Cyber security focuses on protecting networks, computers programs and data from unauthorized access or breaches. Various sectors use cloud services to collect and store Confidential data and information and is transferred across networks. In order to protect this data from threats of cyber-attacks, viruses and hacking, cyber security becomes important. Cyber security is playing an important role because of increasing computer interconnectivity across various sectors and industries.
Primary drivers of this market are increasing cyber threats, increasing number of data centers and stringent government regulations on data privacy. Increasing adoption of cloud services for data communication in various sectors is further driving demand for the global Cyber Security Market cyber security market. Implementation of IoT and bring your own device (BYOD) policies has connected large number of applications and devices over internet hence protection of this devices is also fueling demand of cyber security market globally.
Availability of pirated security software is hampering the global cyber security market. In addition, deployment cost could be a concern for small and medium sized enterprises. Increasing cyber threats and attacks is propelling various enterprises, start-ups and government to increasing their spending towards cyber security solutions and services.
The global cyber security market is segmented on the basis of component, deployment type, industry vertical, and region. On the basis of region, the global cyber security market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America has witnessed a rapid growth during past five years and is projected to grow significantly revenue wise during the forecast period, owing to increasing cyber-attacks in this region and increasing adoption of Internet of Things (IoT) and cloud services. Also, Asia Pacific is expected to show high growth in terms of revenue generation during the forecast period.
Key players in the global cyber security market are IBM Corporation, Symantec Corporation, Check Point Software Technologies Ltd., Cisco Systems Inc., Fortinet Inc., Hewlett Packard Enterprise, McAfee LLC, Trend Micro Inc., Palo Alto Networks Inc., and Juniper Networks Inc.
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