Demand for Cyber Security Solutions is Increasing Significantly due to Rising Cyber-Attacks

Cyber Security Market

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

Request Sample Copy of This Study @ https://www.coherentmarketinsights.com/insight/request-sample/1119

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.

Request For Customization As per your Need @ https://www.coherentmarketinsights.com/insight/request-customization/1119

You may be interested

Carbon Fiber Reinforced Plastics Market Positive long-term growth outlook 2018-2026
Business
Business

Carbon Fiber Reinforced Plastics Market Positive long-term growth outlook 2018-2026

Sayali Tribhuvan - June 21, 2018

Carbon Fiber Reinforced Plastics Market Report provides an analytical assessment of the prime challenges faced by this Market currently and in the coming years, which helps Market…

Smartphone Can Be Used As Car Key
Information Technology and Gadgets
Information Technology and Gadgets

Smartphone Can Be Used As Car Key

Sayali Tribhuvan - June 21, 2018

BMW exhibited their autonomous i3 electric car that can be summoned by phone at the Mobile World Congress (MWC), according to a report published on February 26,…

Scientists Discover 10,000 Black Holes at the Center of Galaxy
World News
World News

Scientists Discover 10,000 Black Holes at the Center of Galaxy

Sayali Tribhuvan - June 21, 2018

Scientists found 10,000 black holes at the center of Milky Way, according to a report published on April 4, 2018. The supermassive black hole at the center…

Most from this category