Cyber Security Market Is Projected To Be Around $173.57 Billion By 2022
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A research study titled, “Cyber Security Market by Component, Security Type, Solution, Service, Deployment, Organization and Application - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the Cyber Security Market is projected to be around $173.57 billion by 2022.
The global Cyber Security market was worth USD 58.13 billion in the year 2012 and is expected to reach approximately USD 173.57 billion by 2022, while registering itself at a compound annual growth rate (CAGR) of 10.35% during the forecast period. Cyber security is the group of practices, technologies and procedures intended to ensure data, networks, programs and computers from attacks, unauthorized access or damage. Security incorporates both cyber security and physical security in computing context. Guaranteeing cyber security requires composed endeavors all through a data framework. A standout amongst the trickiest components of cyber security is the constantly and rapidly developing nature of security dangers. The conventional approach has been to concentrate most assets on the most vital framework segments and secure against the greatest known dangers, which required abandoning some less essential framework parts undefended and some less unsafe dangers not ensured against. Such an approach is deficient in the present condition.
The emergence of cloud storage has increased the chances of data breaches and cybercrimes. The institution of Internet of Things (IoT) is opening up attack surfaces, using vulnerabilities for network frameworks. This is bringing about the adoption of remote and endpoint security being one of the prime factors that influence the development of the cyber security market. The emerging economies, for example, China, India, Hong Kong, South Korea, and, have high motivating forces in consolidating their IT structures. Furthermore, the growing IT and administration section in India has encouraged government to focus on launching activities, for example, Digital India Program and e-Tourist Visa conspire for boosting the development of this market. Developing requirement for cloud-based security administrations to reduce costs and improve productivity is foreseen to boost the development of this market over the figure time frame.
On the basis of component the global cyber security market is segmented into solutions and services. On the basis of security type the market is segmented into application security, cloud security, network security and enterprise security. On the basis of deployment the market is segmented into on-premise and cloud. On the basis of organization the market is segmented into small and medium enterprise and large enterprise. On the basis of application the market is segmented into healthcare, retails, IT & Telecom, defense/government, BFSI and automotive. The major players in the market are Symantec Software Solutions Private Limited, Trend Micro, Cisco Systems, Check Point Software Technologies and Fortinet Inc. Geographically, the market is segmented into Europe, North America, Asia Pacific and Rest of the world.
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Key findings of the Cyber Security market
- The healthcare segment is anticipated to encounter significant development in the upcoming years. The health insurers are the prime focus of the cyber assaults like spear phishing and Advanced Persistent Threats (APTs). The violations and breaks in this area are ascending as the cost of stolen medical record is expanding.
- The rising requirement for Security-as-a-Service (SaaS) and cloud-based solutions is anticipated to render growth opportunities to the service segment.
- The North American cyber security industry is foreseen to develop at substantial pace in the following years. The expanding cybercrime costs are empowering the district to concentrate on building a solid strength framework for dealing with cybercrimes.
- MEA is foreseen to develop at considerable rate over the forecast period. The locale is implementing computerized innovations and applications at a speedier pace, expanding the danger of digital assaults. The extension of digitization all through the area has made cyber security a need for associations.