A new report recently added to the online inventory of Wise Guys Reports (WGR) reveals that the Enterprise Cyber Security industry market is expected to register an impressive compound annual growth rate during the forecast period 2018 and 2023. Widespread innovations and stringent government regulations amongst the leading factors governing the upward trend.
Cyber Security is the body of systems, procedures and processes intended to safeguard networks, computers, software and information against significant cyber threats such as cyber terrorism, cyber hostilities, and cyber spying. Cyber intimidations, in their most disruptive form, target a nation’s or its people’s secret, federal, militia, or infrastructural resources. Security services involve both cybersecurity as well as physical security in a computing context.
In line with the growth of the economy, technology and evolving applications, Enterprise Cyber Security industry market is up for unprecedented expansion. Furthermore, information security programs are going to be increasingly incorporated with machine learning and artificial intelligence technology— it would enable safety programs to define or even predict future assaults more accurately.
Service provider’s unrelenting commitment towards improving product features and service quality, enhancing customer experience operations, immaculately establishing the industry’s entire eco-system, and excellent brand communication are some of the other factors contributing to the Enterprise Cyber Security industry market growth.
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A glimpse of the competition prevailing in the global Enterprise Cyber Security market can be arrived at through the report. This part of the study has used SWOT analysis tools to narrow down the strengths, weaknesses, opportunities, and threats of each market player.
360 Enterprise Security
Enterprise Cyber Security industry market: Segmental Analysis
Enterprise Cyber Security industry market is broadly segmented into product type and application.
Based on the type, the market is fragmented into Security Software, Security Hardware, and Security Services.
The Security Services segment dominated the market in the year 2017, and over the forecast period as well, it is expected to hold the command. Market growth can be ascribed to the growing use of cybersecurity solutions in businesses to decrease cyberattack hazards.
On the basis of application, the Enterprise Cyber Security industry market is divided into Government, Education, Enterprise, Financial, Medical, and Others.
As a direct consequence of the steep rise in cybercrimes against the federal establishments aimed at stealing sensitive data, the Government cybersecurity market is expected to lead in terms of market growth during the forecast period.
Enterprise Cyber Security industry market: Regional Analysis
On the basis region, the Enterprise Cyber Security industry market is divided into the USA, Europe, Japan, China, India, Southeast Asia, South America, South Africa, and Others.
North America retained the most significant cybersecurity market share in 2017, and the trend is expected to continue during the forecast period as well. Market growth in this region can be primarily ascribed to the existence of prominent market players in cybersecurity such as IBM, Symantec, and Cisco.
With increasing penetration of smartphones and the growing use of IoT devices in several organizations, the Asia Pacific cybersecurity market is also expected to register impressive growth during the projection timeline. The rigorous government ordinances in the region to stiffen the cybersecurity solutions in companies for the protection of organizational and personal data is another factor expected to drive the Enterprise Cyber Security industry market in this region.