The global Cyber Security Market size is expected to reach
USD 241.1 billion by 2025, according to a new report by Grand View Research,
Inc., expanding at a CAGR of 11.0% over the forecast period. Cyber security
focuses on protection of the network, programs, computers, and data from unauthorized
access. In the recent past, it has become increasingly vital owing to the
storage and transmission of confidential information by government and
corporations. Such a vast amount of data transmitted across networks is prone
to data breaches, thus raising concerns among public as well as government.
Online threats are identified as one of the highest occurring global
risks. Growing technological advancements and capabilities of disrupting
cyberspace are continuously reshaping the global threat landscape. Cybercrimes
have increasingly affected several industries in myriad ways, thereby boosting
demand for internet safety solutions. Various organizations are focusing on
improving security systems, owing to the rise in online threats and malware
attacks in sectors such as government, defense, and IT.
Increasing number of high-profile cases of cybercrime has augmented
the demand for sophisticated and advanced security software products and
services. Furthermore, such cyber hacks have increased the awareness regarding
potential threats amid industries such as BFSI, healthcare, and defense. Thus,
it has resulted in improved allocation of resources among organizations that
help to mitigate risk.
Cloud-based platforms and smartphone devices are predominant sources
of online data breach among organizations. Proliferation of threats, along with
the traditional safety models, has been proven ineffective to keep pace with
increasing challenges pertaining to safety. In order to overcome such
challenges, organizations are rapidly adopting a robust cybersafety stance.
Thus, the global market is driven by necessary measures required to counteract
growing cybercrimes.
Increasing number of targeted attacks is propelling the demand for
these solutions as major governments such as that in the U.S. and the European
Union as well as venture capital firms are continuously investing funds into
cybersafety enterprises. Furthermore, rapid advancements in technologies such
as cloud, artificial intelligence, and IoT are anticipated to boost the demand
for these solutions over the forecast period.
Further key findings from the study suggest:
- Based
on component, the services segment dominated the market in 2018 and is
anticipated to register the highest CAGR of 11.8% over the forecast
period. The solution segment was valued at USD 57.3 billion in 2018
- On the
basis of type, the enterprise segment was valued at USD 58.4 billion in
2018, expanding at a healthy CAGR over the forecast period. The
application segment is anticipated to register the highest CAGR of 17.9%
over the forecast period
- The
managed services segment is expected to retain its dominance in the market
and is projected to reach USD 76.3 billion by 2025
- The
cyber security market in North America was valued at USD 44.6 billion in
2018 and is expected to expand at a healthy CAGR over the forecast period
- Key
players in the market include Symantec Corporation; Cisco Systems Inc.;
Checkpoint Software Technologies Ltd.; Fortinet Inc.; and Trend Micro.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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