Cyber Security Market: Services Segment Projected to be the Most Attractive Segment by Component During 2017 - 2025

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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