Cyber Security Market Prognosticated To Escalate With a Staggering 12.59% CAGR; MRFR Unleashes Industry Insights

Cyber Security Global Market – Overview

The Global Cyber Security Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of cyber security will grow at USD 407.6 billion with a CAGR of 12.59% by 2032

Cyber security market can be broadly classified into software, hardware and services. Managed security is one of the most preferred cyber security technologies, and is growing rapidly to ease operations and management in banking, telecommunications, and healthcare. Cyber security services will continue to have a higher preference than cyber security software and hardware throughout the assessment period.

The emerging BYOD trend among organizations has made devices and applications more vulnerable to malware and threats. Even though, the policy encourages employees to use mobile devices such as smartphones or tablets, this has made corporate date more vulnerable to cyber-attacks. This initiative has resulted in enterprise mobility, improving the organization productivity, however the risk associated with this model, is encouraging organization to implement effective security solution. The BYOD trend is here to stay, due to its positive impact on the overall organizations productivity, hence this trend would stimulate the growth of cyber security solutions in the coming years.

Key Players:

Intel Security (U.S.), Symantec Corporation (U.S.), Hewlett Packard Enterprise (U.S.), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Rapid7, Inc. (U.S.), EMC RSA (U.S.), FireEye, Inc. (U.S.), Trend Micro, Inc. (Japan) and Sophos Ltd. (U.K.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global cyber security market.

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Industry/ Innovation/ Related News:

June 21, 2017 – Intel Corporation has joined Team8, an Israeli creator of cyber security start-ups, as a strategic partner and will help with the formation of companies that address the largest cyber security problems. Intel’s collaboration with Team8 provides users with more effective defences against sophisticated APT (Advanced Package Tool), in the early stage of the attack, that otherwise go undetected and pose a great threat to enterprises and individuals.

May 11, 2017 – IBM Security announced Smarttech, a security services provider based in Ireland, is leveraging IBM Watson for Cyber Security in their Security Operations Center (SOC). The new tool is enabling the company to investigate and respond to three times as many security incidents with greater speed and accuracy. Smarttech was one of 40 companies around the world to participate in the IBM Watson for Cyber Security Beta Program, and is now a customer.

June 8, 2017 – Honeywell Process Solutions (HPS), with the support of the Singapore Economic Development Board (EDB), established a new industrial cyber security center of excellence (COE) for Asia Pacific in Singapore. The COE will feature a state-of-the-art cyber security research and development lab, an advanced training facility and a security operations center that provides managed security services.

September 19, 2017 — ManTech International announces intent to acquire InfoZen for $180 million in cash. InfoZen is an IT solutions provider whose domain expertise includes threat monitoring and assessment capabilities in support of critical national and homeland security missions.

Global Cyber Security Market – Segmentation

The Global Cyber Security is segmented in to 5 key dynamics for the convenience of the report and enhanced understandingSegmentation by Solution: Comprises Identity and Access Management, Risk and compliance management, encryption, Data Loss Prevention (DLP), Unified Threat Management (UTM), Firewall, antivirus/anti-malware, Intrusion Detection System (IDS)/Intrusion Prevention System (IPS) among othersSegmentation by Service: Comprises Design Services, Consulting Services, Risk Assessment Services, and Training Services among othersSegmentation by Security type: Comprises Network Security, Endpoint Security, Content Security, Application Security, Industrial Control System Security and Cloud SecuritySegmentation by Deployment: Comprises of on-premise and cloudSegmentation by Vertical: Comprises Telecommunication, BFSI, Manufacturing, Aerospace and Defense, and Healthcare among others.Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World

Enterprise security budgets are trending up

Cyber security awareness is growing among many organizations. To combat cyber threats, organizations are investing mainly on security measures. Some of the organizations which are investing in to cyber security are as follows:

J.P. Morgan Chase & Co. doubled its annual cyber security budget from $250 million to $500 million. Bank of America has gone on the record stating it has an unlimited budget when it comes to combating cybercrime.

Microsoft Corp. will continue to invest over $1 billion annually on cyber security research and development in the coming years, according to a senior executive at the tech giant.

The White House states the U.S. Government will invest over $19 billion for cyber security as part of the President’s Fiscal Year (FY) 2017 Budget. That is up from the $14 billion budgeted in 2016. This represents a more than 35 percent increase from FY 2016 in overall Federal resources for cyber security, a necessary investment to secure our Nation in the future.

Global Cyber Security Market:

Regional Analysis

North America leads the market for global cyber security market, due to the technical advancements and early adoption in this region. Owing to the increasing cyber-crime and strict government rules against it many of the companies started to develop and deploy cyber security techniques. In Asia Pacific the market for global cyber security is anticipated to grow at a faster rate through the forecast period. The primary forces driving this growth are increased adoption of mobile and web based applications in countries like China, Japan and India.

Cyber security has become a national concern for countries like the Europe, U.S. and China. In China, for instance, implemented a new cyber security law in May 2017, which has organizations the world over concerned with data sharing and handling. The Europe, U.S. and other countries will likely see new legislation to boost security and data protection soon as well.