Global cyber security market overview and outlook:
- As we embrace the new normal and brace for significant changes in the way companies operate in the post-COVID world, cyber security is now at the forefront of organizational priorities
- As per an IBM report, the average total cost of a data breach in the U.S. for the companies studied grew from $3.54 million in 2006 to $8.19 million in 2019, a 130% increase over 14 years
- According to the Australian Cyber Security Growth Network, the global cyber security market is estimated to reach $173 billion in 2020 and further growing to almost $270 billion by 2026. Of the overall market, more than 75% of spending done on cyber security is expected to be for externally managed security services.
- Investments in in-house cyber security functions is forecast to grow at 8-10% CAGR during the forecast period. Global spending on external cybersecurity products and services is projected to increase by 10-12% annually over the same period.
- Regionally, though North America accounts for the largest share in the overall cyber security market, the Asia Pacific region is projected to grow at over 15% CAGR in the forecast period, followed by Latin America.
- In terms of end-use industries, Financial Services, Government & Public Sector, Healthcare and Energy & Utilities continue to be the leading adopters of enhanced cyber security solutions
- As per a survey done by Capgemini, fraud detection, malware detection, intrusion detection, scoring risk in a network, and user/machine behavioral analysis are the five highest A.I. use cases for improving cybersecurity.
- With the shift to remote working likely to remain permanent for the near term and beyond for some companies, the demand for cyber security solutions and services will only increase in the coming years and offers significant growth opportunities for the industry participants.
- Key players operating in this segment include Cisco, Fortinet, Microsoft, IBM, Palo Alto Networks, etc.
Market Growth Drivers and Trends:
Key factors driving the global cyber security market are:
- Rising risk incidents leading to financial and reputation losses
- Increasingly stringent government regulations on data privacy and security
- Rising adoption of remote work practices in a post-COVID world
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Challenges disrupting the market:
Key factors likely to restrain or slow down growth in the global cyber security market :
- Rising use of unlicensed or pirated software
- Lack of awareness among the SME segment
Global Cyber Security Market Research Scope:
- The base year of the study is 2019, with forecast done up to 2024. The report provides a detailed assessment of the global cyber security market, including insights on the market dynamics, key drivers, challenges, regulations impacting the market, technology assessment and value chain analysis.
- We have also estimated the current market size for cyber security market globally and by geography, deployment type and end-use industry; 5-year outlook of the market, factors driving growth along with regional insights and trends
- The study also presents a thorough analysis of the competitive landscape, considering the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the global cyber security market.
Author – Prasanth R Krishnan
Associate Director – Operations
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