Cyber Security Global Market – Overview
The Global Cyber Security Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of cyber security will grow moderately over the forecast period. The market is forecasted to witness rapid but steady growth by 2027.
Cyber Security Market can be broadly classified into software, hardware and services. Managed security is one of the most preferred cyber security technologies, and is growing rapidly to ease operations and management in banking, telecommunications, and healthcare. Cyber security services will continue to have a higher preference than cyber security software and hardware throughout the assessment period.
The emerging BYOD trend among organizations has made devices and applications more vulnerable to malware and threats. Even though, the policy encourages employees to use mobile devices such as smartphones or tablets, this has made corporate date more vulnerable to cyber-attacks. This initiative has resulted in enterprise mobility, improving the organization productivity, however the risk associated with this model, is encouraging organization to implement effective security solution. The BYOD trend is here to stay, due to its positive impact on the overall organizations productivity, hence this trend would stimulate the growth of cyber security solutions in the coming years.
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The key players in the market of cyber security are- Cisco Corporation, Mcafee Corporation, Fortinet Inc, Trend Micro Inc, Cassidian Cybersecurity Company, Computer Science Corporation, , Booz Allen Hamilton Corporation, Kaspersky Lab, Fireeye inc, Symantec Corporation among others.
The worldwide cyber security market has been branched into four main divisions. They can be listed as geographies, solutions, application verticals and services.
Geographically, the market is spread across various regions of the world like North America, Asia Pacific, Europe, Eastern Europe, Middle East & Africa and Rest of the World. Out of these, North America holds the largest share of the market followed by Europe and other regions respectively.
On the basis of solutions, the market has been segregated into content, network, application and endpoint.
On account of application verticals, the industry is trifurcated into manufacturing, telecommunication and BFSI.
Lastly, based on services, the market is fragmented into design, training and consulting.
Global Cyber Security Market: Regional Analysis
North America leads the market for global cyber security market, due to the technical advancements and early adoption in this region. Owing to the increasing cyber-crime and strict government rules against it many of the companies started to develop and deploy cyber security techniques. In Asia Pacific the market for global cyber security is anticipated to grow at a faster rate through the forecast period. The primary forces driving this growth are increased adoption of mobile and web based applications in countries like China, Japan and India.
Cyber security has become a national concern for countries like the Europe, U.S. and China. In China, for instance, implemented a new cyber security law in May 2017, which has organizations the world over concerned with data sharing and handling. The Europe, U.S. and other countries will likely see new legislation to boost security and data protection soon as well.
The global cyber security market has witnessed many innovations over the last few years. But one of the major ones happens to be virtualization. It is a distinct form of security that enables any given enterprise to track and protect data, irrespective of where it has been stored. It could be in the transit or stored on the cloud. This technology can safeguard a physical space as well as enable cyber defense.
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Industry/ Innovation/ Related News:
June 21, 2017 – Intel Corporation has joined Team8, an Israeli creator of cyber security start-ups, as a strategic partner and will help with the formation of companies that address the largest cyber security problems. Intel’s collaboration with Team8 provides users with more effective defences against sophisticated APT (Advanced Package Tool), in the early stage of the attack, that otherwise go undetected and pose a great threat to enterprises and individuals.
May 11, 2017 – IBM Security announced Smarttech, a security services provider based in Ireland, is leveraging IBM Watson for Cyber Security in their Security Operations Center (SOC). The new tool is enabling the company to investigate and respond to three times as many security incidents with greater speed and accuracy. Smarttech was one of 40 companies around the world to participate in the IBM Watson for Cyber Security Beta Program, and is now a customer.
June 8, 2017 – Honeywell Process Solutions (HPS), with the support of the Singapore Economic Development Board (EDB), established a new industrial cyber security center of excellence (COE) for Asia Pacific in Singapore. The COE will feature a state-of-the-art cyber security research and development lab, an advanced training facility and a security operations center that provides managed security services.
September 19, 2017 — ManTech International announces intent to acquire InfoZen for $180 million in cash. InfoZen is an IT solutions provider whose domain expertise includes threat monitoring and assessment capabilities in support of critical national and homeland security missions.
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