By 2021, Cyber Security Market to Reach USD 180.77 Billion, Globally: Zion Market Research

According to the research report published by Zion Market Research, global cyber security market was valued at USD 105.45 billion in 2015, is expected to reach USD 181.77 billion by 2021 and is anticipated to grow at a CAGR of 9.5% between 2016 and 2021.

According to the research report published by Zion Market Research, global cyber security market was valued at USD 105.45 billion in 2015, is expected to reach USD 181.77 billion by 2021 and is anticipated to grow at a CAGR of 9.5% between 2016 and 2021.

Cyber crime is not new but it seems it is getting worse with the rapid advances in the use of information technology. Higher the rate of cyber attacks, higher is the cost of damage control and security for businesses. Here comes the cyber security in picture. Nowadays, the online world is more active as compared to the offline one, which also means that the information is online and available to everyone. The misuse of the facilities results in abrasion of public confidence and major financial loss. Cyber security is the protection of information systems from theft or damage to the hardware, the software, and to the information on them, as well as from disruption or misdirection of the services they provide. Earlier, office automation was the focussed area and was of the most concern. Presently, this definition has changed to enhancing the customer experience, obtaining a competitive advantage, and providing customers a completely new dimension in which they can experience the product or service.

The cyber security market is one of the highest growing markets in the information technology domain and it yields large economic opportunities. Growing risks such as computer hacking, software piracy, and virus deployment are increasing the demand for cyber securities services. The governments of various countries are increasing their investment in cyber security owing to development in computer interconnectivity and remarkable growth in computing power of government networks.

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The data from security firm BTB Security show that there is a drastic and considerable change in the number of breaches and identity thefts in 2015 as compared to 2005. Such security breaches cause serious financial damage. However, as there is no standard model for estimating the cost of an incident, the only data available are that which are made public by the organizations involved.

Some of the key players involved in global cyber security market include Symantec, IBM, McAfee, Northrop Grumman, and Booz Allen Hamilton, CSC among others.

The vulnerability of enterprises on information technology and stored sensitive digitally data have provided ample opportunities to cyber-attackers with financial gain being the primary motive. Solution providers’ major focus is in research and development to develop next-generation security solutions to provide higher security. For example, The Department of Homeland Security is publicizing eight new cyber security technologies developed under federal grants that are looking for private businesses to turn them into commercial products. Science Applications International Corporation (SAIC) developed an innovative cyber security technology which helps the government to protect critical data, mitigate risks, and establish a comprehensive defence against cyber-attacks.

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There is also a greater focus on the intelligence-led security as conventional security technologies including web, content management and network security are unable to deliver the tracking of security incidents. The cyber security market is anticipated to witness high demand for cloud-based applications as government organizations are going for the cloud platform for data sharing.

The cyber security market is segmented based on security types, solution, and vertical and by regions. On the basic of security types market is divided into network security, cloud security, wireless security and others. Cyber solution segment includes identity and access management (IAM), encryption, risk and compliance management, data loss prevention, antivirus and antimalware, firewall and others. By vertical, market is segmented into aerospace, government, financial services, telecommunication, healthcare, and others.

In 2015, North America dominated the cyber security market owing to the increasing cyber crime and strict government rules against it. Asia Pacific is a fastest growing regional market for cyber security market due to increasing number of internet users in China and India.

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