Global Cyber Security market, to witness a 10.38% CAGR during the forecast period: Prominent Market Research

Prominent Market Research

Woodridge, 2018 May (Press Release) – Global Cyber Security Market was valued at USD 139.54 Billion in the year 2017. Global Cyber Security Market is further estimated to grow at a CAGR of 10.38% from 2018 to reach USD 252.39 Billion by the year 2023. North America region holds the highest market share in 2017 and Asia-Pacific market is considered as the fastest growing market in the forecasted period. At country level, developed markets like US as well the emerging markets like China with highest population base holds the notable market share in 2017 and it is projected to grow at a gradual pace in the coming years.

McAfee LLC (U.S.), IBM Corporation (U.S.), Cisco Systems Inc. (U.S.), Symantec Corporation (U.S.) are some of the key players in the Cyber Security Market with McAfee LLC holding the substantial market share because of its better technological advancements and global reach. Technological upgradation to cater changing demand of end users, similarly growth strategies such as acquisition & merger were few techniques adopted by most of the top players in last 5 years.

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Key Market Players

  • McAfee LLC
  • IBM Corporation
  • Cisco Systems Inc.
  • Symantec Corporation
  • Palo Alto Networks
  • Trend Micro
  • Juniper Networks
  • Fortinet
  • Check Point Software Technologies
  • Sophos

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Drivers:

Mandatory legislation regarding cyber security

Restraints:

Availability of pirated security solutions

Opportunities:

Increasing use of social media platforms for business communication

Growing interests of end users in crypto currencies

Challenges:

Lack of skilled personnel to curb the growing ransomware attacks

Segmentation done on the basis of Industry include Transportation, Telecom and IT, Aerospace and Defense, Healthcare, Retail, Manufacturing, Banking Financial Services and Insurance (BFSI); of which the BFSI segment is expected to hold the highest market share during the forecast period.

Segmentation done on the basis of Service include Training and Education, Managed Services, Consulting, Design and Integration, Risk and Threat Assessment, Support and Maintenance of which The Managed Services segment is expected to grow at the highest CAGR during the forecast period.

Key Benefits for Stakeholders

Cyber security Solutions & Service Providers

Research and Consulting organization

Managed Security Service Providers

IT security agencies

End use industries

By Service

Training and Education

Managed Services

Consulting

Design and Integration

Risk and Threat Assessment

Support and Maintenance

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By Industry Sector

Transportation

Telecom and IT

Aerospace and Defense

Healthcare

Retail

Banking, Financial Services, and Insurance

Manufacturing

Others

By Deployment Type

On-Premises

Cloud

 

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