The global cyber security market is predicted to grow at 11.1% CAGR during the forecast period with the market size reaching USD 282.3 billion by 2024. The market is driven by factors such as increasing cyber security threats, increasing internet penetration, and increasing adoption of IoT solutions across different industry verticals.
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The market for cyber security solutions and services is primarily driven by increasing cyber-attacks worldwide. With the increasing number of cyber threats daily and evolving techniques by attackers, different organizations and consumers are compelled to adopt advanced security systems to tackle these threats.
Based on components, the cyber security market is categorized into solutions and services, of which solutions hold the larger share in the cyber security market, globally. The increasing number of new entrants providing security services against cyber-attacks and increasing concern regarding the data security and privacy led to the faster growth of the services segment during the historical period, which is also predicted to continue during the forecast period.
Among different types of security solutions (identity and access management, security and vulnerability management, risk and compliance management, encryption, firewall, unified threat management, web filtering, disaster recovery, distributed denial of services mitigation, antivirus or antimalware, data loss prevention, and intrusion detection systems), web filtering solution market is predicted to grow at the fastest CAGR during the forecast period.
On the basis of security type, the cyber security market size for application security is expected to grow at the fastest rate during the forecast period, globally. Based on organization size, the cyber security market size is larger for large enterprises; however, its growth rate is higher for small and medium enterprises due to the increasing awareness and increasing incidence of security breaches in these organizations.
North America accounted for the major share in the cyber security industry in 2017, globally as the players in the region are continuously investing capital for the advancement of technology in cyber security. U.S. is home to most of the major players worldwide, which is due to the fact that the U.S. population and government are more aware regarding the issues concerning to cyber-crime and attacks. This creates traction for the industry players to invest in the region.
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Also, Asia-Pacific is observed to witness significant growth in the market during the forecast period as the region comprises of a large population with internet access, the increasing penetration, and increasing awareness among masses and government bodies for tackling cyber threats and crimes.
Key players in the cyber security industry are investing in the development of advanced solutions including security and vulnerability management, risk and compliance management, and encryption among others, which is strengthening their position in the market. Hewlett Packard Enterprise, McAfee Inc., IBM Corporation, Symantec Corporation, Trend Micro, Inc., Check Point Software Technologies Ltd., Palo Alto Networks, Inc., Cisco Systems, Inc., Fortinet, Inc., Sophos Ltd., F-Secure, Kaspersky Lab, Webroot, Inc., and LogRhythm, Inc. are some of the key players offering solutions and services for cyber security.
Source: VynZ Research