Market Highlights
The global cybersecurity market, according to the report by Market Research Future (MRFR), is slated to register a CAGR of moderate 10.5% during the forecast period to reach an exponential market valuation of USD 199.98 billion by 2025.
Drivers and Restraints
The rapid adoption of web and cloud-based applications is a driving factor likely to propel market growth. The increasing demand from enterprises to lessen risks and strict compliance with the supervisory requirements are also expected to drive the market for cybersecurity over the review period. Additionally, the rise in the frequency of cyber-attacks and threats across the globe is also creating growth opportunities for the cybersecurity market over the review period.
On the other hand, the inadequate security budget set by small and medium enterprises may cause a hindrance to the cybersecurity market growth in the foreseeable future. Nevertheless, the increasing demand and deployment of cybersecurity solutions and services from various industry verticals such as IT and telecommunications, banking, financial services and insurance (BFSI), and others, pave way for lucrative growth opportunities for major market players in the global cybersecurity market over the review period.
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Segmentation:
The global cybersecurity market has been segmented on the basis of component, deployment, organization size, security type, and vertical.
Based on the component, the global cybersecurity market has been bifurcated into solutions and services. The solutions segment is sub-sub-segmented into antivirus, data loss prevention, disaster recovery, firewall, identity and access management, risk and compliance management, security information and event management, unified threat management, web filtering, and others.
The services segment of the market has been bifurcated into professional services and managed services. The professional service is further segmented into consulting, support & maintenance, training & education, and design & integration.
The deployment of cybersecurity solutions and services is done over the cloud and on-premise.
The organization sizes operating in the global cybersecurity market are small and medium-sized enterprises (SMEs) and large enterprises.
The security services offered by the market players include application security, cloud security, endpoint security, network security, wireless security, and others.
The applications of cybersecurity are found in industrial verticals such as aerospace & defense, BFSI, government, healthcare, IT & telecommunication, manufacturing, retail, and others.
Regional Analysis
The global market for cybersecurity is segmented on the basis of region, into North America, the Asia Pacific, Europe, the Middle East, and Africa, and South America.
The North American market for cybersecurity is reigning dominance across all regions, in terms of market value, and this trend is poised to continue over the review period. This remarkable growth can be attributed to the presence of major market players that provide advanced solutions and services to all the end-use industries in the region.
The Asia Pacific market for cybersecurity is also expected to witness the fastest growth across the globe over the assessment period. The improving economic dynamics in the region has risen the digitization in the Asia Pacific, especially in developing countries such as India, Signapore, and China, which has consequently increased the demand and investments towards cybersecurity.
Competitive Analysis
The major market players identified by MRFR in the global cybersecurity market are Akamai Technologies (US), BAE Systems (UK), Carbon Black, Inc. (the US), Cisco Systems, Inc. (the US), EMC RSA (US), FireEye, Inc. (the US), HP Enterprise (US), IBM Corporation (US), Imperva (US), Intel Corporation (US), Rapid7, Inc. (the US), SecureWorks, Inc. (Dell Technologies) (US), Sophos Ltd. (UK), Symantec Corporation (US), and Trend Micro, Inc. (Japan).
Industry News
September 2019: BlackBerry Limited, a leading provider of security software and services, announced the launch of BlackBerry Advanced Technology Development Labs (BlackBerry Labs), their latest business initiative for cybersecurity research and development to create innovative technologies.
September 2019: Arcserve, LLC, a leading data protection provider, announced a strategic business partnership with Sophos, another major market player for cybersecurity solutions, to offer organizations enhanced protection against cyberattacks and threats.
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Global Cyber Security Market Information, by Solutions (Network, Endpoint, Content, Application), by Service (Design, Consulting, Training), Application Verticals (Telecommunication, BFSI, Manufacturing), by Region (Europe, Americas, APAC & MEA) - Forecast to 2027
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