Cyber security: Key market research findings
- Increasing adoption of cyber security solutions by defense and military organizations
- Increasing availability of integrated security solutions
Technavio has released a new market research report on the US Federal cyber security market, which is expected to grow at a CAGR of 8% between 2016 and 2020. Owing to instances of criminal activities since September 2001, the US federal government is enforcing the use of cyber security products to monitor data traversing through the network and control its access by preventing unauthorized individuals from gaining access. High demand for mobile devices among the US federal government is the major reason for the growth of the market, owing to the need for security.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The US federal government has increased its spending on security investments for defense and military organizations, which is dependent on the country’s economic condition. The investments are mainly for battlefield management, data protection, and wireless security solutions. This has led to the shift of defense organizations from traditional security solutions to electronic security solutions. Vendors such as BAE Systems and Lockheed Martin are offering cyber security solutions for defense and military organizations,” says Amrita Choudhury, Lead Analyst, ICT, Technavio Research
The US government is opting for integrated and converged security solutions. Vendors are providing integrated security solutions for better support and functionality to customers. With the increasing complexity of network infrastructure, integration of different security solutions is an important buying criterion. So, the adoption of integrated security solutions is expected to grow during the forecast period. Moreover, integrated security solutions will reduce the overall cost of owning security solutions for the customers, thus increasing their adoption.
The leading vendors in the US Federal cyber security market BAE Systems plc, General Dynamics Corp., Lockheed Martin Corp., Northrop Grumman Corp. and Raytheon Company. The market is fragmented with the presence of many multinational vendors and small regional players. Competition in the market is expected to intensify during the forecast period with an increase in solution extensions, technological innovations, and M&A. Large vendors are acquiring small vendors to expand their product portfolio and market share.
A more detailed analysis is available in the Technavio report, US Federal Cyber Security Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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