Cyber Security Market Growth: Explore Top Factors that Will Boost the Global Market in Future
Rise in malware and phishing threats among enterprises and increase in adoption of IoT and BYOD trend are boosting the growth of the cyber security market.
PORTLAND , PORTLAND, OR, UNITED STATE, July 14, 2022 /EINPresswire.com/ — As per the report published by Allied Market Research, the global cyber security market is projected to reach $304.91 billion by 2027, registering a CAGR of 9.4% from 2020 to 2027. The report highlights market characteristics, market potential, and growth by segmentation, and competitive landscape.
Increase in malware and phishing threats among enterprises, rise in demand for cloud-based cyber security solutions, and surge in adoption of IoT and BYOD trends drive the growth of the global cyber security market. However, budget constraints among organizations and complexities of device security hamper the market growth.
On the contrary, need for strong authentication methods, increase in adoption of mobile device applications and platforms, and transformation in traditional antivirus software industry are expected to open lucrative opportunities for the market players in the future.
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The global cyber security market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is projected to manifest the highest CAGR during the forecast period. However, the market across North America is estimated to hold the largest share during the forecast period.
Based on component, the solutions segment held more than two-thirds of the total share, and is estimated to maintain its lead position in terms of revenue throughout the forecast period. This is due to rise in requirements regarding monitoring of external and in-house attacks in large and small & medium enterprises.
Contrarily, the services segment is estimated to register the highest CAGR of 13.8% from 2018 to 2025, owing to increase in adoption of digital technologies from various industries and requirement for data privacy.
On the basis of deployment type, the on-premise segment accounted for the highest share in 2017, holding nearly three-fifths of the total share. This is attributed to large enterprises adopting cyber security solutions and increase in requirements regarding securing critical data from cyberattacks.
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On the other hand, the cloud segment is estimated to register the highest growth rate, registering a CAGR of 13.9% from 2018 to 2025, owing to requirement of cloud-based security along with reduced maintenance and investment costs.
Based on region, North America held nearly one-third of the total share in 2017 and is estimated to maintain its leadership status on the basis of revenue during the forecast period. This is attributed to rise in dependency upon social media applications and penetration of internet.
However, Asia-Pacific is estimated to grow at the highest CAGR of 13.6% from 2018 to 2025, owing to ease in availability of smartphones in nations such as China and India that led to surge in adoption of cyber security measures.
Leading market players discussed in the report are Accenture, Capgemini, Cognizant, HCL Technologies Limited, IBM Corporation, Symantec Corporation, Tata Consultancy Services, Wipro Limited, and others. They have adopted various strategies including expansions, mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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Key Benefits For Stakeholders :
• The study provides an in-depth analysis of the global cyber security market forecast along with current & future trends to explain the imminent investment pockets.
• Information about key drivers, restraints, & opportunities and their impact analysis on global cyber security market trends is provided in the report.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
• The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.
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