According to a new market research report “Cybersecurity Market by Solution, Service, Security Type, Deployment Mode, Organization Size, Industry Vertical, and Region – Global Forecast to 2023”, the cybersecurity market is expected to grow from USD 152.71 billion in 2018 to USD 248.26 billion by 2023. Compound Annual Growth Rate (CAGR) will raise 10.2% during 2018-2023.
North America is a largest contributor to this market owing to adoption of cyber security in commercial industries and as well as on personal computing. North America is projected to maintain its peak position during the forecast period. Asia Pacific will show remarkable growth in the following period (2017 to 2024).
The cybersecurity market is growing rapidly because of the rising need for cloud-based cybersecurity solutions among Small and Medium-sized Enterprises (SMEs).
The cyber security market is segmented on the lines of its type, solution, service and vertical analysis. Under solution segmentation it covered into identity and access management (IAM), risk and compliance management, encryption, data loss prevention, unified threat management, firewall, antivirus and antimalware, IDS/IPS, SIEM, disaster recovery, DDOS mitigation and whitelisting.
The cyber security market is segmented on the lines of its service like consulting, design and integration, risk and threat assessment, managed security services and training and education. Under vertical segmentation it covered aerospace, defense, and intelligence, government (excluding defense) and public utilities, banking, financial services, insurance (BFSI), telecommunication, healthcare, retail and manufacturing. The cyber security market is geographic segmentation covers various regions such as North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Each geography market is further segmented to provide market revenue for select countries such as the U.S., Canada, U.K. Germany, China, Japan, India, Brazil, and GCC countries.
The major driving factors of cyber security market are as follows:
o Increasing popularity of online data and digital data.
o Rising strictness of cyber security.
o Cloud security opening latest expansion opportunity.
o Rising security requirement in significant infrastructure and utilities.
o Tougher government policies.
o Development of social media.
The restraining factors of cyber security market are as follows:
o Need of security alertness
o Rising usage of pirate software
o Cyber ability space.
The cybersecurity market is segmented into various industry verticals. Out of these, the healthcare industry vertical is expected to grow at the highest CAGR from 2018 to 2023, as the medical data and digital medical devices used in this industry vertical are prone to advanced threats. The government is expected to have largest market size in 2018, due to the increased adoption of cybersecurity solutions in this industry vertical. The Banking, Financial Services, and Insurance (BFSI); and Information Technology (IT) and telecom industry verticals are also expected to gain traction during the forecast period.
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