NEWARK, Del, Aug. 01, 2022 (GLOBE NEWSWIRE) -- The global cyber security market is estimated to record a CAGR of 10.5% over the forecast period of 2022 to 2032. Surging awareness among internet users about the sensitivity of their private data and impending legal actions are prompting businesses to secure their online data by following the best cyber security practices.
Increasing complexities associated with manual identification of vulnerabilities, frauds and threats encourage organizations to fool-proof their data. Owing to these phishing and data threats, the adoption of cyber safety solutions is estimated to grow at a remarkable growth.
In the digitally driven world, spending on IT security is no longer an option but rather a necessity for growth. Cyber security in the Information Technology world focuses on protecting networks, data and computer programs from unauthorized access. There is crucial information collected by the defense, military, government, corporations and financial institutions on computers and is further transferred across networks. In order to protect this vital data from cyber-attack, an Information Technology security strategy becomes necessary.
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Key Takeaways
- The demand for cyber-security solutions has increased over the past decade due to a surge in online threats such as computer intrusion (hacking), virus deployment and denial of services. Due to the expansion in computer connectivity, it has become of utmost importance to keep your data safe from intruders and impersonators.
- Increased government regulations on data privacy are one of the key drivers of the cyber security market. In addition to that, accelerating cyber threats and an increasing number of data centers are the biggest revenue generators for the cyber security market.
- There are various benefits offered by the cyber security market such as improved security of cyberspaces, increased cyber safety and faster response time to the national crisis. Backed by these benefits, the cyber security market is projected to showcase skyrocketing growth over the forecast years (2022-2032).
- All in all, the cyber security market across the globe is a multi-billion market and is expected to show substantial growth in CAGR, from 2022 to 2032. There is a significant increase in the cyber security market because cyber security solutions increase cyber speed and offer a number of options to save data.
- Large investments in the global cyber security market by various countries such as the US, Canada, China and Germany are witnessed owing to the expansion in computer interconnectivity and dramatic computing power of government networks.
Competitive Landscape
IBM International, Booz Allen Hamilton, Cisco, Lockheed Martin, McAfee, CA Technologies, Northrop Grumman, Trend Micro, Symantec, and SOPHOS are some of the key companies profiled in the full version of the report.
Key players in the cyber security market are consciously taking steps concerning their information security, which is inspiring other businesses to follow in their footsteps and stay updated with the latest IT security strategy. The adoption of cyber safety solutions is anticipated to grow impeccably as businesses look at curbing their steep financial losses arising from cyberattacks.
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Key Segments Covered In Cyber Security Industry Survey
By Security
- Network Security
- Application Security
- Endpoint Security
- Cloud Security
- Content Security
- Wireless Security
By Solutions
- Risk and Compliance Management
- Identity and Access Management
- Data Loss Protection
- Firewall
- IDS
- Encryption
- Antimalware and Antivirus
- Web Filtering
By Services
- Consulting Services
- Risk Assessment Services
- Training Services
- Designing and Integration Services
By Application
- Defense and Military
- IT
- Telecom
- Healthcare
- Public Utilities
- BFSI (Banking, Financial services, and Insurance)
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More Insights into the Cyber Security Market
The United States is anticipated to dominate the North American region, authorizing its supremacy in the global cyber security market with the presence of the highest cyber security providers and consumers globally.
Accounting for around 35% of the market share, North America has stringent security standards for organizations to meet, which makes the use of IT security strategy necessary for a strong data defense mechanism.
The cyber security market is segmented geographically into North America, Europe, Asia Pacific and the Rest of the World (Latin America, Middle East and Africa). The North American region is anticipated to lead the market growth.
On the basis of type, the cyber security market is segmented into four categories such as security, services, solutions and applications. Furthermore, the market is segmented based on the type of security which includes six major categories namely network security, application security, endpoint security, cloud security, content security and wireless security.
The cyber security market can be segmented based on applications into six categories namely defense and military, BFSI (banking, financial services and insurance), public utilities, healthcare, telecom and IT and others (retail and manufacturing).
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
4. Global Cyber Security Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) Projections, 2022-2032
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The service segment incorporates risk assessment services, designing and integration services and training services. Based on the solutions segment, ten major categories dominate the sphere, namely risk and compliance management, identity and access management, data loss protection, firewall, IDS, Unified threat management, encryption, antimalware and antivirus, web filtering and others (security and vulnerability management, DDOS mitigation and disaster recovery).
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