The instances of massive cyber attacks globally is gradually increasing. Cyber terrorists attack endpoints, networks, data and other IT infrastructure that lead to a huge financial losses to the individuals, enterprises and governments. The primary motive behind cyber-criminals includes political rivalry , financial gain, harm reputation, international rivalry and radical religious group interest. The majority of cyber attacks are for financial gain. Ransomware, such as WannaCry, Petya, NotPetya, and BadRabbit, are some of the significant ransomware, which have affected enterprises and government organizations on a large scale.
The major factors driving the cybersecurity market are increase in the frequency and sophistication of cyber-attacks, emergence of disruptive digital technologies like IoT, stringent data protection regulations for information security and increase in number of supply chain based attacks exploiting the software supply chain.
“Global Cyber Security market is valued at USD 16.5 billion in 2018 and it is expected to reach more than USD xx billion by 2025, likely to grow at a CAGR of 11.25 % during the forecast period”
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The defense/government application segment led the market in 2018 and accounted for almost 27.0% share of the overall revenue. The growth is attributed to high spending on the security solutions and growing concerns over data breach of intelligence, research and development activities, and financial activities, which can potentially lead to cyber terrorism. Moreover, the government sector is increasingly targeted with attacks including negligent insiders, malicious malware, and zero-day attack. Thus, mitigation of online attacks through robust security architect is a key trend, which will drive the segment over the forecast period.
The BFSI segment has emerged as a potent sector due to increased cybercrime activities. The BFSI sector is among the backbone of economies and its safety is a matter of high concern. In response to the growing threats and breaches, governments across the world are increasing their spending aimed to provide high cybersafety infrastructure.
North America dominated the market in 2018 and accounted for 38.3% share of the overall revenue. The growth is attributed to the presence of prominent players offering advanced solutions and services to all the sectors in the region. Furthermore, growing awareness regarding cybersecurity among small and medium organizations is anticipated to propel the demand for cyber security solutions over the forecast period.
Asia Pacific is expected to expand at the highest CAGR of 18.2% over the forecast period. Increasing economic importance of Asia Pacific in the matter of security has stimulated national cybersecurity efforts in the region. Countries such as India and China are rapidly moving towards digitization in all the sectors, which is anticipated to increase the cybercrime activities in the region. Thus, governments of China and India are working on deploying a robust and credible cyber security policy and action plan, which is anticipated to reduce the impact of cybercrime in the region.
The global market is highly competitive owing to the presence of various prominent players. Players are poised to capitalize on the evolving cyber threat landscape.Key players operating in the industry include Symantec Corporation, Cisco Systems Inc.,Checkpoint Software Technologies Ltd.,Fortinet Inc.,Trend Micro,IBM Corporation,Sophos, McAfee and Microsoft.
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