New York City, 07
Feb 2020: According to a new research published by Polaris Market Research,
the cyber
security market is anticipated to reach over USD 269
billion by 2026. In 2017, the enterprise segment dominated the global market,
in terms of revenue. North America is expected to be the leading contributor to
the global market revenue in 2017.
The growing need for protection of
sensitive data, and increasing cyber terrorism has boosted the adoption of
cyber security solutions. The rising penetration of mobile devices, and
increasing trend of BYOD further support the growth of this market.
Additionally, the increasing demand of cyber security solutions from small and
medium enterprises has supported market growth over the years. Increasing investments
by vendors in technological advancements coupled with growing demand for
cloud-based cyber security solutions would accelerate the growth of the cyber
security market. However, However, growing use of pirated cyber security
solutions, and complexities associated with device security hinder market
growth. Growing demand from emerging economies is expected to provide numerous
growth opportunities in the coming years.
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The cases of cyber-attacks in the
healthcare sector have increased significantly over the years. The high demand
for electronic health records in the black market has resulted in numerous
cyber-attacks. The healthcare sector is prone to cyber-attacks owing to limited
budget allocation by healthcare institutions for cyber security. The healthcare
sector is dominated by small practices and rural hospitals, which lack the
resources for investment in cyber security, thereby increasing risks of
cyber-attacks. However, introduction of affordable cyber security solutions for
healthcare sector, increasing awareness, and growing incidences of
cyber-attacks are expected to promote the adoption of cyber security in this
sector.
North
America generated the highest revenue in the market in 2017, and is expected to
lead the global market throughout the forecast period. The increase in number
of cyber-attacks, and growing trend of BYOD drive the market growth in the
region. The growing penetration of mobile devices, and technological
advancements further support market growth in the region. The increasing
spending on data protection in BFSI and defense sectors in the region further
promote market growth in the region. Asia-Pacific is expected to grow at the
highest CAGR during the forecast period owing to growing need for data privacy
across various industries in the developing countries of the region.
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The end-users in cyber security
market include BFSI, IT & Telecom, healthcare, retail, defense and
government, travel and hospitality, and others. In 2017, the defense and
government segment accounted for the highest market share owing to increasing
need to protect sensitive data and avoid cyber-attacks. The growing government
spending to provide enhanced cyber security to the public sector and increasing
implementation of cyber security installations in the defense sector,
especially in developing countries, supports the market growth in this sector.
The increasing adoption of cloud-based cyber security in this sector is
expected to support market growth in the coming years.
The well-known companies profiled
in the report include Symantec Corporation, Cisco Systems Inc., BAE Systems
Inc., EMC Corporation, Hewlett-Packard Enterprise, Intel Security, Palo Alto
Networks, Proofpoint Inc., LogRhythm Inc., IBM Corporation, Fortinet, Inc., and
Centrify Corporation among others. These companies launch new products and
collaborate with other market leaders to innovate and launch new products to meet
the increasing needs and requirements of consumers.
About Polaris Market Research
Polaris
Market Research is a global market research and consulting company. The company
specializes in providing exceptional market intelligence and in-depth business
research services for our clientele spread across different enterprises.
Contact Us:
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Market Research
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1–646–568–9980
Email: sales@polarismarketresearch.com
Web: www.polarismarketresearch.com
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