Triton Market Research predicts that the global cyber security market is anticipated to rise with a CAGR of 10.65% during the forecast period 2019-2028. The market, that was valued at $124.18 billion in the year 2019, is expected to rise to a revenue of about $308.75 billion by the year 2028.
Cyber security solutions & services help organizations detect, monitor, report and counter cyber threats to maintain confidential data. This technological advancement has resulted in the faster transfer of phishing emails, bots and ransomware as well, indicating the vulnerabilities that are brought in. These factors are expected to motivate individuals and corporates to switch to some cyber security solutions, currently one of the ideal tools to mitigate cyber threats.
Triton Market Research’s report on the cyber security market provides in-depth insight into the market. The detailed analysis of the market includes key market insights, Porter’s five force analysis, value chain analysis, key impact analysis and market attractiveness index.
The increasing virus threats among organizations, the surge in demand for cloud-based cyber security solutions, adoption of BYOD (bring your own device) & IoT (Internet of Things), rise in cyber security incidents and cyber security regulations are expected to foster the growth of the market during the forecast period. The growing adoption of BYOD and IoT trends among organizations has made applications and devices more exposed to threats. In addition, it becomes difficult for the IT department to track and manage the data flow in various systems, as there is a surge in mobile devices within organizations. Hence, organizations are adopting cyber security systems to protect crucial information, which is driving the market growth.
Furthermore, sturdy validation functionality, rise in mobile device applications & platforms and upgradation of traditional anti-virus software are expected to act as some opportunities for the market. The security teams of organizations demand advanced security solutions to defend enterprise information from cyber-attacks better. Traditional anti-virus solutions are no longer effective in securing mobile applications and devices from threats. Besides, the need for strong and efficient solutions is encouraging organizations to implement effective solutions, such as firewall, Unified Threat Management (UTM), incident management and asset management. Furthermore, the level of threats that exist in the virtual world are increasing, which is also one of the major factors providing opportunities for the cyber security market.
Cyber security, as a solution and service, has evolved. However, a skilled workforce is required to operate the system efficiently. This is one of the major challenges faced by organizations in the market. For instance, around 30% of all cyber security workforce in the Middle East has just over ten years of experience working in the industry, while 60% of these professionals have more than five years of experience. However, industry experts suggest that, to cater to the rising needs of the region, at least 56% of the workforce should ideally have an experience of over ten years. Furthermore, limited budget among SME organizations, complex designs of device security, availability of a pirated version of the software, avoiding software upgrades are some of the key restraining factors of the cyber security market.
Key geographies covered in the global cyber security market are:
• North America: United States and Canada
• Europe: United Kingdom, France, Germany, Spain, Italy, Russia and Rest of Europe
• Asia-Pacific: China, Japan, India, Australia, South Korea, ASEAN Countries and Rest of Asia-Pacific
• Latin America: Brazil, Mexico and Rest of Latin America
• Middle East and Africa: Saudi Arabia, Turkey, United Arab Emirates, South Africa and Rest of Middle East & Africa
The segmentation analysis of the cyber security market includes:
• Based on Component
O Solutions
O Services
• Based on Application
O Identity and Access Management (IAM)
O Infrastructure Security
O Governance, Risk, and Compliance
O Unified Vulnerability Management Service Offering
O Data Security and Privacy Service Offering
O Others
O Sensors
• Based on Deployment
O Cloud
O On-premises
• Based on Organization Size
O Large Organizations
O SMEs
• Based on Industrial Vertical:
O Aerospace and Defense
O BFSI
O Healthcare
O Public Sector
O Retail
O IT and Telecommunication
O Energy and Utilities
O Manufacturing
O Others
The key companies profiled in the report include Cyber Ark Software Ltd, Fortinet Inc, Intel Security (Intel Corporation), Dell Technologies Inc, Cisco Systems Inc, Rapid7, Imperva, Palo Alto Networks Inc, Proofpoint Inc, International Business Machines Corporation, FireEye Inc, AVG Technologies (Acquired By Avast Software sro), Check Point Software Technologies Ltd, Trend Micro Incorporated and Symantec Corporation (Broadcom Inc).