Cybersecurity Market Size By Product Type (Identity, Authentication and Access Management (IAAM) [Access Management, Identify Access Management], Infrastructure Protection [Endpoint Protection, Email/Web Gateway, Security Information and Event Management (SIEM), Vulnerability Management, Cloud Security, Data Loss Prevention (DLP)], Network Security [Internet Service Provider Equipment, Virtual Private Network (VPN), Unified Threat Management (UTM), Firewall], Security Services [Implementation, Managed Security Services, Consultancy & Training, Hardware Support]), By Organization (SME, Government, Large Enterprises), By Industry (Banking, Government, Manufacturing, Transportation, IT & Telecom, Insurance, Securities), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Norway, Ireland, Sweden, Netherlands, Australia & New Zealand (ANZ), China, India, Japan, South Korea, Philippines, Thailand, Singapore, Malaysia, Brazil, Mexico, Colombia, Argentina, Peru, UAE, Saudi Arabia, South Africa, Nigeria, Kenya, Oman), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024
Cybersecurity Market is anticipated to exceed 300 billion by 2024. The market is driven by the increasing frequency of cyber-attacks. This is attributed to the extensive digitalization across multiple business sectors. In the last five years, the financial losses caused due to cyber-attacks have risen by over 62%, encouraging companies to adopt advanced cybersecurity solutions to protect their sensitive information from unsanctioned access. In addition, the rising adoption of IoT devices is also promoting the adoption of cybersecurity solutions. Most of the IoT devices lack basic security features, enabling cybercriminals to exploit the vulnerabilities to conduct various illegal activities.
Another factor propelling cybersecurity market growth is the increasing need among organizations to minimize the security risks. With the increasing adoption of cloud platforms & other network solutions, organizations are becoming more exposed to external breaches. This has driven the companies to increase their budgetary allocations for cybersecurity solutions. The increasing penetration of several mobile and wireless devices is also adding to cybersecurity market growth. The availability of inexpensive smart devices and developments in the telecommunication infrastructure is increasing the adoption of mobile devices among enterprises and consumers.
The security services market holds over 60% share in the global cybersecurity market. The inexpensive nature of services and the rising adoption of BYOD polices are fostering its adoption among enterprises of all sizes. The network security market is also projected to grow at a CAGR of over 15% over the forecast time period. The rising penetration of integrated security solutions & IP traffic is fueling its adoption network security solutions.
The large enterprise held over 60% share of the cybersecurity market. The market in large enterprises is primarily driven by the increasing financial losses associated with the cybersecurity breaches. The average cost of cybersecurity breaches among large organizations has increased by over 11% in 2017. The government cybersecurity market is expected to grow at a CAGR of over 15% over the forecast time period. The loss of critical data and the erosion of trust in government officials have encouraged public sector agencies to deploy cybersecurity solutions to safeguard its network architecture.
The transportation market is anticipated to grow at a CAGR of over 15% over the projected timespan. The use of the Industrial Internet of Things (IIoT), smart logistics, and several modernization initiatives will provide a broader surface for cybercriminals to penetrate the company network. This has promoted the use of cybersecurity solutions in the transportation and logistics industry. The banking industry is predicted to grow at a CAGR of over 16% over the forecast timespan. The introduction of various stringent regulatory policies that mandate financial establishments to deploy security solutions has influenced the cybersecurity market.
The North America region is leading the cybersecurity market with over 40% share in 2017. The increasing investments and acquisition of cybersecurity start-ups by major players in the region are adding to market growth. The European region accounted for over 20% market share of the cybersecurity market in 2017. The rising public-private partnerships and government investments are driving the cybersecurity market in the region. The government has also enforced various regulations, enforcing business establishments of all sizes to use cybersecurity solutions.
Some of the players operating in the cybersecurity market are BAE Systems, CyberArk Software Ltd., Microsoft Corporation, Splunk, Inc., RSA Security, LLC., Oracle Corporation, Palo Alto Networks, Inc., Symantec Corporation., F5networks, Inc., Check Point Software Technologies Inc., Hewlett-Packard, Ltd., F-Secure Corporation, FireEye, Inc., Fortinet, Inc., IBM Corporation, Rapid7, Sophos Group plc, Intel Corporation, Proofpoint, Inc., McAfee LLC, Cisco Systems, Inc., and Trend Micro, Inc. The cybersecurity landscape is dominated by large players such as McAfee, Sophos, Symantec, Trend Micro, Check Point Software, and Palo Alto Networks. These players are conducting strategic acquisitions of various start-ups in the market to broaden the product line and strengthen its position in the market. In November 2018, Symantec Corporation acquired Javelin Networks, an Israel-based cybersecurity provider. The products developed by Javelin Networks will be integrated into Symantec’s product portfolio to expand its product offerings.
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