According to the research report titled ‘Global Cyber Security Market 2019-2028’, available with MarketStudyReport, global cyber security market is anticipated to register a CAGR of 10.65% during the forecast timeframe of 2019-2028.
 

Rising number of software viruses and Trojan attacks among enterprises will majorly drive the global cyber security market growth over the projection timespan. Shifting customer preferences towards flexible infrastructure alternatives and subsequent surge in popularity of cloud computing is further enhancing the market outlook.
 

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Moreover, rising adoption of BYOD (bring your own device) policy, and increasing penetration of IoT (Internet of Things) have raised the risk of Advanced Persistent Threats (APTs), consequently boosting the demand for cyber security solutions.
 

On the contrary, complicated device security designs, as well as scarcity of skilled cyber security professionals might hinder industry expansion in upcoming years, claims the study.
 

Based on components, the market is split into solution and service. In terms of deployment, the industry is divided into cloud and on-premises. Moving to organization size, the segmentation comprises large organizations and SMEs.
 

With respect to application, the industry is fragmented into identity and access management (IAM), governance, risk and compliance, infrastructure security, unified vulnerability management service offering, data security & privacy service offering, and others.
 

Speaking of the sub-markets under industrial verticals BFSI, aerospace and defense, retail, healthcare, retail, public sector, energy and utilities, IT and telecommunication, and manufacturing are highlighted in the document.  
 

Considering the geographical analysis, Asia-Pacific cyber security market is anticipated to grow significantly over 2019-2028, owing to growing number of linked devices, and high number of technological advancements concerning mobile phones in this region.
 

Notably, rising number of cyber-attacks in nations like South Korea has sparked interest in cyber security business. For instance, various government agencies have been targeted in the past such as cyber-attack on Korea Hydro and Nuclear Power (KHNP) plant in 2014, which has led to increased demand for security solutions over the years.
 

Considering the competitive landscape, Intel Security (Intel Corp.), Trend Micro Inc., CyberArk Software Ltd., Fortinet Inc., Mandiant Inc., Cisco Systems Inc., Symantec Corp. (Broadcom Inc.), Proofpoint Inc., Palo Alto Networks Inc., Imperva Inc., International Business Machines Corp., Rapid7 Inc., Check Point Software Technologies Ltd., AVG Technologies (Acquired By Avast Software sro), and Dell Technologies Inc. are the top contributors of global cyber security market.