Global Cyber Security Market Size worth $300bn by 2024

Cyber Security Market size is set to exceed USD 300 billion by 2024; according to a new research report by Global Market Insights, Inc.
 

The cyber security market is gaining traction over the forecast timeline due to a rise in the frequency of cyberattacks in enterprises across various sectors. The rising internet penetration coupled with the proliferation of smart devices and the advent of advanced technologies, such as IoT, and the growing trend of BYOD are driving the digitization in enterprises. Additionally, enterprises across various sectors are transforming their businesses to cloud platforms. The growing digitization and transformation of businesses into cloud platforms are making enterprises vulnerable to cyberattacks. The enterprises are investing heftily in deploying cyber security solutions to avoid monetary and non-monetary loss due to cyberattacks, proliferating the cyber security market.
 

 

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Stringent government regulations related to information and data protection is propelling market growth. The advent of advanced technologies, such as blockchain and AI including machine learning and deep learning in cyber security solutions, that is anticipated to cater to the key challenge related to the shortage of skilled cyber security professionals will proliferate the cyber security market demand over the forecast timeline.
 

Sweden Cybersecurity Market Revenue, By Product, 2017 & 2024
Cyber Security Market

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Browse key industry insights spread across 421 pages with 662 market data tables & 34 figures & charts from the report, “Cyber Security Market Size By Product Type (Identity, Authentication and Access Management (IAAM) [Access Management, Identify Access Management], Infrastructure Protection [Endpoint Protection, Email/Web Gateway, Security Information and Event Management (SIEM), Vulnerability Management, Cloud Security, Data Loss Prevention (DLP)], Network Security [Internet Service Provider Equipment, Virtual Private Network (VPN), Unified Threat Management (UTM), Firewall], Security Services [Implementation, Managed Security Services, Consultancy & Training, Hardware Support] ), By Organization (SME, Government, Large Enterprises), By Industry (Banking, Government, Manufacturing, Transportation, IT & Telecom, Insurance, Securities), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Norway, Ireland, Sweden, Netherlands, Australia & New Zealand (ANZ), China, India, Japan, South Korea, Philippines, Thailand, Singapore, Malaysia, Brazil, Mexico, Columbia, Argentina, Peru, UAE, Saudi Arabia, South Africa, Nigeria, Kenya, Oman), Growth Potential, Competitive Market Share & Forecast, 2018– 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/cybersecurity-market
 

The IAAM market will grow at a CAGR of more than 17% over the forecast timeline due to rise in the sharing of huge amounts of data in an internal and external environment of enterprises across the globe, resulting in a high number of cyberattack incidents. Additionally, cloud-based services and third-party storage are creating new avenues for cyberattacks, driving cyber security market growth.
 

Large enterprises held the largest cyber security market share in 2017 and are estimated to hold a dominant market share over the forecast timeline. The growth is attributed to the increasing spending on cyber security solutions to avoid monetary loss and non-monetary loss such as a decrease in customer base and reputation loss. For instance, in September 2018, British Airways revealed that the personal and financial information of about 500,000 of their passengers had been hacked, which includes home addresses, passenger names, and credit cards during a 15-day security breach in August 2018. The UK government imposed a fine of over USD 244 million (183 million pound), which is equivalent to 1.5% of BA's worldwide revenue in 2017. Additionally, IAG, the parent company of British Airways, suffered a slump in its share price due to data breach.
 

The banking segment is anticipated to show the highest CAGR over the forecast timeline due to the increasing use of online payment methods such as internet banking, UPI, and mobile payment methods. The rising internet penetration coupled with the proliferation of smart devices and the growing demand for real-time payment services is exposing banking firms to cyberattacks. The perpetrators are growingly targeting banking firms due to the presence of financial & personal data.
 

Europe held more than 20% of the market share in 2017 and is estimated to hold a significant market share over the forecast timeline. The market growth is attributed to the presence of highly digitized large enterprises in the region, which invest heftily in cyber security to protect the information & data of their employees and organizations. Stringent government regulations related to information and data security, such as the EU’s GDPR, is also contributing to the market growth.  The Asia Pacific cyber security market is predicted to grow at a CAGR of 20% over the forecast timeline due to the growing number of cyberattacks in the region. The presence of prominent eCommerce players, new entrants in the eCommerce market and rise in online payment services in the region will further propel the market growth.
 

The prominent companies operating in the cyber security market include BAE Systems, Cisco Systems, Inc, CyberArk Software Ltd., McAfee LLC, Microsoft Corporation, IBM Corporation, Intel Corporation, Proofpoint Inc. Rapid7, Sophos Group plc, Splunk, Inc, Symantec Corporation and Trend Micro, Inc. RSA Security, LLC., Oracle Corporation, Palo Alto Networks, Inc., FireEye, Inc., Fortinet, Inc., Hewlett-Packard, Ltd., F-Secure Corporation, F5networks, Inc., and Check Point Software, etc.
 

Major market players are focusing on strategic initiatives, such as mergers, acquisitions, and collaborations, with other market players to strengthen their product portfolio and expand their geographical presence.  For instance, in April 2018, Palo Alto Networks acquired the Israel-based cyber security solution provider, Secdo for over USD 100 million in cash and shares. The acquisition will help Palo Alto Networks to integrate Secdo's EDR capabilities to improve endpoint protection and the application framework to enhance Palo Alto Network’s ability to rapidly detect and stop even the stealthiest attacks.
 

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The global cyber security market research report includes in-depth coverage of the industry with estimates & forecast in terms of shipments in units from 2013 to 2024, for the following segments:
 

Cyber Security Market, By Product Type

  • Identity, Authentication and Access Management (IAAM)
    • Access management
    • Identify access management
  • Infrastructure protection
    • Endpoint protection
    • Email/Web gateway
    • Security Information and Event Management (SIEM)
    • Vulnerability assessment
    • Cloud security
    • Data Loss Prevention (DLP)
    • Others
  • Network Security
    • Internet service providers equipment
    • Virtual Private Network (VPN)
    • Unified Threat Management (UTM)
    • Firewall
  • Security services
    • Implementation
    • Managed Security Service/IT Outsourcing
    • Consulting and training
    • Hardware support
    • Others

By Organization

  • SME
  • Government
  • Large enterprises

By Industry

  • Banking
  • Government
  • Manufacturing
  • Transportation
  • IT & Telecom
  • Insurance
  • Securities
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Norway
    • Ireland
    • Netherlands
    • Sweden
  • Asia Pacific
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Norway
    • Ireland
    • Netherlands
    • Sweden
  • Latin America
    • Mexico
    • Colombia
    • Brazil
    • Argentina
    • Peru
  • MEA
    • UAE
    • South Africa
    • Saudi Arabia
    • Nigeria
    • Kenya
    • Oman

 

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