Demand for Cyber Security Solutions is Increasing Significantly due to Rising Cyber-Attacks
Cyber security are security solutions for controlling access to hardware, software, and data, along with protecting them from cyber-attacks and damage that may be caused through Internet, data and code injection. Cyber security permits organizations to protect their data and infrastructure from cyber-attacks by providing solutions, including incident management, Unified Threat Management (UTM), risk and compliance management, and Identity and Access Management (IAM).
Demand for cyber security solutions is increasing significantly due to rising cyber-attacks. For instance, according to Coherent Market Insights analysis, as of July 2017, cybercrime jumped to 84.1% from 68.8% recorded in June. Cyber Espionage slides to 10.1% from 15.6% of June whereas Cyber Warfare plummets to 4.3% from 9.4%. Banking and financial sector is the major sector in cyber security market. This is used for protecting private information of data or cash related to their customers. This confidential data is highly susceptible to cyber-threats. Increasing utilization of mobile devices and rising dependability on Internet of consumers are expected to escalate the overall market growth. For instance, according to Coherent Market Insights analysis, as of 2016 over 68% of global population are already using mobile phones. In addition to that, industries including banking, finance and insurance, government and military, and retail and manufacturing is another factor for growth of the market. 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
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Banking, Financial Services and Insurance segment is expected to be the 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. Proliferation in online transactions and increasing use of services such as NEFT (National Electronic Fund Transfer), RTGS (Real-time Gross Settlement Systems), ECS (Electronic Clearing Service) as well as mobile transactions, has led to demand for solutions that aid in carrying out these tractions safely and securely. This is due to the fact that 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, 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. Due to these instances, banking and finance industry is increasingly demanding such cyber security solutions.
North America accounted for the largest market share in 2016 in the global cyber security market
The global market has been segmented on the basis of regions into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. North America is estimated to account for the largest market share in global cyber security market in 2017. This is due to rising 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$1.33 billion globally, in which, California witnessed the highest recorded loss with over US$ 255 million. Additionally, 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 are 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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