In this rapidly changing world of technology, cyber security market is projected to show major growth prospects during the forecast period. Need for regulatory requirements and stringent compliance are major factors driving the growth of cyber security market. Emerging trends like connected devices, IoT and BYOD are other factors contributing to the growth of cyber security market.
As compared to other regions, the Cyber Security Market in North America is expected to witness significant growth. North America is expected to dominate the cyber security market during the forecast period. U.S and Canada are anticipated to drive the growth of cyber security market. This is owing to the presence of large number of security vendors in that region. In addition to this, the region also has a well-established infrastructure and allows high penetration of devices, while the increasing adoption of advanced technologies is another reason for the growth of cyber security market.
The cyber security market is growing rapidly over 11% of CAGR and is expected to reach at approx. USD 251 billion by the end of forecast period.
The prominent players in the cyber security market are – Intel Security (U.S.), Symantec Corporation (U.S.), Hewlett Packard Enterprise (U.S.), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Rapid7, Inc. (U.S.), EMC RSA (U.S.), FireEye, Inc. (U.S.), Trend Micro, Inc. (Japan) and Sophos Ltd. (U.K.) among others.
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Cyber Security Market Segmentation
The cyber security market has been segmented on the basis of solution, service, security type, deployment and vertical. The security type segment is further bifurcated into network security, endpoint security, application security, cloud security and wireless security. The network security segment is expected to hold the largest market share of cyber security market during the forecast period owing to the owing to the growing attack on the network infrastructure of enterprises and organizations. The application security segment is expected to grow at the highest CAGR during the forecast period.
Market Research Analysis:
The global cyber security market, by geography, has been segmented into North America, Europe, Asia Pacific and Others. In the global cyber security market, Asia Pacific is anticipated to witness relatively faster adoption and hence is expected to grow at the highest CAGR during the forecast period. Within Asia Pacific, cyber security market is projected to contribute faster to the growth of revenue backed by increasing adoption of web and mobile based applications in countries such as Japan, China and India.
Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of cyber security market. In Europe, the presence of advanced infrastructure and with the increasing adoption of technology and technological advancements in numerous countries is driving the market growth of cyber security market. High focus on innovations owing to increasing research and developments in this region are other major factors driving the cyber security market. The developed economies in these regions is the main reason for the growth of cyber security market. North America is followed by Europe in terms of market share and growth rate in cyber security market.
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