Thursday 5 February 2015, Amsterdam
The new report recognizes the following companies as the key players in Global Cyber Security Market: BAE Systems plc, Check Point Software Technologies Pvt. Ltd., Cisco Systems Inc., Fortinet Inc., General Dynamics Corp., Juniper Networks Inc., Lockheed Martin Corp., McAfee Inc., Raytheon Co., Symantec Corp., Boeing Co., Booz Allen Hamilton Inc., Brocade Communications Systems, Citrix Systems Inc., Computer Science Corp., EMC Corp., F-Secure Corp., Hewlett-Packard Co., IBM Corp., Kaspersky Lab, L-3 Communications Corp., Microsoft Corp., Northrop Grumman Corp., Radware Ltd., SAIC Inc., Trend Micro Inc., Websense Inc.
Commenting on the report, an analyst from the new reports team said: “One of the major trends witnessed in the market is the increase in the demand for cloud-based security solutions. This demand is primarily because of the significant advantages attributed to such solutions. Companies also find it difficult to manage standalone or integrated network components because of issues such as budget constraints and the lack of resources and expertise available to address security problems. Hence, companies opt for cloud-based IT security solutions that are cost-effective, comply with PCI DSS regulations, and offer round-the-clock monitoring of systems. Therefore, the increase in demand for cloud-based solutions is expected to contribute to the growth of the Global Cyber Security market during the forecast period.”
According to the report, the growth of the Global Cyber Security market is driven by several factors, one such factor being the need to improve the quality of protection. As the frequency of attacks is on the rise, organizations are increasingly implementing IT security solutions to efficiently monitor threats and provide enhanced protection. The quality of protection can also be improved by outsourcing security responsibilities to service providers with core expertise in this field. Hence, more end-users are adopting IT security services, which is driving the growth of the market.
Further, the report states that one of the major challenges is the high cost of implementation. In spite of the potential benefits provided by IT solutions, certain organizations refrain from investing in them owing to the high costs. Certain hidden costs are also involved in the maintenance of such solutions. Factors such as these discourage end-users from adopting these solutions, which affects the growth of the market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.