Cyber Security Market to reach USD 390.2 Billion, with a 14.50% CAGR by 2030
The
global cybersecurity
market, according to the report by Market Research Future (MRFR), is slated
to register a CAGR of moderate 14.50% during the forecast period to reach an
exponential market valuation of USD 390.2 billion by 2030.
The
type of data stored online and on the cloud is steering the cybersecurity
market positively as data is an extremely sensitive asset. The increased
intensity of cyberattacks is expected to bolster the cybersecurity market in
the coming period. Escalated expenditure being diverted towards the use of
cybersecurity is various residential and commercial applications is expected to
stimulate the cybersecurity market globally.
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Segmentation:
The
global cybersecurity market has been segmented on the basis of component,
deployment, organization size, security type, and vertical.
Based
on the component, the global cybersecurity market has been bifurcated into solutions
and services. The solutions segment is sub-sub-segmented into antivirus, data
loss prevention, disaster recovery, firewall, identity and access management,
risk and compliance management, security information and event management,
unified threat management, web filtering, and others.
The services segment of the market has been
bifurcated into professional services and managed services. The professional
service is further segmented into consulting, support & maintenance,
training & education, and design & integration.
The
deployment of cybersecurity solutions and services is done over the cloud and
on-premise.
The
organization sizes operating in the global cybersecurity market are small and
medium-sized enterprises (SMEs) and large enterprises.
The security
services offered by the market players include application security, cloud
security, endpoint security, network security, wireless security, and others.
The
applications of cybersecurity are found in industrial verticals such as
aerospace & defense, BFSI, government, healthcare, IT &
telecommunication, manufacturing, retail, and others.
Detailed Regional Analysis
The
regional evaluation of the cybersecurity market is carried out on the basis of
the Americas, Europe, APAC & MEA. As per the analysis, the North American
region is controlling the market for cybersecurity. The nations like the US and
Canada are well advanced in the arena of technology and also some of the chief
companies who provide cybersecurity options are located in the North American
region. The European region is credited for the next principal market segment
in the cybersecurity market. The European region holds a considerably major
share in the global market which is presently increasing with a noteworthy
CAGR. The key motive behind this is some nations of Europe have a decent
command over the technology, and most of the companies in the European region
update their cybersecurity model periodically. Asia Pacific and MEA are fastest
growing market for cybersecurity.
Competitive Analysis
The
optimistic synchronization achieved in the factors that encourage market growth
has increased substantially. The upgrades seen in the raw materials utilized by
the market are expected to motivate market progress in the coming years. The
market is presently undergoing a phase of meteoric developments. The
recalibration of the supply chains to incorporate leanness and efficiency is
expected to intensify consumer satisfaction, further adding to the future
expansion in the market. The availability of better production facilities in a
strategic location is helping the competitors to offer better product
experiences. The revitalization of capital venture inflow is expected to add
strength to the market’s boom in the forecast period. The establishment of
constructive trade policies by quite a few nations is expected to transform the
market’s growth potential. The transformation in the economies of various
developing nations around the world is estimated to reinforce the market
progress outlook in the forecast period.
The
central companies operating in the market for cybersecurity are Cisco
Corporation, Fireeye Inc., Computer Science Corporation, Fortinet Inc,
Cassidian Cybersecurity Company, Mcafee Corporation, Trend Micro Inc, Booz
Allen Hamilton Corporation, Kaspersky Lab, Symantec Corporation among others.
Industry Updates:
Oct 2019 Singapore has launched a masterplan that
has been unveiled to defend operational technology (OT) systems from
cyber-attacks that can derail Singapore’s transport, water supply, and other
critical sectors. The OT cybersecurity masterplan will strengthen defense
against such cyber-attacks by increasing the talent pool and simplifying the
interchange of data between the private and public sectors.
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