Cyber Security Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $198 billion by 2022, registering a CAGR of 15.5% during the period 2016-2022. The BFSI and public sector is expected to dominate the global cyber security market. In the year 2015, North America was the leading contributor to the global revenue, and Asia-Pacific is projected to be dominant by 2022.
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Rise in malware and phishing threats across various industries such as BFSI, retail, healthcare, and energy & utilities is expected to foster the adoption of cyber security solutions. In addition, increase in adoption of enterprise mobility and growth in proliferation of mobile devices are anticipated to drive the market growth, as this concept enables employees to access corporate information from devices. This in turn gives rise to several concerns that organizations need to comply along with its data protection responsibilities. However, budget constraints among organizations and lack of security awareness initiatives among enterprises, especially SMEs restrict the market growth. Innovative developments in technologies such as implementation of firewalls, Unified Threat Management (UTM), and social media control through cloud-based platform are expected to provide numerous opportunities for the growth and development of cyber security market.
In 2015, the public sector accounted for the maximum revenue share in global cyber security market, owing to frequent incidents of cyber-attacks, specifically on online government services worldwide. For instance, in 2015, both the White House and Office of Personnel Management were targeted by hackers to access federal security clearance forms containing sensitive information about intelligence personnel and military workers.
Rise in demand for cloud-based security solutions, advanced authentication, and transformation in traditional antivirus software provides huge growth opportunities to the market in public sector. In addition, the healthcare segment is projected to grow at a fastest CAGR of 17.5%, owing to the manifestation of sensitive and diverse data present in healthcare organizations, which comprises personally identifiable information (PII), electronic protected health information (ePHI), and financial data. In the solutions segment, risk and compliance management is anticipated to generate the highest revenue by 2022, as this solution enables organizations to monitor systems, including financial systems, ERP applications, and HRIS systems. Moreover, the deployment of risk and compliance management solutions offers a comprehensive view of the infrastructure, applications, and data. The encryption solution is expected to grow at the fastest CAGR due to its functionality of customizable tracking and reporting competencies through a web gateway.
In the year 2015, North America accounted for a major share of the global cyber security market. Asia-Pacific is expected to dominate the market by 2022 owing to increase in rate of Internet penetration in countries such as India, China, Japan, Malaysia, and Singapore. Additionally, the growth in implementation of cloud-based security tools such as identity and access management (IAM), advanced authentication, and incident management boosts the organizations in Asia-Pacific to adopt effective security solutions.
Key findings of the Cyber Security Market:
•In the year 2015, unified threat management dominated the overall cybersecurity solutions segment in terms of revenue, and is projected to grow at a CAGR of 11.9% during the forecast period.
•Managed services are estimated to grow at the highest CAGR of 20.3% from 2016 to 2022.
•Cloud-based deployment type is anticipated to generate the highest revenue by 2022.
•In the user segment, SMEs are projected to grow at the highest CAGR of 18.5%.
•Among the industry verticals, healthcare is expected to witness the highest growth rate of 17.5%.
•In the year 2015, North America generated the highest revenue in the global cyber security market.
•Asia-Pacific is expected to grow at a remarkable CAGR of 17.8% during the forecast period.
•The global cyber security market generated $75 billion in 2015.
Prominent players such as Cisco Systems, IBM Corporation, Symantec, Trend Micro, FireEye, Sophos, and CSC focus on product launch, acquisition, and partnership for expansion in the market. For instance, in August 2016, Symantec Corporation acquired Blue Coat Systems to introduce advanced security products and help clients to achieve their goals.