Current Trends and Future Growth of Cyber Security Market
Cyber security provides protection to data, hardware, and software from cyber-attacks and damage caused by Internet, data and code injection. Cyber security allows organizations to protect their data from cyber-attacks by providing solutions such as incident management, Unified Threat Management (UTM), risk and compliance management, and Identity and Access Management (IAM). Increasing demand for cyber security solutions due to increasing incidences of cyber-attacks is major factor driving growth of the cyber security market. For instance, according to Coherent Market Insights analysis, in July 2017, number of cybercrime raised to 84.1% from 68.8%. Cyber Espionage slides to 10.1% from 15.6% of June whereas Cyber Warfare plummets to 4.3% from 9.4%.
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The data stored on cloud or on-premises is vulnerable to cyber-attacks by various software such as Trojan horses and viruses, which consequently increases the requirement of cyber security solutions. Furthermore, increasing adoption of cyber security by industries such as banking, finance and insurance, government and military, and retail and manufacturing is another factor driving growth of the market. Banking and financial sector is the major end user of cyber security, as it uses cyber security to protect private data or cash related to customers, which is highly susceptible to cyber-threats. Increasing adoption of mobile devices is expected to boost growth of the market. For instance, according to Coherent Market Insights analysis, in 2016 over 68% of global population is already using mobile phones.
Banking, financial services, and insurance segment is projected to be largest segment in the market by 2025
The banking and finance sector is witnessing significant changes due to adoption of IT solutions for improvement of banking services. Increasing adoption of online transactions and increasing use of services such as National Electronic Fund Transfer (NEFT), Real-time Gross Settlement Systems (RTGS), Electronic Clearing Service (ECS), and mobile transactions has propelled demand for security solutions to carry out these tractions safely and securely, as online transactions are vulnerable to hacking.
Moreover, increasing number of payment gateways, e-Commerce websites, and mobile application that accept online transactions and store credit card and debit card information are also susceptible to hacking. According to the Reserve Bank of India (RBI), for the year 2015 – 2016, an estimated 16,468 frauds were reported associated with ATM, debit card, credit card, and net banking. In 2014 – 2015 the number of frauds were 13,083 and 9,500 in the year 2013 – 14, reported by RBI. These factors are expected to fuel growth of cyber security market over the forecast period.
North America accounted for the largest market share in the global cyber security market
On the basis of region, the global cyber security market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America accounted for largest market share in global cyber security market in 2017, owing increasing number of cyber-attacks in this region. U.S. accounted for the major market in the region, owing to constant cyber-attacks on industries such as healthcare, banking and financial, and retail and manufacturing. For instance, according to the Internet Crime Complaint Center (IC3), in 2016, cybercrimes were valued at over US$ 1.33 billion worldwide, where California witnessed the recorded loss of over US$ 255 million. Moreover, in 2016, about 28% of web application attacks were recorded in the U.S., followed by the Netherlands and Germany.
Major players operating in the global cyber security market include International Business Machine (IBM) Corporation, Dell EMC, Hewlett Packard Enterprise (HPE), Intel Corporation, Sophos, Symantec Corporation, McAfee, FireEye Incorporated, Cisco Systems, and Trend Micro Incorporated.
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