Global Cyber Security Market

The global cyber security market is projected to stand at USD 289.8 billion by 2026, growing at a CAGR of 10.6%. One of the main reasons for this impressive growth is the increasing number of cyber attacks on government-managed systems all over the world. For example, in September 2019, a cyber security company found leaked personal data of almost all citizens of Ecuador. Similarly, in August 2019, the Banks’ Integrated Reporting Dictionary (BIRD) of the European Central Bank (ECB) was hacked and large volumes of sensitive data is feared to be stolen. Such data breach incidents create distrust among the people regarding the security of their data, which will aid the global cyber security market growth during the forecast period.

According to the report by Fortune Business Insights™, titled "Cyber Security Market Size, Share & Industry Analysis, By Component (Solutions, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By End-User (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities and Others) and Regional Forecast, 2019 – 2026", the global cyber security market is currently valued at USD 131.3 billion. The report also incorporates a detailed analysis of the factors and trends that will influence the market in the forecast period.

Cyber security refers to a basket of measures and technologies that are designed to protect the virtual world. This world includes computers, smartphones, tablets, and other devices that are connected to each other. Cyber security tools and software ensure that the data transmitted, shared, and stored on these devices remains protected.

Rising Electronic Financial Transactions to Boost the Market

Cashless transactions are on the rise globally, facilitated by the internet and development of new platforms such as e-wallets and ECS software. According to statistics released by the European Central Bank, 134 billion cashless transactions took place in the European Union in 2017, with card payments contributing 52% of those transactions. A developing country such as India is another example where digital transactions are surging and with it, financial cybercrimes. For example, a report by the Reserve Bank of India stated that in 2017-18, 2,059 cyber frauds were reported. Financial information is, therefore, highly vulnerable to external attacks, which can gravely injure the economic health of a nation. This factor is expected to fuel the global cyber security market revenue during the forecast period.

Fortune Business Insights covers some of the key players in the global cyber security market:

• Cisco
• Forcepoint
• F5 Networks, Inc.
• Microsoft
• IBM
• Amazon Web Services
• Palo Alto Networks, Inc.
• Symantec Corporation
• Fortinet, Inc.
• Splunk Inc.
• McAfee LLC
• Oracle

The global cyber security market report offers qualitative and quantitative insights on cyber security solutions and detailed analysis of market size & growth rate for all possible segments in the market.

Key insights offered in the report are the adoption trends of cyber security solutions, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.

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