The cyber security market is growing at a considerable rate, due to stringent government regulations, pervasiveness of online and digital data, increasing cloud security, and increasing security needs in critical infrastructure and utilities. The growing need for integrated security solutions, evolution of next-generation cyber security solutions, and escalating market for mobile and web platform are the key factors providing growth opportunities, to the cyber security market in the coming years.
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There is high demand for solutions in the market, which can protect, identify, and respond to cyber threats in the organizations. Such requirement is due to high dependency on internet and expansion of network connections. Currently, large amount of personal, commercial, and government information is present on the cyber networks globally. Cyber security is the major solution to detect and monitor the misuse of any data in the organization, by any unauthorized group. Server message blocks (SMBs) are investing in the cyber security, to supervise the risks beyond their capabilities. SMBs increase the workforce productivity, along with decreasing cost, thus presenting considerable competitive benefits to the investors.
The cyber-attack threats on the government organizations have increased due to growth of web usage, followed by the invention of e-governance concept. Thus, stringent regulations and laws related to data security are made by the governments, around the globe. The increase in cyber-attacks on several devices and end points along with the invention of internet of things (IoT), have supported the growth of the cyber security market, at a considerable rate. The cyber security market is expected to grow in the coming years, due to increase in complexity of cyber threats and inventions of the advance security solutions.
On the bases of security type, the cyber security market can be categorized, as wireless security, application security, network security, cloud security, endpoint security, and content security. The cyber security market can also categorized on the basis of solutions, as disaster recovery, identity and access management, intrusion detection system or intrusion prevention system, unified threat management, web filtering, data loss protection, risk and compliance management, security and vulnerability management, firewall, encryption, antivirus and antimalware, and distributed denial of service mitigation.
On the basis of service, the cyber security market can be categorized as risk and threat assessment, consulting, training and education, design and integration, and managed security services. The cyber security market can also categorized, on the basis of applications such as banking, financial services and insurance; aerospace, defense and intelligence, healthcare, telecom and IT, retail, government and public utilities, and manufacturing.
Some of the factors driving the growth of the cyber security market are increased use of social media, and increasing severity of the cyber security. The increasing acceptance of cyber security solutions, to shield the critical national infrastructure, energy utilities, and industrial control systems is providing growth opportunities for the cyber security market, in the coming years.
The increasing inclination towards Bring Your Own Device (BYOD) at workplace, end users procurement of cyber security solutions, and increasing usage of intelligence based cyber solutions, and big data analytics are the major observed trends, in the cyber security market. The major factors restraining the growth of the cyber security market are increasing usage of pirated software, lack of security awareness among consumers, and cyber talent gap.
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Some of the competitors in the cyber security market are Cisco Systems Inc., Computer Sciences Corp., Symantec Corporation, IBM Corporation, Northrop Grumman Corporation, Booz Allen Hamilton Inc., Intel Corporation, Trend Micro Incorporated, Sophos Ltd., and Lockheed Martin Corporation.
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