Factors that boosts the demand is the rising occurrence of cyber-attacks globally. Nonetheless, a factor that hampers market growth during the forecast period is the restricted protection budget among the small and medium-sized enterprises. The growing demand from banking, financial services and insurance (BFSI), IT and telecommunication and other verticals offers the profitable opportunity to the key players in the global market. Demand for cloud-based security solutions are developing, which provides market participants with a chance. In addition, cyber-security initiatives are now being prioritized and coordinated with strategic business operations to mitigate the harm to IT infrastructure, which offers the largest market growth potential. Increasing the need for strong authentication techniques will also provide lucrative business opportunities.
In its research report, Market Research Future (MRFR), emphasizes that the Global Cyber Security Market 2020 is expected to grow exponentially, securing a substantial market valuation of USD 199.98 Billion by 2025 and a healthy 10.5% CAGR over the review period.
The key market players operating in the global market as identified by MRFR are Intel Corporation (US), IBM Corporation (US), Symantec Corporation (US), HP Enterprise (US), Cisco Systems, Inc. (US), Rapid7, Inc. (US), EMC RSA (US), Carbon Black, Inc. (US), FireEye, Inc. (US), Trend Micro, Inc. (Japan), SecureWorks, Inc. (Dell Technologies) (US), Sophos Ltd. (UK), Imperva (US), BAE Systems (UK), and Akamai Technologies (US).
The global cybersecurity industry has been segmented based on component, organization size, deployment, security type, vertical, and region/country.
Based on the component, the global cybersecurity market has been divided into solutions and services. The solutions segment has been categorized as risk and compliance management, identity and access management, unified threat management, disaster recovery, firewall, web filtering, antivirus, data loss prevention, security information and event management and others. The services segment has been divided into managed services and professional services. The professional service is further classified as consulting, training & education, support & maintenance, and design & integration.
On the basis of security type, the global cybersecurity market has been divided into small- and medium-sized enterprise (SME) and large enterprise.
Based on the organization size, the global cybersecurity market has been categorized as wireless security, network security, endpoint security, application security, cloud security, and others.
Based on the deployment model, the global cybersecurity market has been segmented into the cloud and on-premise.
On the basis of vertical, the global cybersecurity market has been divided into BFSI, healthcare, manufacturing, IT & telecommunication, government, retail, aerospace & defense, and others.
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The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world. North America accounted for the most significant market share, as the number of cyber-attacks is increasingly growing due to the businesses deploying cybersecurity solutions for security purposes. The US leads the North American market, as it is the most technologically developed region, and also has a strong cloud technology adoption.
Due to the rising need to combat cyber attacks, Asia-Pacific is projected to be the fastest-growing market during the review period. In addition, the businesses are increasingly adopting these technologies across all verticals to protect their network and data.