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Market Insight- Global Cyber Security Market

Market Overview

In computing sector, security refers to physical security and cybersecurity. Cybersecurity refers to a structure of technologies, practices, and processes to protect devices, networks, data, programs, and confidential information from unauthorized access, damage, and attack. In computing sector, security refers to physical security and cybersecurity. Cybersecurity solutions provide to help enterprises in preventing malicious cyber-attacks. The field of cybersecurity has become increasingly important, owing to increased reliance on computer and internet systems. Moreover, growth of smart devices and wireless connection has made cybersecurity essential in various organizations. Enterprises adopt cybersecurity products and implement solutions in order to protect their critical data from security breaches such as cyber warfare, cyber terrorism, and cyber espionage.

  1. Growing adoption of cloud computing networks and services is expected to drive growth of the global cybersecurity market during the forecast period

Increasing utilization of cloud-based services for multiple workloads such as data backups, CRM, email services, ERP, and collaboration services has increased the importance of cybersecurity in the recent past. Cloud-based services are relatively less expensive as these do not require setting up of IT infrastructure. Furthermore, cloud deployment can lead to vulnerabilities in software and makes it easily accessible by illegal users. Hence, many companies are focused on adoption of cybersecurity solutions, in order to secure their workloads on the cloud without threat of cyber-attack. For instance, in February 2017 for instance, IBM Corporation launched Watson for cybersecurity, which is augmented intelligence technology designed to enhance cognitive security at operation centers.

The global cyber security market was estimated to account for US$ 1,02,859 Mn in terms of value by the end of 2019

Market Dynamics- Drivers

  1. Increasing digitization is encouraging enterprises to adopt cybersecurity facilities is expected to boost the global cybersecurity market growth over the forecast period

Growing trend of digitization is expected to increase possibility of cyber threats and attacks thereby encouraging organizations to adopt cybersecurity solutions, in order to curb or prevent the attacks. Digitization has accelerated the necessity of multichannel integration and various customer interfaces that are vulnerable. Therefore, key organizations are adopting high-end cybersecurity measures by protecting information and the entire IT infrastructure with cybersecurity. This, in turn, is expected to boost the demand for cybersecurity measures, thereby driving growth of the global cybersecurity market over the forecast period. For instance, in December 2016, Cisco Systems Inc., in collaboration with Indian Computer Emergency Response Team (CERT-In), which is a government organization under the Ministry of Electronics and IT, entered into a MoU with the Government of India to work on cybersecurity threats in India, which is in line with the government initiative to promote digitization in the country.

North America region dominated the global cyber security market in 2019, accounting for 39.9% share in terms of value, followed by Europe and Asia Pacific, respectively

Cyber Security  | Coherent Market Insights

 Source: Coherent Market Insights

Market Dynamics- Restraints

  1. Challenges associated with storage of unstructured data are expected to restrain growth of the global cybersecurity market over the forecast period

Major challenge related to cybersecurity measures is storing unstructured data. In many large enterprises, unstructured data available in the forms of emails, audio files, and video files, which are relatively challenging to categorize and search or locate since this data exists outside the databases. Moreover, enterprises can use cybersecurity solutions to secure data that depends upon their databases. However, at the same time, vulnerabilities reported for new software are emerging, which is a new challenge in the global cybersecurity market. Hence, these factors are expected to hinder the market growth in the near future.

  1. Constantly changing cybersecurity industry regulations, standards, and complexities of device security are expected to hinder the global cybersecurity market growth during the forecast period

Cybersecurity regulations include directives that protect computer systems and information technology with aim of compelling companies and organizations to protect their systems from viruses, malwares, unauthorized access, theft, and DOS attacks. These regulations, standards, and measures keep on updating, in order to provide efficient cybersecurity solutions to organizations. In the U.S., there are three main cybersecurity regulations though state-based regulations vary, which in turn, is expected to hamper the global cybersecurity market growth in the near future.

Market Opportunity

  1. Growing positive attitude towards cybersecurity enhancement and increasing awareness regarding cybersecurity are expected to pose lucrative business opportunity

Offering security awareness training to organizations associated with preventing increasing cyber-attacks is expected to pose lucrative opportunity for market players in the near future. The prevalence of cyber-attacks increasing, owing to suspicious activities such as hacking activities and human errors by unauthorized users. In order to minimize cyber threats related to human errors and hackers, enterprises need to target the factors that are related to cybersecurity risks and are required to be updated about cybersecurity solutions.

  1. High growth of security services for IoT is expected to present excellent growth opportunity

Various organizations are adopting IoT-based solutions. IoT solutions providers are incorporating cybersecurity solutions, in order to curb cyber-attacks on connected devices to identify threats and to resolve vulnerabilities before introducing into market. Thus, security service for IoT is expected to present lucrative business opportunity for market players during the forecast period.

Cyber Security  | Coherent Market Insights

Source: Coherent Market Insights

Global cyber security market, by vertical type segment, telecommunication type sub-segment was accounted for 16.9% market share in 2019 and is expected to grow at a CAGR of 12.6% between 2019 and 2027.

Cyber Security  | Coherent Market Insights

Source: Coherent Market Insights

Market Trends

  1. Automation in cybersecurity solutions is a major trend in the market

Introduction of IoT and big data has created major potential for new and upcoming organizations. However, these technological advancements are expected to create security challenges in the near future. Automated cybersecurity solutions are among advanced technologies in the evolving market. It basically minimizes need for manual process, enables complete network access, and enhances data collection rate, which in turn, encouraging providers to adopt automated solutions, in order to offer more efficient cybersecurity solutions to organizations.

  1. High demand for cybersecurity solutions among large organizations

Similar to small enterprises, large enterprises are also moving towards the cloud to benefit from cost advantages and to provide easy accessibility of business information to employees and other business partners. Therefore, to secure cloud-based applications, large enterprises are focused on adoption of cybersecurity solutions to combat cyber risks.

Value Chain Analysis

Cyber Security  | Coherent Market Insights

Competitive Section

Key companies operating in the global cybersecurity market are Symantec Corporation, IBM Corporation, Check Point Software Technologies, Microsoft Corp, Trend Micro Incorporated, Lockheed Martin Corporation, Sophos Ltd, Intel Corporation, Verizon Communication Inc., and SecureWorks Inc.

Key Developments

  1. Key companies in the market are focused on product launch, in order to expand their product portfolio. For instance, in January 2017, SecureWorks Inc. introduced managed detection and response solution. This solution aids in minimizing the time required in identifying and eliminating cyber threats.
  2. Major companies in the market are focused on product launch, in order to enhance their product portfolio. For instance, in March 2017, IBM Corporation introduced IBM Cloud Secure Virtualization, which is a cloud-based solution that offers workload security for application and data, and also automates reporting to assist with regulatory requirement. The solution offers hardware-enhanced workload security.

In a computing environment security includes both physical security and cyber security. Cyber security solution offer various security solutions to aid enterprises in improving threat protection against rapidly growing cyber-attacks.  Enterprises adopt cyber security products and implement solutions in order to protect their critical data from security breaches such as cyber warfare, cyber terrorism, and cyber espionage. The security of computing devices is critical and any industry that uses computing devices is vulnerable to cyber-attacks.

Market Dynamics

The growth of the cyber security market is majorly get attributed to the increasing adoption of cloud computing networks and services. The use of cloud-based services such as Email, data backups, CRM, hosted office suites, and collaboration services, which requires a cyber-security system for data protection. For instance, according to Coherent Market Insights analysis, in the year 2018, approximately half of companies across the globe has 45% to 65% of their IT systems are cloud-based, and they are planning to increase the cloud-based services, which is expected to create a lucrative opportunity for the cyber-security market.

Moreover, an increasing amount of data generation is expected to propel the market growth of the cyber security market over the forecast period. For instance, according to IEA (International Energy Agency), internet traffic was get tripled between the years 2012 to 2017, and till 2017, 90% of the data of the world was getting created in the last two years only. 

Market Taxonomy

On the basis of technology, the market is segmented into managed security services, end-point security, integration services, consulting services, unified threat management, and others. On the basis of component, the market is segmented into hardware, software (identity and access management, end-point security, and security and vulnerability management), and services. On the basis of vertical the market is segmented into banking, discrete manufacturing, government agencies, process manufacturing, healthcare, telecommunication, energy and utility, investment services, and others         .

Key features of the study:

  • This report provides in-depth analysis of Cyber Security market size (US$ Million), and Compound Annual Growth Rate (CAGR %) for the forecast period (2019– 2027), considering 2018 as the base year.
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the Global Cyber Security Market systems based on the following parameters – company overview, financial performance, product portfolio, geographical presence, market capital, key developments, strategies, and future plans
  • Companies covered as part of this study include Symantec Corporation, IBM Corporation, Check Point Software Technologies, Microsoft Corp, Trend Micro Incorporated, Lockheed Martin Corporation, Sophos Ltd, Intel Corporation, Verizon Communication Inc., and SecureWorks Inc.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, product upgrades, market expansion, and marketing tactics
  • The Global Cyber Security Market report caters to various stakeholders in this industry including investors, suppliers, manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the Global Cyber Security Market.

Detailed Segmentation:

  • Global Cyber Security Market, By Technology:
    • Managed Security Services
    • End-point Security
    • Integration Services
    • Consulting Services
    • Unified Threat Management
    • Others
  • Global Cyber Security Market, By Component:
    • Hardware
    • Software
      • Identity and Access Management
      • End-point Security
      • Security and Vulnerability Management
    • Services
  • Global Cyber Security Market, By Vertical:
    • Banking
    •  Discrete Manufacturing
    •  Government Agencies
    •  Process Manufacturing
    •  Healthcare
    • Telecommunication
    •  Energy and Utility
    • Investment Services
    • Others        
  • Global Cyber Security Market, By Region:
    • North America
      • By Technology:
        • Managed Security Services
        • End-point Security
        • Integration Services
        • Consulting Services
        • Unified Threat Management
        • Others
      • By Component:
        • Hardware
        • Software
          • Identity and Access Management
          • End-point Security
          • Security and Vulnerability Management
        • Services
      • By Vertical:
        • Banking
        •  Discrete Manufacturing
        •  Government Agencies
        •  Process Manufacturing
        •  Healthcare
        • Telecommunication
        •  Energy and Utility
        • Investment Services
        • Others        
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Technology:
        • Managed Security Services
        • End-point Security
        • Integration Services
        • Consulting Services
        • Unified Threat Management
        • Others
      • By Component:
        • Hardware
        • Software
          • Identity and Access Management
          • End-point Security
          • Security and Vulnerability Management
        • Services
      • By Vertical:
        • Banking
        •  Discrete Manufacturing
        •  Government Agencies
        •  Process Manufacturing
        •  Healthcare
        • Telecommunication
        •  Energy and Utility
        • Investment Services
        • Others
      • By Country:
        • U.K.
        • Germany
        • Italy
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Technology:
        • Managed Security Services
        • End-point Security
        • Integration Services
        • Consulting Services
        • Unified Threat Management
        • Others
      • By Component:
        • Hardware
        • Software
          • Identity and Access Management
          • End-point Security
          • Security and Vulnerability Management
        • Services
      • By Vertical:
        • Banking
        •  Discrete Manufacturing
        •  Government Agencies
        •  Process Manufacturing
        •  Healthcare
        • Telecommunication
        •  Energy and Utility
        • Investment Services
        • Others
      • By Country:
        • China
        • India
        • Japan
        • Australia & New Zealand
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • By Technology:
        • Managed Security Services
        • End-point Security
        • Integration Services
        • Consulting Services
        • Unified Threat Management
        • Others
      • By Component:
        • Hardware
        • Software
          • Identity and Access Management
          • End-point Security
          • Security and Vulnerability Management
        • Services
      • By Vertical:
        • Banking
        •  Discrete Manufacturing
        •  Government Agencies
        •  Process Manufacturing
        •  Healthcare
        • Telecommunication
        •  Energy and Utility
        • Investment Services
        • Others
    • Middle East & Africa
      • By Technology:
        • Managed Security Services
        • End-point Security
        • Integration Services
        • Consulting Services
        • Unified Threat Management
        • Others
      • By Component:
        • Hardware
        • Software
          • Identity and Access Management
          • End-point Security
          • Security and Vulnerability Management
        • Services
      • By Vertical:
        • Banking
        •  Discrete Manufacturing
        •  Government Agencies
        •  Process Manufacturing
        •  Healthcare
        • Telecommunication
        •  Energy and Utility
        • Investment Services
        • Others
      • By Country
        • GCC Countries
        • South Africa
        • Rest of Middle East & Africa
  • Company Profiles
    • Symantec Corporation *
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments/ Updates
    • IBM Corporation
    • Check Point Software Technologies
    • Microsoft Corp
    • Trend Micro Incorporated
    • Lockheed Martin Corporation
    • Sophos Ltd
    • Intel Corporation
    • Verizon Communication Inc.
    • SecureWorks Inc.

“*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objective and Assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Technology
      • Market Snippet, By Component
      • Market Snippet, By Vertical
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Merger and Acquisitions
      • New system Launch/Approvals
      • Value Chain Analysis
      • Porter’s Analysis
      • PEST Analysis
  4. Global Cyber Security Market, By Technology, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Managed Security Services
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • End-point Security
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Integration Services
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Consulting Services
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Unified Threat Management
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Others
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
  5. Global Cyber Security Market, By Component, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Hardware
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Software
      • Identity and Access Management
        • Introduction
        • Market Size and Forecast, 2019–2027, (US$ Million)
      • End-point Security
        • Introduction
        • Market Size and Forecast, 2019–2027, (US$ Million)
      • Security and Vulnerability Management
        • Introduction
        • Market Size and Forecast, 2019–2027, (US$ Million)
    • Services
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
  6. Global Cyber Security Market, By Vertical, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Banking
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Discrete Manufacturing
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Government Agencies
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Process Manufacturing
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Healthcare
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Telecommunication
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Energy and Utility
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Investment Services
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Others
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
  7. Global Cyber Security Market, By Region, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Component, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Vertical, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Component, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Vertical, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Component, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Vertical, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Component, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Vertical, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Component, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Vertical, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Israel
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  8. Competitive Landscape
    • Company Profiles
      • Symantec Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • IBM Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Check Point Software Technologies
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Microsoft Corp
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Trend Micro Incorporated,
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Lockheed Martin Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Sophos Ltd
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Intel Corporation.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Verizon Communication Inc
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • SecureWorks Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  9. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse market data tables and figures on "Cyber Security Market - Global forecast to 2027”.

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