Global cyber security market is projected to reach a size of $165.2 billion by 2023
LONDON, Jan. 23, 2018 /PRNewswire/ -- Global cyber security market is projected to reach a size of $165.2 billion by 2023, growing at a CAGR of 10.7%
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The cyber security market has been gaining traction due to its increased adoption in multiple industries, such as aerospace and defense, government, banking, financial services and insurance (BFSI), healthcare, retail, IT & telecom, and manufacturing.
Cyber security solutions have been garnering higher revenues as compared to services; however, a higher growth is being witnessed in the services category. They enable enterprises to identify threats and protect organizations' data from lethal cyber-attacks. It speeds up the process of noticing attacks and enables organizations to adopt predictive measures in combating cyber-crimes, which has been driving its market.
Insights on market segments
Based on security type, application was globally the largest security type, with $18.7 billion in 2016. Large enterprises accounted for larger share of the cyber security market compared to SMEs. The demand for cyber security has been growing by more than 5% in all the industries, however, the highest growth in demand has been observed from BFSI, where the rate of cyber-attacks is very high.
Cyber security solutions accounted for over 60% of the cyber security market in 2016, however, owing to a higher growth rate, the market share for services is expected to rise during the forecast period. The major types of solutions include risk and compliance management, identity and access management, firewall, security and vulnerability management, and others, where risk and compliance management hold the largest market.
Disaster recovery had a comparatively smaller market size in 2016 among the solution types, and is expected to witness the highest growth of over 19%, during the forecast period.
Rising incidence of cyber-attacks escalating the growth of the market
Increasing number of smart phone users, growing bring your own device (BYOD) trend, and enterprise mobility requirements are some of the factors bolstering the growth of the cyber security industry. The growing need to combat malicious attacks in large, small, and mid-sized organizations through advanced solutions, is anticipated to drive the growth of the cyber security market in future. The growing awareness of security breaches and their impact have led to increased IT spending in 95% of the organizations.
In an inter-connected business ecosystem, where business interacts with multiple systems across regions, there are high chances that organizations' digital landscape may get compromised during global interaction. The need to protect organization systems from cyber threats is leading to the adoption of cyber security.
Asia-Pacific to have the fastest adoption rate of cyber security
Geographically, the cyber security market is expected to witness the fastest growth in Asia-Pacific, during the forecast period. High value targets in a less secure environment, have made this region a potential target for cyber-criminals.
China accounted for the largest share of 31.4% of the APAC cyber security market in 2016. This is mainly attributed to the increased wired and wireless internet usage, rapid computerization, growth of e-commerce, and the rise in the adoption of cloud computing in the country.
Market heading towards consolidation
The cyber security market is fragmented, and has been witnessing several partnerships and acquisitions among key players. Some of the major players in the cyber security industry are BAE Systems, Plc, RSA Security LLC, IBM Corporation, Symantec Corporation, Palo Alto Networks, Inc., Fortinet, Inc., FireEye, Inc., Check Point Software Technologies Ltd, Cisco Systems Inc., and Juniper Networks, Inc.
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