September 23 2020
Market Research Future published a research report on “Cyber Security Industry Research Report- Forecast to 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
The current report by Market Research Future (MRFR) asserts that the Cyber Security Industry 2020 is slated to attain a substantial market valuation at a moderate CAGR over the review period.
Drivers and Restraints
The influential factors driving the Cyber Security Industry are the rise in the frequency and complexity of cyber-attacks, the advent of disruptive digital technologies like IoT, and BYOD, severe data protection regulatory norms for information are driving the cybersecurity industry growth. Organizations need secure authentication functionality to endorse that authentic employees access internal networks or specific applications. Enterprises are increasingly moving towards multi-factor authentication to evade the threats of password-based verification. Multi-factor authentication is mostly performed by tallying another aspect to the standard user name and password. The layers may be hardware and software token, a device verification step, or a biometric check. The implementation of these authentication methods to moderate the risk of cyber threats, thus, encourage users to adopt effective cybersecurity solutions, therefore, providing a significant opportunity for market growth. Furthermore, the implementation of a cloud-based model empowers organizations to manage all the applications, as there is no invisibility with exceptionally sophisticated analytics running in the background. In addition, the employment of the cloud can allow organizations to combine complementary infrastructure technologies such as software-defined perimeters to create robust and exceedingly secure platforms.
Growing demand for cloud-based cybersecurity solutions is also one of the significant factors fueling the Cyber Security Industry growth over the review period. However, constant need to conform to cybersecurity industry standards, regulations, and complications of device security are some of the key factors hindering the market growth. Furthermore, cybersecurity activities are now being prioritized and aligned to strategic business activities to minimize the damage of IT resources, which provides a significant opportunity for market growth. Also, an increase in the need for secure authentication techniques is also expected to offer lucrative opportunities for the market. On the other hand, constant need to conform to industry regulations, standards, and complications of device security are some of the main factors impeding the market growth. Additionally, cybersecurity activities are now being prioritized and aligned to strategic business activities to minimize the damage of IT resources, which provides a significant opportunity for market growth.
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The key players in the Cyber Security Market are- Cisco Corporation, Mcafee Corporation, Fortinet Inc, Trend Micro Inc, Cassidian Cybersecurity Company, Computer Science Corporation, , Booz Allen Hamilton Corporation, Kaspersky Lab, Fireeye inc, Symantec Corporation among others.
Global Cyber Security Market: Regional Analysis
The regional analysis of the cyber security market covers regions such as Asia Pacific, Middle East, Africa, North America and Europe. The North America is heading the market of cyber security globally. The nations such as the US and Canada are well established in the field of technology and also some of the major players who supply cyber security options are located in the North American region. The European region is responsible for the next biggest market share in the cyber security market. The European region has a significant growth in the market which is growing at a high CAGR and is currently growing at an impressive rate. The primary reason behind this is that a few of the countries in Europe have an excellent command over the technology and most of the companies in the European region update their cyber security model on a regular basis. The Asia Pacific and MEA are the fastest rising markets for cyber security.
Global Cyber Security Market – Segmentation
The segmentation of the Cyber Security Market has been carried out on the basis of solutions, regions, services and by application verticals. The segmentation on the basis of solutions comprises of network security, endpoint security, content security, application security, industrial control system security and cloud security. On the basis of services, the market is segmented into consulting services, design services, training services, risk assessment services, and others. Based on application verticals, the cyber security market has been segmented into BFSI, telecommunication, aerospace and defense, manufacturing, healthcare, and others. The segmented regions in the market are Asia Pacific, Middle East, Africa, North America and Europe.
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The competitors in the market are attempting to establish various leaderships that will enable them to capture a more significant share of the market. The employment of effective strategy execution techniques is anticipated to bear positively on the future growth of the market. The analysis of the market reveals that it is poised for a high growth rate in the forthcoming years. Product differentiation has created a favorable product differentiation scenario that is complementing the market’s growth. Furthermore, the vertical integrations and product strategies of the market is increasing the prospects for the market players. Improved accessibility to diverse resources and capabilities is expected to impel the growth of the market in the coming forecast period.
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