Enterprises are increasingly deploying cyber security products and solutions in order to protect confidential data from security impeachment. Today, cyber security has become an essential mechanism to block perilous cyber threats. In 2016, the global market for cyber security stood at US$ 76,400 Mn and projected to grow to US$ 205,810.4 Mn by 2025, reflecting a CAGR of 12% during the forecast period. The increasing application of cloud-based services in multiple workloads including data backups, Email services, ERP, CRM, and collaboration services is expected to drive the growth of global cyber security market in 2017 and beyond.
The cost of cloud-based services is comparatively cheaper, as these services require a very minimum IT infrastructure setup. However, cloud deployment increases vulnerabilities in software and often makes it easy to access. Therefore, many companies are shifting towards the adoption of cyber security solutions to secure their workloads on the cloud. In addition, robust digitization across the globe continue to create the possibility of new cyber threats, hence, compelling enterprises to opt for cyber security solutions in order to tackle unethical hacking and malignant cybercrimes.
Persistence Market Research (PMR) in its report titled "Cyber Security Market: Global Industry Analysis and Forecast 2017-2025" projects that the cyber security market in North America will retain its top spot over the assessment period. By 2025-end, the region's cyber security market is expected to surpass a valuation of US$ 67,142 Mn. Meanwhile, adoption of cyber security technologies in Asia Pacific (APAC) remains strong, hence, the market in the region is anticipated to witness the highest growth rate during the forecast period. In terms of growth, cyber security market in the Middle East & Africa region is also expected to witness an impressive growth rate despite having a significantly smaller market size.
The report also cites that the arrival of several cutting-edge security services for IoT coupled with the escalating demand for next generation security solutions is bringing lucrative business propositions for market players. IBM Corporation, Microsoft Corp., Lockheed Martin, Intel Corp., Secureworks, Symantec Corporation, Verizon Communication Inc., Sophos, Check point software technologies, and Trend Micro rank amongst the top notch companies in the globe having expertise in cyber security solutions.
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Additional Excerpts From the Report Include:
Managed security emerged as one of the most preferred cyber security technology in recent years. Adoption of managed security services is growing rapidly in order to ease up operations and management in various domains such as banking, telecommunications, and healthcare.
Based on components, cyber security services will continue to have a higher preference than cyber security software and hardware throughout the assessment period.
In 2017 and beyond, deployment of cyber security solutions is expected to remain robust in telecommunication and banking sectors. Incidentally, these two sectors account for sizable revenues shares of the global cyber security market.
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