Cyber Security Market
The cyber security market was valued
at USD 197,300 Million in 2020, and it is expected to reach a value of USD
390,000 Million by 2027, at a CAGR of 10.10% over the forecast period (2020 -
2027).
Cyber security refers to the safeguarding of devices connected
to the internet that protect against numerous risks in cyberspace. It involves
protecting software, data, and hardware, as well as assisting in the prevention
of fraudsters gaining access to devices or networks. Companies need cyber
security to protect their data, cash, and intellectual property. Individuals
require it for comparable reasons, despite the fact that intellectual property
is less of a problem and the risk of losing critical information, such as
family photographs, is greater. When it comes to public services or
governmental organizations, cyber security assures that the public can continue
to rely on them.
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The global cyber security market is
segmented on the basis of type, solution, industry vertical, and services.
Based on the type, the market is segmented as Network Security, Application
Security, Mobile Security, Wireless Security, Cloud Security, and Others. Based
on the solutions, the market is segmented as Disaster Recovery, Anti-malware
And Anti-virus, Mobile Device Management, Firewalls, Authentication and
Authorization, Intrusion Detection And Protection Systems (ID/IP Systems),
Network Access Control, Data Loss Prevention, Encryption, DDOS Mitigation,
Security Information And Event Management (SIEM), Whitelisting, and Other.
Based on the industry vertical, the market is segmented into Government,
Defense, Aerospace, Banking and Financial Services Industries, Travel and
Transportation, Telecommunication, Healthcare, Retail, Manufacturing, and
Others. Whereas, based on the services, the market is segmented as Consulting
Services, Network Vulnerability Assessment, Managed Security Services, Design
and Integration, and Others.
Analysis
by Type
In 2021, the Network Security segment
of the market held more than a 20% share in the market. The segmental growth of
the market is attributed to the rise in response to an increase in the number
of malware assaults and the adoption of the Bring Your Own Device (BYOD) trend.
Network security includes Firewall, antivirus/antimalware, Unified Threat
Management (UTM), NAC, Intrusion Detection System/Intrusion Prevention System
(IDS/IPS), Distributed Denial of Service (DDoS) mitigation, Data Loss
Prevention (DLP), secure web gateways, vulnerability scanning, sandboxing, and
others.
Analysis
by Solution
In 2021, the Firewall segment of the
market held more than a 15% share in the market. The segmental growth of the
market is attributed to the increased demand for advanced security for NextGen
technologies. Further, new vulnerabilities in SS7, administrative regulations.
and advancement of digital transformation in the telecom industry are other
segmental driving factors for the market.
Analysis
by Industry Vertical
In 2021, the BFSI segment held a
significant share of more than 17% share in the global market. The segmental
growth of the market is attributed to an upsurge in online banking activities,
which has encouraged money lender to
more emphasis on their security. Hence, this contributes to the segmental
growth of the market during the forecast period.
Analysis
by Services
In 2021, the Network Vulnerability
Assessment segment held a significant share of more than 12% share in the global
market. The segmental growth is attributed to increased vulnerabilities around
the world, major financial losses due to the lack of security and vulnerability
management solutions, strict regulatory standards and data privacy compliances,
increased adoption and integration of advanced technologies such as AI and ML
with security and vulnerability management solutions.
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Top Players Company Profiles
- AVG Technologies (Czech Republic)
- Check Point Software Technologies Ltd. (Israel)
- Cisco Systems Inc. (US)
- Cyber Ark Software Ltd. (US)
- Dell Technologies Inc. (US)
- FireEye Inc. (US)
- Fortinet (US)
- IBM Corporation (US)
- Imperva (US)
- Intel Security (US)
About
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Management & Commercialization organization that connects innovation to new
markets, networks & collaborators for achieving Sustainable Development
Goals.
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