The latest report on Cyber Security Market by Infinium Global Research gives complete coverage of the Cyber Security Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2018 to 2024. In addition, the study covers deep dive into key product and applications trends in the regional markets of Cyber Security such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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The Emergence of Disruptive Digital Technologies Such as the Internet of Things Across Various Industry Verticals
The internet has become an essential part of today’s generation of people from communicating through instant messages and emails to banking, travelling, studying, and shopping. The Internet has touched every aspect of life. Owing to increased use of the internet by people, protecting important information has become a necessity. Cyber security is the practice of guarding systems, networks, and programs from digital attacks. These attacks are usually aimed at retrieving, altering, or destroying sensitive information, extracting money from users and disturbing normal business processes. Moreover, increasing use of smart devices and internet of things, the cyber attackers are growing innovative and are making the IT security more accessible to malpractices. Hence, this gives the rise to cyber security industry to play a very prominent role in the daily lives of every person.
The emergence of disruptive digital technologies such as the internet of things across various industry verticals drives the growth of the cyber security market. In addition, the government sector is more prone to cyber-attacks owing to the presence of government records that are packed with traffic documents and proprietorship statistics. The perception of eGovernance has headed the government to focus more on information security threats. This, in turn, is strengthening the growth of the cyber security market.
The global expenditure on cybersecurity is increasing as it is becoming difficult to keep pace with the rise in cybercrimes and malware attacks on governments, BFSI and healthcare organizations. Airplane navigation and guidance systems can be highly susceptible to cyber-attacks that can have widespread complications. Hence, the computers and networks for all the ground and air-borne tasks need strong security infrastructure.
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Use of Pirated and Open Source Cybersecurity Solutions are Curtailing the Market Growth Over the Forecast Period
On the other hand, the primary platform for an increase in cybercrime activities is connectivity through the use of Big Data, cloud, social media, and mobile services. However, the use of pirated and open source cybersecurity solutions are curtailing the market growth over the forecast period. Furthermore, implementation of the artificial intelligence and the advancement in the blockchain technology for cyber defense have opened several doors of opportunity for the key players in the cyber security market.
For instance, third-party data packing and cloud-based services have opened opportunities for a cyber-attack which formerly did not exist. These services operate on the support of the internet and will become increasingly connected over the upcoming years, allowing the need for a robust cyber security system in the business environment.
Among the geographies, North America dominated the cyber security market. The growth in the North American region is due to the strong presence of several market executives along with recent security threats. Moreover, the total number of cybersecurity incidents reported by federal agencies in the United States has drastically increased from 5,503 in 2006, to 77,183 in 2015. Furthermore, the rising need among organizations to shrink the misuse of internet and address the attacks on their IT infrastructure is anticipated to drive the cyber security market in the North America region.
Moreover, rapid economic growth and economic stability are expected to drive the growth in the Asia Pacific region. Chinese and the Indian government are working on deploying a robust and credible cyber security policy and action plan which is anticipated to reduce the impact of cybercrime in the region.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Cyber Security.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.