NEW YORK, Aug. 10, 2020 /PRNewswire/ -- With the increasing data breach cases, the global cyber security market is projected to grow to $433.6 billion by 2030, from $119.9 billion in 2019, at a 12.6% CAGR between 2020 and 2030, according to the market research study published by P&S Intelligence
The COVID-19 pandemic is working like a charm for the cyber security market, as, with companies shifting to the work-from-home model and focus on essential healthcare services rising around the world, the incidence of cyber-attacks is also surging. During this period, not only are the IT departments finding it hard to detect cyber threats on individual employees' computers, but a large number of fake COVID-related websites with malicious intentions are also being created. This has led to a sharp surge in the demand for cybersecurity solutions, thereby benefitting the market.
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The small and medium enterprises (SME) bifurcation is expected to witness the higher CAGR in the cyber security market, of 15.3%, in the future, under segmentation by enterprise. SMEs are rapidly moving to cloud computing, focusing strongly on meeting the regulatory compliances regarding the protection of sensitive customer data, and undergoing rapid digitization.
Security monitoring was the highest-revenue-generating division in the cyber security market in 2019, based on use case. This is attributed to the rising realization about the importance of analyzing potential threats, monitoring and tracking suspicious events in real time, and meeting the regulatory compliance.
Browse detailed report overview on Cyber Security Market Research Report: By Component (Solutions, Services), Security Type (Application, Network, Endpoint, Cloud, Enterprise), Deployment (On-Premises, Cloud), Enterprise (Large Enterprises, SME), Use Case (Security Monitoring, Network Traffic Analysis, Threat Hunting, Incident Response, Data Exfiltration), Industry (Aerospace & Defense, Government, BFSI, Healthcare, Retail, IT & Telecom, Manufacturing) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/cyber-security-market
In the immediate future, the fastest cyber security market progress is projected to be seen in the healthcare classification, under the industry segment. The focus of healthcare firms on enhancing the level of patient care, complying with government regulations, using cloud-based software, adopting the remote patient monitoring approach, and leveraging enhanced technologies, including the internet of things (IoT), machine learning (ML), and cloud computing, is increasing. In addition, with the growing healthcare spending, the adoption of cybersecurity solutions in this sector is further predicted to rise.
In the coming years, Asia-Pacific (APAC) would witness the highest CAGR in the cyber security market. This would be a result of the increasing realization about countering cyberattacks, high demand for data protection and encryption solutions, rising need for a centralized network infrastructure view, growing penetration of mobile internet, and strong government support, in the form of the implementation of cyber security laws.
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In order to reach a wider customer base and consolidate their position, cyber security market players are engaging in mergers and acquisitions, to:
- Combine each other's technology, to prioritize security operations and improve the threat response process during cyberattacks
- Integrate cloud workload security capabilities into their solutions
- Offer stronger online fraud protection against botnets, automated attacks, and targeted frauds
- Equip their IoT security solutions with next-generation firewall
- Develop air traffic management security, network cyber security, financial transaction security, and airport security solutions
The major companies functioning in the global cyber security market are Trend Micro Incorporated, Cisco Systems Inc., FireEye Inc., McAfee LLC, Check Point Software Technologies Ltd., Palo Alto Networks Inc., Fortinet Inc., Broadcom Inc., IBM Corporation, and Juniper Networks Inc.
Cyber Insurance Market
Due to the COVID-19 pandemic, a large number of companies are offering work from home facility to their employees, which is rapidly increasing the chances of cyber-attacks. Therefore, to mitigate the risk of financial loss, the companies are increasingly adopting cyber insurance policies.
Automotive Cybersecurity Market
Globally, the Asia-Pacific (APAC) automotive cybersecurity market is expected to witness the fastest growth during the forecast period.
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SOURCE P&S Intelligence