“Rise in security breaches targeting enterprises driving the growth of the cyber security market”
MarketsandMarkets estimates the global cyber security market to grow from USD 122.45 billion in 2016 to USD 202.36 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 10.6%. The cyber security market is growing rapidly because of the increase in adoption of cyber security solutions, due to the increase in security breaches targeting enterprises.
“Network security to have the largest market size in 2016”
Network security is estimated to have the largest market size in 2016 because of the need for stringent compliance and regulatory requirements. The growth in the network security is associated with the rise in security breaches targeting enterprise networks, where hackers try to gain access to sensitive data. Furthermore, application security will grow at the highest CAGR during the forecast period, due to the rise in Internet of Things (IoT) and Bring Your Own Device (BYOD) trend.
“BFSI vertical to have the highest growth rate during the forecast period”
Cyber security solutions have been deployed across various industry verticals, including aerospace & defense, government & public utilities, Banking, Financial Services, and Insurance (BFSI), IT & telecom, healthcare, retail, manufacturing, and others. The BFSI vertical is expected to witness the highest CAGR during the forecast period because of the increasing adoption of web and mobile applications, which are prone to advanced cyber-attacks.
“Asia-Pacific (APAC) is expected to have the highest growth rate during the forecast period”
APAC includes emerging economies, such as India and China, which are rapidly deploying cyber security solutions. This is mainly due to the digitization of businesses and adoption of cloud services by small, medium, and large enterprises in the region.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the cybersecurity market place.
- By Company Type: Tier 1: 55%, Tier 2: 20%, Tier 3: 25%
- By Designation: C-Level: 60%, Director Level: 25%, Others: 15%
- By Region: North America:10%, Europe: 20%, Asia-Pacific: 40%, ROW: 30%
The report includes the study of key players offering cyber security solutions and services; Intel Security (U.S.), Symantec Corporation (U.S.), Hewlett Packard Enterprise (U.S.), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Rapid7, Inc. (U.S.), EMC RSA (U.S.), Fire Eye, Inc. (U.S.), Trend Micro, Inc. (Japan), and Sophos Ltd. (U.K.) are some of the companies profiled in the report. The report includes in-depth competitive analysis of these key players in the cyber security market, with their company profiles, SWOT analysis, recent developments, and key market strategies.
The report will help the market leaders or new entrants in this market in the following ways:
- This report segments the market into various subsegments, covering this market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split across different industry verticals and regions.
- This report will help in better understanding of the competitors and gaining more insights to better one’s position in the market. There is a separate section on competitive landscape, which includes competitor ecosystem, mergers & acquisitions, integrations & expansions, and collaborations of various market vendors. Besides, there are company profiles of ten players in this market. In this section, market internals are provided that can put one ahead of the competitors.
- The report also helps in understanding the overall growth of the market. It provides information on key market drivers, restraints, challenges, and opportunities.