Cyber Security Market Overview:
The rising incidences of cyber-attacks and cyber threats have given way to the development of the cyber security market. Market reports linked to the information and communications technology sector made available by Market Research Future along with published reports on other sectors have been recently published along with a report on this industry. The market is anticipated to attain revenues worth USD 251 Billion by 2023 while developing at an 11 percent CAGR approximately in the forecast period.
As most of the sensitive data related to individuals and companies is stored on the cloud, the information stored on these sites has become more susceptible to such attacks. Key factors that are motivating the development of cyber security market is the need for stringent compliance and regulatory requirements by governments and international bodies. Amplified deployment of web and cloud based applications are fuelling the swift development of Cyber Security Market. the trend for bring your own devices which is surging presently is expected to power the development of the market through the forecast period.
The product offering of the market has diversified enormously as related to the past few years, thus making the market more productive for current and new contenders. The enhanced financial liquidity of the competitors in the market has been enhanced thus providing new probabilities for expansion of the market. The market is very diverse in terms of segments concerning the products as well as the end users that are a part of the market. The market appeal and competitors’ dynamics are considerably enriched by the strategies that are being engaged by market players.
The market shows a huge deal of potential for developing at an advanced pace. The long term sustainability of the market is however greatly dependent on the tactics and the strategic roadmaps that are employed by market players. The notable competitors in the cyber security market are Symantec Corporation (U.S.), EMC RSA (U.S.), Intel Security (U.S.), Hewlett Packard Enterprise (U.S.), Trend Micro, Inc. (Japan) Cisco Systems, Inc. (U.S.), Rapid7, Inc. (U.S.), IBM Corporation (U.S.), FireEye, Inc. (U.S.), and Sophos Ltd. (U.K.) among others.
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The segmentation of the cyber security market is done on the basis of solution, service, security type, deployment and vertical.On the basis of solution, the market is segmented into identity & access management, unified threat management, disaster recovery, firewall, antivirus, risk & compliance management, web filtering and others.
The service based segmentation of the market consist of professional services, training & education, consulting, support & maintenance, risk & threat assessment, design & integration and managed services.the security type segment of the cyber security market consists of wireless security, end point security, application security, cloud security, network security, and others.by deployment, the market consists of cloud and on premise segments.The vertical based segment of the market includes healthcare, aerospace & defense, BFSI, manufacturing, government, retail, IT & telecommunication, and others.
Detailed Regional Analysis:
The regional analysis of market for cyber security covers regions such as Asia Pacific, Europe, North America and Rest of the World. It has been perceived that the North American region is projected to be gain the primary share of the market, whereas the Asia Pacific region is estimated to develop at a swift rate during the forecast period.
The main growth in cyber security market in the North American region is attributed to the large enterprises and SMEs in the region. Moreover, the growing awareness of the concepts of cyber security and a sharp escalation in the level of cyber threats has led to growth of this market substantially in the region.
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July 2018 Marine Engineering Co., Ltd. & Daewoo Shipbuilding have gained support in principle (AiP) from LR for the DSME Smart Ship Solution, getting the Cyber SECURE notation, which endorses its compliance with LR’s cyber security requirements for smart ships.
The susceptibility of the marine industry to incidents of cyber-attack and security breach, and their resulting consequences can be far reaching. The new level of connectedness provides the industry with prospects for improving safety, as well as presenting new areas of risk. The hardware and software that handles processes, systems and equipment are significantly susceptible to attack, thus many risks need to be understood, identified and mitigated to make sure that smart ship technologies are safely combined into ship design.
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