There growing number of data beaches around the world is exemplified by the host of examples. Wal-Mart suffered data theft from its cash registers in 2009. J.P. Morgan Chase suffered the largest cyber-attack in corporate history compromising information of 76 million households which included customer names, addresses, phone numbers, and email contacts. In 2014, hackers attacked Apple iCloud accounts of Hollywood celebrities including Kate Upton, Kirsten Dunst, Jennifer Lawrence, and stole nude pics. Thus the need for cyber security is easily apprehended even by layman.
Cyber security involves technologies, processes and practices designed to protect computers, networks, programs and data from unauthorized access. The global cyber security market is anticipated to grow at to USD 251 Billion by 2023, at a CAGR growth of 11% between 2017 and 2023.
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Major Key Players:
The major players in cyber security market are Symantec Corporation (U.S.), Cisco Systems, Inc. (U.S.), Intel Security (U.S.), IBM Corporation (U.S.), Trend Micro, Inc. (Japan), Hewlett Packard Enterprise (U.S.), Rapid7, Inc. (U.S.), EMC RSA (U.S.), FireEye, Inc. (U.S.), and Sophos Ltd. (U.K.) and others.
Market Dynamics Drivers:
The major drivers of the Cyber Security Market are growing cases of data thefts, security breaches, and the prohibitive cost of non-compliance as exemplified in the above cases. The growing antecedents of cyber security such as increased deployment of web and cloud based applications, remote access technologies, growing stringency of compliance and regulatory requirements, emergence of internet of things (IoT) and bring your own device (BYOD), growing internet usage, and growing density of intellectual property resulting in industrial espionage are other factors driving the market.
Growing ecommerce and payment card industry, social messaging apps has led to growth in dependency on I.T. systems. Advantages of data encryption such as data responsibility, authentication, data integrity and nonrepudiation are other attractions for the market. The scalable and repeatable nature of the business makes it attractive to startup and angel investing resulting in growing number of firms.
Interference from state apparatus and intelligence agencies owing to use of data encryption in crimes is a cause of concern. For example, the National Security Agency is charged with deliberately weakening the data encryption standard algorithm, revealed by former NSA analyst Edward Snowden.
Deliberate subverting of cryptography standards by intelligence agencies with the argument that encryption prevents law enforcement from accessing data coupled with the demands of “responsible encryption” where the data can be decrypted under a warrant are serious threats to the market. High cost of installation and maintenance and lack of awareness in developing regions of the world are other restraints on the market.
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Based on solutions, the cyber security market has been segmented by identity & access management, risk & compliance management, unified threat management, disaster recovery, firewall, antivirus, web filtering, others,
Based on service, the cyber security market has been segmented by managed services, professional services, training & education, consulting, support & maintenance, design & integration, risk & threat assessment, and others.
Based on security type, the cyber security market has been segmented by network security, end point security, application security, cloud security, wireless security, others. Application security is expected to grow at the fastest CAGR owing to internet of things, bring your own device trend and growing number of connected devices.
Based on deployment, the cyber security market has been segmented by cloud, and on-premise.
Based on vertical, the cyber security market has been segmented by BFSI, manufacturing, healthcare, retail, IT & telecommunication, aerospace & defense, government, others.
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North America accounts for the largest market share of cyber security market by value as well as volume. The U.S. dominates the North American region due to the presence of major players, large demand, and rapid uptake of technology.
Europe secured the second position led by Germany, France and the U.K. with the Scandinavian economies of Norway, Finland securing high growth rates.
Asia-Pacific regions of Japan, China and India are anticipated to grow at the fastest CAGR owing to the service led growth of India, followed by China, growing economy, presence of skilled manpower at a lower cost.
The Middle East and Africa regions are expected to grow at a moderate single digit CAGR due to poor economy.
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