Cyber security can be accomplished through active monitoring, exposure of outages or malicious movement, and timely response to disruptions.
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Cyber security market incorporates the safety of assets from cyber-crime and terrorism and other network service interruptions that affect daily operations.
With the proliferation of cloud, mobility, and bring your own device (BYOD), endpoint protection is crucial for all security departments. Cyber security threats and vulnerabilities can change from day to day, and even hour to hour.
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Effective steps for managing cyber risks today are unlikely to suffice for very long, and thus maintaining security in a wireless environment is challenging for most vendors in the ecosystem.
Cyber threats affect more than just the Information Technology (IT) infrastructure of a company. These threats cause disruptions to the entire network that impact principal business functions and mission.
Moreover, organizations evaluate cyber security in terms of direct influence to the successful execution of an organization’s primary mission.
The growth in volume and sophistication of cyber-attacks majorly drive the market growth. Partnerships and acquisitions were the key strategies adopted by the market players to enhance their market share.
For instance, Tenable Network Security collaborated with Thycotic, a provider of Privileged Account Management solutions. AurionPro Solutions, a global leader in enterprise security acquired Spikes Security, a network-based web malware provider.
This acquisition enabled AurionPro to expand its customer base and develop a broader product portfolio by leveraging low cost R&D.
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Based on solutions, global cyber security market is segmented into risk and compliance management, security incident management, Unified Threat Management (UTM), Identity and Access Management (IAM), encryption, intrusion prevention systems, and others. The UTM trend is expected to increase as these are typically purchased as cloud services, and include advanced features such as identity based access control, intrusion prevention, and Quality of Service.
The services segment is classified based on professional services and managed services. Managed services are expected to exhibit the highest growth rate during the forecast period, as they integrate along with the company’s intellectual property to provide end-to-end solutions tailored to meet the organization’s exact requirements.
Small and Medium Enterprises (SMEs) adopt the BYOD policy, which demands varied security software to protect the corporate data. Different industry verticals such as Banking, Financial Services & Insurance (BFSI), retail, IT & telecom, manufacturing, aerospace & defense, healthcare, and others use cyber security solutions to protect their data.
The financial institutions such as banking sector dominates the enterprise security usage followed by public sector.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region has shown a prominent growth and is expected to grow further at a CAGR of 17.8% over the forecast period.
In the years to come, Asia-Pacific should be a prominent cyber security market, owing to the rapid growth in population and increase in IT hubs. This would indirectly boost the market for cyber security market in the Asia-Pacific region.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the cyber security market along with current and future trends to elucidate the imminent investment pockets.
- Information regarding key drivers, restraints, and opportunities along with their impact analysis on the cyber security market is discussed.
- Porter’s Five Forces analysis illustrates the potency of buyers and suppliers in the cyber security market.
- The value chain analysis of the cyber security market signifies the key intermediaries involved, and elaborates their roles & value additions at every stage.
- The quantitative analysis of the market from 2014 to 2022 is provided to elaborate the market potential.
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