Quickly rising e-commerce exercises will be the key driver for the worldwide Cyber Security Market development during the estimate time frame. Online business monsters, for example, Amazon are quick expanding their organizations and item contributions and biological system of associated gadgets is getting more extensive and greater. For instance, in 2017, Amazon apparently dispatched in excess of 5 billion items all-inclusive. As indicated by the OECD’s Creditor Reporting System, assets to the tune of USD 6.6 billion were dispensed to advance cross-fringe electronic availability somewhere in the range of 2006 and 2016. Accordingly, as more individuals shop and execute on the web, the worldwide Cyber Security Market income is set to get powered in the figure time frame.
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According to the report by Fortune Business Insights, titled “Cyber Security Market Size, Share & Industry Analysis, By Component (Solutions, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By End-User (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities and Others) and Regional Forecast, 2019-2026”, the global Cyber Security Market value is expected to reach USD 289.8 billion by 2026, from its current standing at USD 131.3 billion. The report also contains an in-depth analysis of the various factors and dynamics that will shape the market during the forecast period.
Fortune Business Insights identifies some of the important players in the global Cyber Security Market:
- Palo Alto Networks, Inc.
- Check Point Software Technologies Ltd.
- RSA Security LLC.
- McAfee, LLC
- Symantec Corporation
- Trend Micro Incorporated.
- Qualys, Inc
Key Market Driver –
- Increasing integration of advanced technologies such as AI and machine learning in cybersecurity solutions
- Growing information security regulations across industries
Key Market Restraint –
- Lack of skilled cybersecurity workforce
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Growing Adoption of Internet of Things (IoT) to Boost the Market
Cyber Security refers to the protection of virtually or digitally stored data and information from external attacks in the form of hacking and phishing. With the exponential increase in the use of connected devices, rising smartphone and internet penetration, and growing electronic transactions, there is a pressing need for Cyber Security solutions all over the world. This need has gotten accentuated with the fast-developing AI and IoT technologies. IoT, for instance, is increasingly being viewed as making critical information vulnerable to cyberattacks and can bring down vital infrastructures such as telecommunications and power. The 2016 Mirai Bot attack exposed the fragility of IoT technology as the malware has been specifically designed to breach the security walls of IoT connected devices. This will aid the expansion of the global Cyber Security Market size in the forecast period.
1. By Component
- Network Security
- Cloud SecurityApplication Security
- End-point Security
- Professional Services
- Managed Services
2. By Deployment
3. By Organization Size
- Large Enterprises
4. By End-User
- IT and Telecommunications
- Travel and Transportation
- Energy and Utilities
5. By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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Key Industry Developments
- July 2019- Symantec launched its new cloud access security solution to help organizations secure cloud and internet access. The cloud access security solution enables organizations to reduce operational cost and complexity while lowing the operational risk.
- June 2019 – Check Point Software Technologies, Ltd., one of the leading providers of the cyber security solutions launched a new artificial intelligence-based malware detection engine to its SandBlast Network threat prevention solution. The new Malware DNA engine helps organizations effectively identify and block zero-day threats before the damage.
Increasing Reliance on Artificial Intelligence (AI) Solutions to Enhance Market Potential
According to a study by Capgemini, 21% of the companies surveyed reported that they experienced security breaches as their businesses grew. The survey also found out that two-thirds of the companies believe that the implementation of AI will strengthen their security infrastructure. AI technologies are expected to be further augmented by advancements in Machine Learning (ML). This bodes well for the global Cyber Security Market as application AI software gains popularity in the private and public sectors.
High Dependency on Connectivity to Fuel the Market in North America
Among regions, North America is expected to hold the largest portion in the global Cyber Security Market share owing to the rise in the number of security breaches in the upper corporate tranches and growing dependency on the internet. Furthermore, the development of e-commerce platforms is pushing up the demand for Cyber Security solutions.
Steadily climbing the number of internet users in India will propel the market in Asia-Pacific in the forecast period. Additionally, India is expected to witness a rising prevalence of cyberattacks in the near future, which is good news for the global Cyber Security Market.
The primary drivers in the market in Europe are a proliferation of information and technology (ICT) in the fields of aerospace and defense along with rising investment in Cyber Security measures by public and private sectors in the region.
Creation of Innovative Products to Intensify Competition
Major players in the global Cyber Security Market are looking to gain a competitive edge through different innovations. For example, in 2018, IBM unveiled its cloud security platform, IBM Security Connect, that has been designed to improve response effectivity to cyberattacks by bringing developers, vendors, AI, and data on a common platform. Strategic collaborations among players is also gaining preference. For instance, in 2019, Qualys and Proficio partnered to integrate their cloud-based security technology and managed detection and response capacities respectively.
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Table of Content
5. Global Cyber Security Market Analysis, Insights and Forecast, 2015-2026
5.1. Key Findings / Summary
5.2. Market Size Estimates and Forecasts
5.2.1. By Component (Value)
184.108.40.206.1. Network Security
220.127.116.11.2. Cloud Security
18.104.22.168.3. Application Security
22.214.171.124.4. End-point Security
126.96.36.199.1. Professional Services
188.8.131.52.2. Managed Services
5.2.2. By Deployment (Value)
6. North America Cyber Security Market Analysis, Insights and Forecast, 2015-2026
6.1. Key Findings / Summary
6.2. Market Size Estimates and Forecasts
6.2.1. By Component (Value)
184.108.40.206.1. Network Security
220.127.116.11.2. Cloud Security
18.104.22.168.3. Application Security
22.214.171.124.4. End-point Security
126.96.36.199.1. Professional Services
188.8.131.52.2. Managed Services
6.2.2. By Deployment (Value)
6.2.3. By Organization Size (Value)
184.108.40.206. Large Enterprises
6.2.4. By End-User (Value)
7. Europe Cyber Security Market Analysis, Insights and Forecast, 2015-2026
7.1. Key Findings / Summary
7.2. Key Policies and Regulations
7.3. Market Size Estimates and Forecasts
7.3.1. By Component (Value)
220.127.116.11.1. Network Security
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