, technological advancements, and the increasing penetration of mobile devices impel market growth in the region. Furthermore, the Asia Pacific market is slated to expand at the highest CAGR during the estimated period, given the higher need for data privacy across a range of industries in the emerging nations of the region.
The well-known market players enumerated in the report include Hewlett-Packard Enterprise, IBM Corporation, BAE Systems Inc., Symantec Corporation, Intel Security, EMC Corporation, LogRhythm Inc., Palo Alto Networks, Cisco Systems Inc., Proofpoint Inc., Centrify Corporation, and Fortinet Inc. among others.