The global cyber security services market was valued at almost USD118 billion in 2016 and is expected to surpass USD201 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on cyber security services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the cyber security services market during the forecast period. Some of the top vendors listed in this industry analysis include Intel, IBM, Cisco, Booz Allen Hamilton, and Symantec.
In terms of geographical analysis, North America is the largest shareholder in the global market with a market share of around 35%. North America accounts for the largest market share due to the presence of many vendors in this region.
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According to Angad Singh, a category specialist at Technavio for research on category spend intelligence, “The adoption of cyber-insurance is becoming increasingly popular in the global market. Although organizations develop and deploy various tools and techniques to detect threats and protect cyber infrastructure, it is not possible to achieve perfect protection, prompting them to opt for cyber-insurance. This type of insurance provides coverage against losses arising from eventualities such as data destruction, extortion, theft, and DoS attacks. It also provides coverage against losses to third-parties arising from errors and omissions, failure to safeguard data, and defamation.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increase in number of cyber-attacks
It is estimated that the global annual cost of recovering from cybercrimes is approximately USD6 trillion. The expenses also include the cost of forensic investigations carried out to identify the cybercriminals responsible for these attacks. Organizations across the globe are spending heavily on upgrading the security of their networks and online systems to avoid incurring such costs and other associated losses.
Increased demand for cloud-based cybersecurity
Organizations are increasingly shifting to cloud-based services owing to advantages such as cost-effectiveness and reduction in management complexities. With the rise in the adoption of cloud computing, there is an increase in the demand for cloud-based cybersecurity services to avoid loss of data privacy. Suppliers in the market are developing advanced cloud security services in order to meet the rising consumer demand, leading to the growth of the global cyber security market.
Increasing penetration of internet and related services
The exponential rise in Internet penetration and related services is spurring an upsurge in the demand for cyber security services. The sudden rise in demand for cybersecurity services is leading to the entry of new players in the market space. Organizations are investing in R&D activities to develop innovative technologies that can deal with ever-evolving threats and provide them with a competitive edge over their competitors.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Cyber Security Services – Procurement Market Intelligence 2017.’
