The
software segment by component is likely to show remarkable revenue
growth in the global cyber security market during 2017-2025
The
software component segment in the global
cyber security market was valued at more
than US$ 20 Bn in 2016 and is expected to reach a market valuation in
excess of US$ 53 Bn by 2025 end. Revenue generated from the software
segment is expected to expand at a CAGR of 11.7% over the forecast
period. The software segment in the global cyber security market is
expected to create incremental dollar opportunity of more than US$ 31
Bn between 2017 and 2025.
Increasing
adoption of cloud computing networks and services expected to fuel
the growth of the software segment in the global cyber security
market
Increasing
usage of cloud-based services for multiple workloads such as email
services, data backups, ERP, CRM, and collaboration services is
expected to drive the growth of the software segment during the
period of assessment. The cost of cloud-based services is
comparatively cheaper as these do not require setting up of complex
IT infrastructure. However, cloud deployment increases
vulnerabilities in software and makes it easily accessible by
unauthorized persons. Hence many companies are adopting cyber
security solutions to secure their workloads on the cloud without any
risks of cyber threat. For instance, in February 2017 IBM Corporation
launched Watson for cyber security, which is augmented intelligence
technology designed to enhance cognitive security at operation
centers.
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The
rising trend of digitization is creating a potential possibility of
new cyber threats, hence prompting enterprises to opt for cyber
security solutions in order to ensure that hackers and other
unauthorized users are unable to access critical information and
data. Digitization has resulted in the emergence of multichannel
integration and various other customer interfaces that are
vulnerable. Hence, it is vital for enterprises to stay ahead of cyber
security threats by protecting information with cyber secure IT
infrastructure. As a result of the growing proliferation of
digitization, the demand for cyber security solutions is growing at a
relatively high rate, thereby driving the growth of the software
segment in the global cyber security market.
Enterprises
are required to upgrade their health IT infrastructure in preparation
for the shift to the Internet of Things and to keep up with
increasing adoption of connected medical devices. This technological
advancement enables patients and service providers to enable more
efficient management and security measures of information and data in
the healthcare sector. At the same time, adoption of connected
devices opens up avenues and loopholes for hackers to steal data such
as patient records and also conceal services being offered by
healthcare service providers. As a result of such cyber threats,
healthcare organizations adopting connected medical devices also
prefer deploying cyber security solutions. This particular factor is
boosting the growth of the global cyber security market, and
subsequently the revenue growth of the software segment by component.
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CAGR
forecast of the software segment by component across the various
regional markets
The
software segment is expected to register high Year-on-Year growth
rates throughout the forecast period in the global market. In terms
of value, the software segment is expected to expand at a CAGR of
9.4% during the forecast period in the North America cyber security
market. In Latin America, the software segment is anticipated to
expand at a CAGR of 12.5% in terms of value during the period of
assessment. The software segment in the Asia Pacific cyber security
market is anticipated to grow at a CAGR of 9.4% in terms of revenue;
while in the MEA cyber security market, the software segment is
likely to register a value CAGR of 13.8% over the forecast period.
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