According to the research report titled ‘Global Cyber Security Market 2019-2028’, available with Market Study Report, global cyber security market is expected to register 10.65% CAGR over the forecast period 2019-2028.
 

As per the findings of the research literature, soaring adoption of cloud computing model, rising virus threats among organizations, and increasing acceptance of IoT (Internet of Things) and BYOD (bring your device) policy are catalyzing lobal cyber security market growth.
 

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Further, rise in cyber regulations, implementation in sturdy validation functionality in security solutions, increase in mobile device applications and platforms, and upgradation of traditional anti-virus software are presenting new opportunities for business expansion.
 

On the contrary, complex designs of device security, dearth of skilled professionals, and availability of pirated software versions are likely to hamper the industry expansion over the stipulated timeframe. Moreover, limited budget among SMEs is restraining the growth of the business domain.
 

Based on components, global cyber security industry is split into solution and service. In terms of the deployment, the market is bifurcated into cloud and on-premises. Considering organization size, the segmentation comprises SMEs, and large organizations.
 

Moving on, the application spectrum is categorized into infrastructure security, identity and access management, governance, risk and compliance, data security & privacy service offering, unified vulnerability management service offering, and others. Speaking of industry verticals, manufacturing, energy and utilities, retail, IT and telecommunication, public sector, retail, BFSI, healthcare, and aerospace & defense.
 

From a regional point of view, North America, Europe, Latin America, and Asia Pacific are the major contributors to worldwide cyber security industry remuneration. Experts cite that Asia Pacific market is poised to register a significant growth rate over the projected period, creditable to increasing cyber-attacks in countries like South Korea, rising number of connected devices, and technologically advanced use of mobile devices.
 

Speaking of the competitive landscape, Imperva Inc., Avast Software s.r.o., Intel Corporation, Proofpoint, Inc., Cisco Systems, Inc, Check Point Software Technologies Ltd., CyberArk Software, Inc., International Business Machines Corporation, Trend Micro Inc., Dell Technologies Inc., NortonLifeLock Inc., FireEye Inc, Rapid7 Inc., Fortinet, Inc., and Palo Alto Networks, Inc. are the major players influencing the industry trends.