The global cyber security market displays a highly fragmented competitive structure, states Persistence Market Research (PMR) in a new research study. IBM Corp., Lockheed Martin, Microsoft Corp., Intel Corp., Symantec Corp., Secureworks, Verizon Communication Inc., Check point software technologies, Sophos, and Trend Micro have surfaced as the leading vendors of cyber security solutions across the world. These players are equipping their products with cutting-edge technologies in order to expand their consumer base. Over the coming years, they are likely to gain from the advent of Internet of things (IoT) and the augmenting demand for next generation security solutions across the world, reports the study.
According to PMR’s estimations, the global market for cyber security was worth US$76.40 bn in 2016. Researchers expect the market’s opportunity to progress at a healthy CAGR of 12.0% during the period from 2017 to 2025 and reach a value of US$205.81 bn by the end of the period of the forecast.
Rising Usage of Cloud-based Services to Boost Market’s Growth
The significant rise in the usage of cloud-based services for a number of workloads, such as data backups, CRM, ERP, email services, and collaboration services, is projected to drive the growth of the global market for cyber security in the near future. As cloud-based services are relatively less expensive – they do not need advanced IT infrastructure to operate – their demand in small- and mid-sized enterprises have increase. However, cloud-based services are vulnerable and can be easily accessed by any unauthorized party. Thus, many enterprises have begun adopt cyber security solutions in an effort to secure their data and information on the cloud without any risk, which is likely to propel this market substantially in the years to come.
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The increasing trend of digitization is another important factor that is likely to boost the worldwide market for cyber security over the next few years. Since digitization is constantly creating a possibility of new cyber threats, enterprises, are compelled to take up cyber security solutions in a bid to ensure that security of their critical data and information. This, as a result, will add to the growth of this market over the next few years, states the research report.
Cyber Security Software to Continue on Top
The demand for cyber security software, such as end-point security, identity and access management, and security and vulnerability management, is much higher than cyber security hardware or cyber security services. Rising at a CAGR of 11.70% during the period of the forecast, the cyber security software segment is expected to report significantly high revenue by 2025, ensuring its continued dominance.
Regionally, North America has surfaced as the key contributor to the worldwide market for cyber security, thanks to the presence of the leading players. The regional market is anticipated to remain seated on the top position over the next few years. However, Asia Pacific, owing to the rising uptake of cyber security technologies, is predicted to emerge as the most promising regional market among all in the years to come, reports the research study.
