The cyber security market was valued at USD 119.61 billion in 2018, and is expected to reach USD 261.07 billion by 2024, at a CAGR of 14.15% during the forecast period (2019-2024). Cyber security is an integral part of every single organization across the world. The need for security solutions has been marked by private financial and banking services sectors being victims of cyber-attacks worth a couple of billion dollars in the past couple of years. The adoption of cyber security solutions is expected to grow with the increasing penetration of internet among the developing and developed countries. Also, the expanding wireless network for mobile devices has increased data vulnerability, making cyber security an integral part of every single organization across the world.
- The key drivers for cyber security market are the increasing government regulations on data privacy, rising cyber threats, and increasing number of data centers, which are the most significant revenue generators for the cyber security market.
- The total number of reported cyber security incidents witnessed a steep increase over the past few years, leading to increased emphasis on data security and protection. The formation of hacking groups that deal with ethical and large-frame hacking, causing huge losses, has created a dire need for cyber security in the market.
- Factors hindering the growth of the market are lack of awareness and availability of pirated cyber security solutions. Several governments across the globe have gradually warmed up to the need for joint collaborations and initiatives to counter frequent breaches and attacks.
Scope of the Report
Cyber security solutions help an organization to monitor, detect, report, and counter cyber threats to maintain data confidentiality. Cyber security refers to the protection of computer systems from theft or damage to their hardware, software, or electronic data, as well as from disruption or misdirection of the services they provide.
Key Market Trends
Aerospace and Defense Segment is Expected to Witness a Significant Growth
- Airplane navigation and guidance systems can be highly susceptible to cyber-attacks, which can have widespread ramifications. Hence, the computers and networks for all the ground and air-borne operations need strong security infrastructure.
- The increasing adoption of machine-to-machine technologies (M2M) in the aerospace domain and the focus of the governments on cyber security to counter cyber terrorism has driven the growth of the cyber security market in this sector immensely for the past few years.
- The Aerospace Industries Association (AIA) has long focused on promoting policies that strengthen the aerospace and defense industry and convening the crucial conversations on these same policies and issues with key stakeholders across the public and private sectors. Therefore, organizations are expected to install robust and critical infrastructure to deal with cyber security issues.
- Defense companies, such as BAE Systems PLC, General Dynamics Corporation, Finmeccanica S.p.A., are engaged in developing cyber security solutions in the defense industry, especially in developing network security solutions and software, to prevent cyber-attacks on military software systems, proving the increasing demand from the sector.
North America to Account for the Largest Market Share
- North America is expected to retain its position as the largest market for cyber security solutions, over the forecast period. The strong presence of several market incumbents, coupled with recent security threats in the region, are expected to drive the adoption of these solutions further.
- Owing to the increasing cyber incidents in the country, the government is significantly investing in dealing with these cyber attacks. According to the recent annual budget plans of the Trump government, the US government has earmarked more than USD 19 billion for cyber security related initiatives. This was majorly due to the increasing number of cyber attacks in the nation.
- Also, the National Institute of Cybersecurity Careers and Studies (NICCS) has been playing a proactive role in increasing awareness, by providing training programs to the stakeholders.
- Furthermore, in terms of private companies, major technological giants, such as Microsoft Corp. and IBM, have been investing heavily on their cyber security R&D initiatives in a bid to keep up with the heterogeneous nature of the cyber threats.
The cyber security market is fragmented. It is a highly competitive market with a number of players and no dominant player present.
- February 2019 - Huawei offered to launch a cyber security center in Poland. The company made a statement stating that they are ready to establish a cyber security center if the authorities accept it as a trusted solution.
- May 2017 - IBM launched new incident response capabilities which are part of its resilient security portfolio, to enable companies to address the new General Data Protection Regulation (GDPR). These capabilities are designed to help clients rehearse, prepare for, and manage the new regulations. GDPR is one of the biggest changes in data privacy.
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