The cyber security market was valued at USD 197,300 Million in 2020, and it is expected to reach a value of USD 390,000 Million by 2027, at a CAGR of 10.10% over the forecast period (2020 – 2027).
Cyber security refers to the safeguarding of devices connected to the internet that protect against numerous risks in cyberspace. It involves protecting software, data, and hardware, as well as assisting in the prevention of fraudsters gaining access to devices or networks. Companies need cyber security to protect their data, cash, and intellectual property. Individuals require it for comparable reasons, despite the fact that intellectual property is less of a problem and the risk of losing critical information, such as family photographs, is greater. When it comes to public services or governmental organizations, cyber security assures that the public can continue to rely on them.
The global cyber security market is segmented on the basis of type, solution, industry vertical, and services. Based on the type, the market is segmented as Network Security, Application Security, Mobile Security, Wireless Security, Cloud Security, and Others. Based on the solutions, the market is segmented as Disaster Recovery, Anti-malware And Anti-virus, Mobile Device Management, Firewalls, Authentication and Authorization, Intrusion Detection And Protection Systems (ID/IP Systems), Network Access Control, Data Loss Prevention, Encryption, DDOS Mitigation, Security Information And Event Management (SIEM), Whitelisting, and Other.
Based on the industry vertical, the market is segmented into Government, Defense, Aerospace,
Banking and Financial Services Industries, Travel and Transportation, Telecommunication, Healthcare, Retail, Manufacturing, and Others. Whereas, based on the services, the market is segmented as Consulting Services, Network Vulnerability Assessment, Managed Security Services, Design and Integration, and Others.
Analysis by Type
In 2021, the Network Security segment of the market held more than a 20% share in the market. The segmental growth of the market is attributed to the rise in response to an increase in the number of malware assaults and the adoption of the Bring Your Own Device (BYOD) trend. Network security includes Firewall, antivirus/antimalware, Unified Threat Management (UTM), NAC, Intrusion Detection System/Intrusion Prevention System (IDS/IPS), Distributed Denial of Service (DDoS) mitigation, Data Loss Prevention (DLP), secure web gateways, vulnerability scanning, sandboxing, and others.
Analysis by Solution
In 2021, the Firewall segment of the market held more than a 15% share in the market. The segmental growth of the market is attributed to the increased demand for advanced security for NextGen technologies. Further, new vulnerabilities in SS7, administrative regulations. and advancement of digital transformation in the telecom industry are other segmental driving factors for the market.
Analysis by Industry Vertical
In 2021, the BFSI segment held a significant share of more than 17% share in the global market. The segmental growth of the market is attributed to an upsurge in online banking activities, which has encouraged money lender to more emphasis on their security. Hence, this contributes to the segmental growth of the market during the forecast period.
Analysis by Services
In 2021, the Network Vulnerability Assessment segment held a significant share of more than 12% share in the global market. The segmental growth is attributed to increased vulnerabilities around the world, major financial losses due to the lack of security and vulnerability management solutions, strict regulatory standards and data privacy compliances, increased adoption and integration of advanced technologies such as AI and ML with security and vulnerability management solutions.
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Top Players Company Profiles
- AVG Technologies (Czech Republic)
- Check Point Software Technologies (Israel)
- Cisco Systems (US)
- Cyber Ark Software Ltd. (US)
- Dell Technologies (US)
- FireEye (US)
- Fortinet (US)
- IBM Corporation (US)
- Imperva (US)
- Intel Security (US)
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