This research report presents a comprehensive segmentation of the global cyber security market by end users (government, BFSI, manufacturing, ICT, retail, and healthcare) and by geography (APAC, Europe, Latin America, MEA, and North America). The report also includes and insightful analysis of the leading vendors in this market such as Booz Allen Hamilton, Lockheed Martin, McAfee, Symantec, and Trend Micro.
Technavio has released updated information on the global cyber security market, which is expected to grow at a CAGR of around 12% between 2016 and 2020. The stringent regulations governing various industries is the primary growth driver for this market. It is a mandate for organizations to implement these regulations to avoid penalization, thereby driving the adoption of cyber security solutions such as firewalls, anti-virus software, IDS/IPS, encryption, and login passwords. North America leads the global cyber security market, accounting for 35% of the overall market share. The increase in the number of cyber-attacks across various sectors such as retail, manufacturing, telecom, and BFSI in this region have led to a high adoption of cyber security solutions.
“One of the latest trends upcoming in this market is the high implementation of managed security service providers (MSSPs), who are expanding their services to provide security services to their customers. MSSPs are entering into joint ventures with security specialists to extend their product offerings. Such acquisitions in the market will make MSSPs self-sufficient and reduce their dependency on security specialists, over the next few years,” says Amrita Chaudury, Lead Analyst, ICT, Technavio Research.
Of late, the retail sector is witnessing huge adoption of cyber security solutions, owing to increase in retail POS transactions. The public networks being used by consumers for retail point of sale (POS) transactions over their mobile devices are prone to cyber-attacks. Cyber security solutions in the retail sector also manage data related to supply chain and customer relationship management (CRM). To avoid such cyber-attacks, government of various countries such as the US and the UK are implementing stringent government regulations such as PCI DSS over retailers to enhance their network security infrastructure.
The key vendors in the global cyber security market include Booz Allen Hamilton, Lockheed Martin, McAfee, Symantec, and Trend Micro. This market is highly dynamic with numerous collaborations between global vendors. The market has been witnessing acquisitions of pure players by international vendors to expand their product portfolios. The report anticipates vendors to provide solutions for various mobile OS such as Android, iOS, and Symbian to ensure data security while trying to access personal and professional data over smartphones.
A more detailed analysis is available in the Technavio report, Global Cyber Security Market 2016-2020.
We can customize this reports by other regions and specific segments upon request.
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