The emerging online e-commerce platforms and the introduction of core technologies such as the internet of things (IoT), artificial intelligence (AI), cloud security, and others are driving the cyber security market. Key market players are concentrating their efforts on the development of internet security solutions based on artificial intelligence (AI) platforms. For example, Fortinet, Inc. launched FortiXDR, an AI-enabled, fully automated online cyber threat detection XDR solution, in January 2021. With cumulative investments from Germany, France, India, Spain, South Korea, Italy, Canada, Qatar, and others, the growing demand for solutions is expected to gain traction. Manufacturing, banking, financial services, and insurance (BFSI), as well as healthcare, are expected to drive market growth in the coming years.
Westford, USA, May 04, 2022 (GLOBE NEWSWIRE) -- Computer security, also known as cyber security or information technology security, is the protecting of computer systems and networks against information disclosure, theft or damage to their hardware, software, or electronic data, as well as disruption or misdirection of the services they provide. The market's growth can be attributed to the increasing sophistication of cyberattacks. Over the last decade, the frequency and severity of cyber scams and crimes have increased, resulting in huge losses for businesses. Businesses around the world have increased their spending on advanced information security technologies to strengthen their in-house security infrastructures as cybercrime has increased significantly. Targeted attacks have grown in popularity in recent years, infiltrating targets' network infrastructure while remaining anonymous. Attackers with a specific goal typically target endpoints, networks, on-premises devices, cloud-based applications, data, and a variety of other IT infrastructures. The primary goal of targeted attacks is to infiltrate the networks of targeted companies or organizations and steal critical information. As a result of these targeted attacks, businesses' mission-critical operations suffer from disruptions, intellectual property loss, financial loss, and loss of critical and sensitive customer information. The consequences of targeted cyber-attacks affect not only the organizations targeted but also their domestic and international customers. Attackers steal Personally Identifiable Information (PII) such as names, phone numbers, addresses, driver's license numbers, and social security numbers, increasing the number of security breaches and identity thefts.
Read market research report, " Global Cyber Security Market segmented by Type (Network Security, Application Security, Mobile Security, Wireless Security, Cloud Security, and Others), Solution (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), Industry Vertical (Government, Defense, Aerospace, Banking and Financial Services Industries, Travel and Transportation, Telecommunication, Healthcare, Retail, Manufacturing, and Others), Services (Consulting Services, Network Vulnerability Assessment, Managed Security Services, Design and Integration, and Others) and By Region, And Segment Forecasts, 2021 - 2027” by SkyQuest
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The cloud computing model is widely adopted due to its powerful and flexible infrastructure. Many organizations are shifting their preference toward cloud solutions to simplify the storage of data, and also as it provides remote server access on the internet, enabling access to unlimited computing power. The implementation of cloud-based model enables organizations to manage all the applications as it provides exceptionally challenging analytics that runs in the background.
Cyber security requirements are growing faster than budgets allocated to address them. Most small businesses do not have the budget or IT security expertise to implement enhanced cyber security solutions to protect their networks and IT infrastructures from various cyber-attacks. Limited capital funding can be a major impediment for some small and medium-sized businesses adopting the cyber security model. Emerging start-ups in developing countries throughout MEA, Latin America, and APAC frequently face difficulties in obtaining finance and appropriate funding to implement cyber security solutions for their businesses. Capital funding in these firms is primarily acquired for the protection of business-critical operations, leaving little or no funding for the advancement of advanced cyber security solutions.
The top players in the Cyber security market are AVG Technologies, Check Point Software Technologies Ltd., Cisco Systems Inc., Cyber Ark Software Ltd., Dell Technologies Inc., FireEye Inc. Fortinet, IBM Corporation, Imperva, Intel Security etc. New players are also entering the segment thus increasing its market penetration and therefore demand growing exponentially.
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
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SkyQuest has segmented the Global Cyber Security Market based on Type, Solution, Industry, Services and Region:
Cyber Security Market By Type (Revenue, USD Million, 2020 - 2027)
Cyber Security Market By Solutions Outlook (Revenue, USD Million, 2020 - 2027)
Anti-malware and Anti-virus
Mobile Device Management
Authentication and Authorization
Intrusion Detection and Protection Systems (ID/IP Systems)
Data Loss Prevention
Security Information and Event Management (SIEM)
Cyber Security Market By Industry Outlook (Revenue, USD Million, 2020 - 2027)
Banking and Financial Services Industries
Travel and Transportation
Cyber Security Market By Services Outlook (Revenue, USD Million, 2020 - 2027)
Network Vulnerability Assessment
Managed Security Services
Design and Integration
Cyber Security Market Regional Outlook (Revenue, USD Million, 2020 - 2027)
Rest of Europe
Rest of Asia Pacific
Central & South America
Rest of CSA
Middle East & Africa
Rest of MEA
List of Key Players of Cyber Security Market
AVG Technologies (Czech Republic)
Check Point Software Technologies Ltd. (Israel)
Cisco Systems Inc. (US)
Cyber Ark Software Ltd. (US)
Dell Technologies Inc. (US)
FireEye Inc. (US)
IBM Corporation (US)
Intel Security (US)
Palo Alto Networks Inc. (US)
Proofpoint Inc. (US)
Rapid7 Inc. (US)
Symantec Corporation (US)
Trend Micro Inc. (Japan)
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