Growing adoption of mobile devices at workplace and cloud computing along with implementation of policies such as Bring Your Own Device (BYOD), are few other factors driving growth in the cyber security market, globally says TechSci Research report. According to the study, the global cyber security market is anticipated to surpass $137 billion by 2021 on account of increasing incidence of security breaches in various sectors such as government, defense, healthcare etc.
Growing incidences of online thefts and hacking along with increasing government spending on infrastructure security will drive market for cyber security through 2021, the report “Global Cyber Security Market By Security Type, By Solutions, By End Use Industry, By Region, Competition Forecast and Opportunities, 2011-2021” adds.
Further, rising demand for connected devices across verticals such as connected cars, connected home appliances, web-connected smart wearable devices along with growing market for Internet of Things (IoT), is expected to propel the number of connected devices at a CAGR of 14.04 per cent during 2016-2021, in turn fueling growth in market for cyber security across the globe.
In 2015, North America accounted for the largest market share in global cyber security market on the back of increasing government spending on cyber security, growing risk of data loss due to security breach in large as well as Small & Medium Enterprises (SMEs), rising number of cyber-attacks in financial sector, etc. To overcome such problems, few of the major cyber security solutions available across the globe are Identity and Access Management (IAM), Risk and Compliance Management (RCM), Encryption and Data Loss Prevention (DLP).
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In addition, new cyber security solutions are being offered to ensure network security, end point security, content security wireless security, application security and cloud security, by major cyber security solution providers such as Symantec, BAE Systems, Intel and Cisco. Moreover, these companies along with other companies including IBM, Check Point Software, Fortinet, FireEye, etc. are excelling in the global cyber security market inorganically by acquiring other businesses and companies to strengthen their product portfolio and to increase their geographical footprint across the globe.
“BFSI industry is rapidly deploying cyber security solutions to mitigate the financial losses caused due to cyber-attacks. Growing threat of cyber terrorism and cyber warfare is also pushing stock exchanges to focus on strengthening network security. Further, cyber threats over country’s critical infrastructure including electrical grids, oil & gas industry, telecom, manufacturing, nuclear power plants, etc. has propelled investment in advanced cyber security solutions along with growth in demand for Industrial Control Systems (ICS) security. Rising incidences of data breach across end use industries primarily due to external sources, followed by intentional insider sources has driven cyber security spending by the enterprises across countries in the world.
“Rising R&D over technological advancements in cyber security solutions, such as encryption services, intrusion Detection System/Intrusion Prevention System solutions, etc. is expected to drive the cyber security market in the near coming years,” said Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Cyber Security Market By Security Type, By Solution, By End Use Industry, By Region, Competition Forecast and Opportunities, 2011-2021″ has evaluated the future growth potential of global cyber security market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global cyber security market.