On the basis of security type, the cyber security industry can be categorized into enterprise, endpoint, cloud, application, network, and others. Application security segment is likely to hold largest market share in coming years owing to rising number of cyber-attacks in business applications. In addition, rising focus of enterprises to safeguard critical data and business applications will drive segment’s growth over the forecast period.
Based on component, the cybersecurity industry can be divided into solutions and services. Solution segment is anticipated to dominate the cyber security market over the forecast period. Rising demand for connected devices, bring your own devices (BYOD) and internet of things (IOT) is expected to impel segment’s growth.
To cater to rising demand for advanced internet safety solutions, manufacturing companies are investing in R&D. For instance, in May 2019, Quick Heal Technologies launched advanced cyber security solution for desktops and laptops. The product is aimed at providing protection against potential cyber threats. In addition, the product is equipped with comprehensive and advanced features such as webcam protection, total ransomware protection, portable file vault, parental control, and safe banking.
Rising cases of #phishing and malware threats in organizations is anticipated to propel cybersecurity market growth. Growing adoption of digitalization prompts organizations to depend on digital information. Sharing huge volume of data in internal and external environment across the globe is likely to create vulnerabilities in the network. Such network vulnerabilities allow hackers to intrude and access important data. This factor is expected to impel demand for advanced network solutions to secure information and software. Stringent government regulations on data privacy in organizations is expected to impel market growth. Moreover, growing adoption of data center, cloud computing, and wireless communication will drive the cyber security industry over the forecast period.
FELTON, California, Sept. 16, 2019 /PRNewswire/ — The global Cyber Security Market is estimated to witness a healthy CAGR during the forecast period, according to a report available on Million Insights. Cyber security is defined as advanced technology that protects computer systems, programs, and networks from digital attacks. These attacks are aimed at accessing, changing, and destroying important information related to businesses. Implementation of advanced cyber security solutions in organizations provides complete protection against threats such as malware, ransomware, phishing, and social engineering.