Surge in trend of IoT & BYOD, rise in threats of malware and phishing among enterprises, and increase in demand for cloud-based cyber security solutions facilitate the growth in the global cyber security market.
PORTLAND, Oregon, May 15, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Cyber Security Market By Component (Solutions and Services), Solution/Offerings (Identity and Access Management, Infrastructure Security, Governance, Risk, & Compliance, Unified vulnerability management service offering, and Data security and Privacy service offering), Deployment type (Cloud and On-Premises), User type (Large enterprises and Small & Medium enterprises), And Industry Verticals (Aerospace and Defense, BFSI, Public sector, Retail, Healthcare, IT and Telecom, Energy and Utilities, Manufacturing, and Others): Global Opportunity Analysis And Industry Forecast, 2018–2025." According to the report, the global cyber security market garnered $104.60 billion in 2017, and is expected to generate $258.99 billion by 2025, growing at a CAGR of 11.9% from 2018 to 2025.
Surge in trend of IoT & BYOD, rise in threats of malware and phishing among enterprises, and increase in demand for cloud-based cyber security solutions facilitate the market growth. On the other hand, complexities related to security of devices and budgetary constraints hinder the growth of the market. Contrarily, increase in requirement for strong authentication methods and transformation in the antivirus industry create new growth opportunities for the market.
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Solutions segment to continue its dominant share in terms of revenue by 2025
Based on component, the solutions segment accounted for more than two-thirds of the total market share, and is projected to continue its dominant share in terms of revenue by 2025. This is attributed to surge in requirements for monitoring external and in-house threats in large and small & medium enterprises. On the other hand, the services segment is expected to grow at the fastest CAGR of 13.8% from 2018 to 2025. This is due to rise in adoption of digital technologies across the different industries and need for data privacy and protection.
On-premise segment to dominate by 2025
On the basis of deployment type, the on-premise segment held the major share in 2017, contributing nearly three-fifths of the total market share. This is due to surge in adoption of cyber security solutions by large enterprises and rise in need to secure critical data from cyberattacks in an organization. Contrarily, the cloud segment would register the fastest growth rate with a CAGR of 13.9% from 2018 to 2025, owing to demand for cloud-based cyber security solutions along with low maintenance and capital costs.
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North America to maintain its lead in terms of revenue throughout the forecast period
North America accounted for nearly one-third of the total market share in 2017, and will maintain its lead in terms of revenue throughout the forecast period. This is due to increase in dependency on social media applications and internet. However, Asia-Pacific is expected to register the largest CAGR of 13.6% during the forecast period, owing to penetration of internet and smartphones in countries including China and India leading to increase in adoption of cyber security measures in the region.
Leading market players
Key market players analyzed in the research include Accenture, Cognizant, Capgemini, IBM Corporation, HCL Technologies Limited, Tata Consultancy Services, Symantec Corporation, Wipro Limited, and others.
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