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Cyber security market to hit US$ 252.39 billion by 2023 illuminated by new report

IT Market Research

Cyber Security Market By Service (Training and Education, Managed Services, Consulting) By Industry Type (Transportation, Telecom and IT, Aerospace and Defense, Healthcare) By Deployment Type (On-Premises, Cloud).

GLOBAL CYBER SECURITY MARKET Make an Inquiry about this news was valued at USD 139.54 Billion in the year 2017. Global Cyber Security Market is further estimated to grow at a CAGR of 10.38% from 2018 to reach USD 252.39 Billion by the year 2023.

North America region holds the highest market share in 2017 and Asia-Pacific market is considered as the fastest growing market in the forecasted period. At a country level, developed markets like the U.S.

as well the emerging markets like China with highest population base holds the notable market share in 2017 and it is projected to grow at a gradual rate in the coming years.

McAfee LLC (US), IBM Corporation (US), Cisco Systems Inc. (US), Symantec Corporation (US) are some of the key players in the Cybersecurity Market with McAfee LLC holding the substantial market share because of its better technological advancements and global reach.

Technological up gradation to cater changing demand of end users along with growth strategies such as acquisition & merger were few techniques adopted by most of the top players in last 5 years.

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Drivers:

             Mandatory legislation regarding cybersecurity

Restraints:

             Availability of pirated security solutions

Opportunities:

             Increasing use of social media platforms for business dealings

             Growing interests of end users in cryptocurrencies

Challenges:

             Lack of skilled personnel to curb the growing ransomware attacks

Segmentation done on the basis of Industry include Transportation, Telecom and IT, Aerospace and Defense, Healthcare, Retail, Manufacturing, Banking Financial Services and Insurance (BFSI); of which the BFSI segment is expected to hold the highest market share during the forecast period.

Segmentation done on the basis of Service include Training and Education, Managed Services, Consulting, Design and Integration, Risk and Threat Assessment, Support and Maintenance of which The Managed Services segment is expected to grow at the highest CAGR during the forecast period.

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Key Benefits for Stakeholders

Cybersecurity Solutions & Service Providers

Research and Consulting organization

Technology Standards Organizations, Forums, Alliances and Associations

End-use industries

Regulatory bodies, policy actors, and consumers.

By Service

Training and Education

Managed Services

Consulting

Design and Integration

Risk and Threat Assessment

Support and Maintenance

By Industry Sector

Transportation

Telecom and IT

Aerospace and Defense

Healthcare

Retail

Banking, Financial Services, and Insurance

Manufacturing

Others

By Deployment Type

On-Premises

Cloud

By Region

North America

Europe

Asia-Pacific

ROW

Key Market Players

McAfee LLC

IBM Corporation

Cisco Systems Inc.

Symantec Corporation

Palo Alto Networks

Trend Micro

Juniper Networks

Fortinet

Check Point Software Technologies

Sophos

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News From

Genesis Market InsightsGenesis Market Insights
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