Rise in security breaches, targeting enterprises, is driving the growth of the cybersecurity market
MarketsandMarkets expects the global cybersecurity market to grow from USD 137.85 billion in 2017 to USD 231.94 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 11.0%. The cybersecurity market is growing rapidly because of the increase in adoption of cybersecurity solutions, due to the increase in security breaches targeting enterprises.
Strict directives for data privacy driving the growth of the cybersecurity market
The constant development in security threats has given rise to the design and implementation of a large number of directives that needed to be strictly adhered to by all organizations. Regulations underline various guidelines and security features to be strictly followed, such as Payment Card Industry Data Security Standard (PCI-DSS), Health Insurance Portability and Accountability Act (HIPAA), Federal Information Security Management Act (FISMA), European Union Agency for Network and Information Security (ENISA), and Sarbanes–Oxley Act (SOX).
Network security is estimated to have the largest market size in 2017
The network security segment is estimated to have the largest market size in 2017, because of the need for stringent compliance and regulatory requirements. The growth in the network security is associated with the rise in security breaches targeting enterprise networks, where hackers try to gain access to sensitive data.
BFSI vertical is expected to have the highest growth rate during the forecast period
Cybersecurity solutions have been deployed across various verticals, including aerospace and defense; government; Banking, Financial Services, and Insurance (BFSI); IT and telecom; healthcare; retail; manufacturing; energy and utilities; and others (education, media and entertainment, and automotive). The BFSI vertical is expected to witness the highest CAGR during the forecast period because of the increasing adoption of web and mobile applications, which are prone to advanced cyber-attacks.
APAC is expected to have the highest growth rate during the forecast period
Asia Pacific (APAC) includes emerging economies, such as India and China, which are rapidly deploying cybersecurity solutions. This is mainly due to the digitization of businesses and adoption of cloud services by small, medium, and large enterprises in the region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the cybersecurity marketplace.
- By Company Type: Tier 1: 55%, Tier 2: 20%, and Tier 3: 25%
- By Designation: C-Level: 60%, Director Level: 25%, and Others: 15%
- By Region: North America: 10%, Europe: 20%, APAC: 40%, and Rest of the World (RoW): 30%
The report includes the study of key players offering cybersecurity solutions and services. IBM Corporation (US), Hewlett Packard Enterprise (US), McAfee LLC (US), Trend Micro, Inc. (Japan), Symantec Corporation (US), Check Point Software Technologies Ltd. (Israel), Cisco Systems, Inc. (US), Palo Alto Networks, Inc. (US), Juniper Networks, Inc. (US), Fortinet, Inc. (US), FireEye, Inc. (US), Sophos Ltd. (UK), Rapid7, Inc. (US), EMC RSA (US), LogRhythm, Inc. (US), Optiv Security Inc. (US), Webroot, Inc. (US), CyberArk Software Ltd. (US), Qualys, Inc. (US), F-Secure (Finland), Trustwave Holdings, Inc. (US), Proofpoint, Inc. (US), Splunk, Inc. (US), Kaspersky Lab (Russia), and Imperva, Inc. (US) are some of the companies profiled in the report. The report includes in-depth competitive analysis of these key players in the cybersecurity market, with their company profiles, recent developments, and business and product offerings.
The research covers the cybersecurity market on the basis of different segments, such as solutions, services, security types, deployment modes, organization sizes, and verticals in the regions of North America, Europe, APAC, MEA, and Latin America. Further, it includes the factors that are driving the cybersecurity market along with the growth opportunities in this market. It also includes the restraining factors and challenges in the growth of the market. Moreover, the report includes the detailed company profiles of the key players offering cybersecurity solutions and services.
The report is expected to help the market leaders or new entrants in this market in the following ways:
- This report segments the market into various subsegments, covering this market comprehensively.
- The report provides the closest approximations of the revenue numbers for the overall market and the subsegments.
- The market numbers are further split across different verticals and regions.
- This report will help in better understanding of the competitors and gaining more insights to better one’s position in the market.
- There is a separate section on competitive landscape, which includes competitor ecosystem, mergers and acquisitions, integrations and expansions, and collaborations of various market vendors. Besides, there are company profiles of 12 players in this market. In this section, market internals are provided that can put one ahead of the competitors.
- The report also helps in understanding the overall growth of the market. It provides information on key market drivers, restraints, challenges, and opportunities.