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A new market study, titled “Discover Global Cyber Security Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
The rapid evolution of technology has led to the intensified demand for Cyber Security solution at the global level. In fact, in the 21st century, cybersecurity is considered to be a strategic necessity for all kinds of organizations which can help them to safeguard themselves from cyberattacks, breaches, and other security-related incidents. It has been estimated that the value of the Cyber Security Market will be more than USD 177 billion by the year 2025. Today, organizations from all across the world have been spending substantial financial resources to boost their online security framework. This is because, within the past few years, several high-profile organizations have fallen victims in the hands of sophisticated online attackers and criminals.
As technology is evolving and advancing with each passing day, it is expected that the growth potential of the Cyber Security Market will further expand during the forecasted period. The expansion in wireless networks for mobile devices has increased data vulnerability. Thus it has made cybersecurity an integral component of every organization irrespective of the industry in which they function.
Major industry highlights
The Cyber Security Market can be sub-divided based on network security, security, and vulnerability management (SVM), Identity and Access Management (IAM). These are the best performing segments of the market which have the potential to showcase decent performance in the future. Based on the size, network security has emerged as the most attractive market segment. In the year 2017, the Identity and Access Management segment accounted for approximately 16percent share of the entire Cyber Security market. During the forecasted period, it has been estimated that the security and vulnerability management segment will capture almost 23 percent share of the entire market. Due to the high attractiveness of the market, the level of competition is rising.
Market dynamics and core segments
A wide range of factors come into play that influences the current performance and demand of the Cyber Security Market. Some of the key factors are the rapid advancement of technology, the increase in cybersecurity incidents all around the globe, and the use of sophisticated tools and techniques by cyber attackers.
The market can be segmented on the type of products, the type of services, industry verticals, and geography. Based on product types, the sub-categories are network security, web security, messaging security, endpoint security, and others. Based on the service category, the core elements are managed security services, security consulting, education and training, and many more. Based on industry verticals, the sub-divisions include banking and financial services, government, retail, healthcare, manufacturing, and many more. The core geographical segments are Europe, North America, Asia Pacific, and others.
Latest news in the industry
Various cybersecurity incidents are taking place daily all around the globe. A newly explored ransomware“Nemty” was found hosting its payment portal on the Tor network. The well-known insurance broker Lyons Companies was recently hit with a major data breach incident which exposed sensitive information relating to its customers such as names, contact information, date of birth, and other sensitive details.
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