Global Cyber Security Market witnessing 11.7% CAGR during the forecast period (2020–2025)

The global cyber security market is estimated to be valued at USD 140.3 billion in 2020 and is expected to reach USD 243.6 billion by 2025, growing at a CAGR of 11.7% during the forecast period (2020–2025). The market is driven by factors such as increasing cybersecurity threats, increasing internet penetration, and increasing adoption of IoT solutions across different industry verticals. Industry players are developing advanced solutions to tackle cyber-attacks and threats such as firewalls, encryption, identity and access management, security, and vulnerability management, which are further fuelling the growth of the market.

The market for cybersecurity devices is primarily driven by increasing cyber-attacks worldwide. With the increasing number of cyber threats daily and evolving techniques by attackers, different organizations and consumers are compelled to adopt advanced security systems to tackle these threats. Different governments and organizations across the globe are collaborating and cooperating to deal with these threats. This offers market players immense opportunities to develop advanced security systems, which will drive their revenue growth.

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Based on verticals the market is segmented into government and public utilities, aerospace, and defense, BFSI, manufacturing, retail, healthcare, IT and telecom, and others. Of all the verticals, cyber security solutions and services witness the highest demand from the BFSI sector. Banking and financial sectors are more prone to cyber-attacks as these industries are vulnerable to cyber risk and owing to the transactions happening on a daily basis. This makes it of the utmost need to utilize cyber security solutions and services.

North America accounted for the major share in the cyber security industry in 2019, globally as the players in the region are continuously investing capital for the advancement of technology in cyber security. U.S. is home to most of the major players worldwide, which is due to the fact that the U.S. population and government are more aware regarding the issues concerning to cyber-crime and attacks. This creates traction for the industry players to invest in the region. Moreover, Asia-Pacific is observed to witness the fastest growth in the cyber security market.

Key players in the cyber security industry are investing in the development of advanced solutions including security and vulnerability management, risk and compliance management, and encryption among others, which is strengthening their position in the market. Hewlett Packard Enterprise, McAfee Inc., IBM Corporation, Symantec Corporation, Trend Micro, Inc., Check Point Software Technologies Ltd., Palo Alto Networks, Inc., Cisco Systems, Inc., Fortinet, Inc., Sophos Ltd., F-Secure, Kaspersky Lab, Webroot, Inc., and LogRhythm, Inc. are some of the key players offering solutions and services for cybersecurity.

Global Cyber Security Market Coverage

Component Insight and Forecast 2015 – 2025

• Solution
  • Identity and Access Management
  • Security and Vulnerability Management
  • Risk and Compliance Management
  • Encryption, Firewall
  • Unified Threat Management
  • Web Filtering
  • Disaster Recovery
  • Distributed Denial of Services Mitigation
  • Antivirus or Antimalware
  • Data Loss Prevention
  • Intrusion Detection Systems
• Services
  • Managed
  • Professional

Deployment Type Insight and Forecast 2015 – 2025

• Cloud-Based
• On-Premise

Security Type Insight and Forecast 2015 – 2025

• Network, Endpoint
• Wireless
• Application
• Cloud
• Others

Organization Size Insight and Forecast 2015 – 2025

• Small and Medium Enterprises
• Large Enterprises

Vertical Insight and Forecast 2015 – 2025

• Government and Public Utilities
• Aerospace and Defense
• BFSI
• Manufacturing
• Retail
• Healthcare
• IT and Telecom
• Others

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