by The global Cyber Security Market is estimated to be valued at US$ 1,02,859 million in 2019 and is expected to exhibit a CAGR of 12.0% over the forecast period 2019-2027, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Cyber Security Market refers to the technologies, processes, and practices designed to protect computer systems, networks, and data from unauthorized access, attack, or damage. With the increasing frequency and sophistication of cyber threats, the need for robust cyber security solutions is becoming crucial for organizations across various industries. Cyber security products offer advantages such as protection against data breaches and financial losses, safeguarding of sensitive information, compliance with regulatory standards, and maintaining business continuity.
Market Key Trends:
One key trend in the Cyber Security Market is the growing adoption of cloud-based security solutions. The increasing use of cloud computing and storage services has opened up new opportunities for cyber attacks. As a result, organizations are shifting towards cloud-based security solutions that offer enhanced scalability, flexibility, and cost-effectiveness. These solutions enable organizations to protect their data and applications in real-time, regardless of the location or device being used. Moreover, cloud-based security technologies provide proactive threat detection, incident response, and continuous monitoring, which is essential in today’s dynamic threat landscape.
PEST Analysis:
- Political: The political environment plays a crucial role in the cyber security market. Governments around the world are increasingly concerned about cyber threats and are implementing strict regulations and policies to safeguard their digital infrastructure. For example, the implementation of the European Union’s General Data Protection Regulation (GDPR) has compelled organizations to invest heavily in cyber security measures.
- Economic: The economic factors driving the growth of the cyber security market include the increasing digitization of businesses and the rising number of cyber-attacks, which are causing significant financial losses to organizations. As a result, enterprises are increasing their budget allocation for cyber security solutions. Additionally, the increasing adoption of cloud computing and the proliferation of mobile devices are creating new opportunities for the market.
- Social: The social factors influencing the cyber security market include the rising awareness about the importance of data privacy and protection among individuals and organizations. High-profile cyber-attacks and data breaches have raised concerns among consumers, leading to a growing demand for robust cyber security solutions. Moreover, the growing reliance on social media and the increasing use of online platforms for various activities have further contributed to the demand for cyber security measures.
- Technological: The technological advancements in areas such as artificial intelligence (AI), machine learning (ML), and internet of things (IoT) have both positive and negative implications for the cyber security market. While these technologies can enhance the capabilities of cyber security solutions, they can also be exploited by cyber criminals. Additionally, the increasing use of cloud-based services and the growth of big data analytics have transformed the cyber security landscape.
Key Takeaways:
The Global Cyber Security Market Demand is expected to witness high growth, exhibiting a CAGR of 12.0% over the forecast period (2019-2027). This growth is primarily attributed to the increasing number of cyber-attacks and the rising adoption of digital technologies across various industries. The market size for 2019 was US$ 102,859 million.
In terms of regional analysis, North America is currently the fastest growing and dominating region in the cyber security market. The region has a well-established cyber security infrastructure and is home to several key players in the market. Additionally, the increasing adoption of cloud-based services and the presence of stringent data protection regulations are driving the demand for cyber security solutions in this region.
Key players operating in the cyber security market include Symantec Corporation, IBM Corporation, Check Point Software Technologies, Microsoft Corp, Trend Micro Incorporated, Lockheed Martin Corporation, Sophos Ltd, Intel Corporation, Verizon Communication Inc., and SecureWorks Inc. These companies are investing in research and development activities to innovate and develop advanced cyber security solutions to cater to the evolving needs of their customers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
