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ReportCrux Market Research has published a new report titled “Cyber Security Market by Component (Services, and Solutions); by Offering (Infrastructure Security, Identity and Access Management (IAM), Data Security and Privacy Service Offering, Governance, Risk & Compliance, and Unified Vulnerability Management Service Offering); by Deployment (Cloud-Based, and On-Premises); by Organization Size (Large Enterprises, and Small & Medium Enterprises), by Industry Vertical (IT and Telecom, Aerospace and Defense, Retail, BFSI, Public Sector, Healthcare, Manufacturing, Energy and Utilities, and Others); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.

Cyber Security Market Size:

Cyber Security Market is estimated to grow from USD  140.2 Billion in 2019 to USD 354.7 Billion by 2027, at a CAGR of 12.3% during 2020-2027

Market Overview

Cyber protection is often referred to as information technology (IT) protection, emphasizing the need to secure machines, networks, services, and data from unlicensed or random access. Cyber security and cyber attacks are becoming more relevant in today's changing digital world. Situations have become critical in the company due to increasingly rising theft, fear, cybercrime, risks and vulnerabilities.

As cyber attacks have become increasingly significant, security strategies have also made progress. Factors such as an increase in malware and phishing attacks, and increase in the rate of BYOD and IoT adoption among organizations is driving the cyber security market. In the recent years, revolutionary and evolving developments in the retail, finance, IT, security and automobile industries have provided new skills, automation and ease of service.

However, these innovations have also emerged as a dominant force in the growth of the global threat environment of bugs, hacks, and malware. Increasing prevalence of digitization has caused organizations to rely heavily on digitized information. Sharing a large amount of data in an external and internal environment, as well as around the globe, has caused companies to fall victim to cybercrime across multiple modes of attack.

Technologies like Internet of Things (IoT) and new business models rely heavily on global digitization for their development. As the network is getting more sophisticated, integrated, and holds more details, the access to the threat surface has become even wider while at the same time highlighting the vulnerabilities in the company protection framework thus boosting market growth for cyber security.

Segmentation Analysis

The global market for the cyber security is segmented on the basis of component, offering, organization size,  deployment, industry vertical, and region.

By Component
Based on component, the market is bifurcated into services, and solutions. The services sector is likely to grow at high CAGR in the forecast period. Organizations are recruiting third-party suppliers for their protection templates, thus stimulating the development of security as a service (SaaS). In comparison, third-party suppliers on the market are giving the clients a reliable solution at a reduced cost thus boosting market growth. 

By Offering

Based on offering, the market is categorized into on infrastructure security, identity and access management (IAM), data security and privacy service offering, governance, risk & compliance, and unified vulnerability management service offering. The market for IAM held almost 25% share of the market in 2019 as the number of cyber attacks has risen worldwide, alleviation of the casualties resulting from these events has become a major concern in all industries. Rising cyber attacks on small and medium-sized businesses are likely to fuel demand for IAM and enterprise security solutions.

By Organization Size

On the basis of organization size, the market is bifurcated into small & medium enterprises (SMEs), and large enterprises. The market for small & medium enterprises is likely to grow at high CAGR in the forecast period. The growth of this category is primarily related to the increasing emphasis on the deployment of successful security strategies by large organizations due to their extended perimeter.

By Deployment

Based on the deployment, the global market for cyber security is segmented into cloud-based, and on-premises. From this, on-premise market accounted for almost 57% share of the market in 2019. Organizations choose to keep in-house data confidential rather than hand it over to a cloud provider. In fact, on-site systems provide hands-on ownership and control of security surveillance, and also provide a versatile and agile security program. This, in effect, is expected to raise competition for on-site information security implementation over the projected period.

By Industry Vertical

Based on industry vertical, the market is categorized into IT and Telecom, aerospace and defense, retail, BFSI, public sector, healthcare, manufacturing, energy and utilities, and others. The market in BFSI sector is likely to grow at high CAGR in the forecast period. The development of this sector is partly due to an increase in the need for sealed security and information privacy in financial institutions. In addition, the rise in online banking, smart phone usage, and cloud computing is driving the development of the information security industry in this area.

Segmentation of Cyber Security Market:

By Component
Services
Solutions

By Offering
Infrastructure security
Identity and access management (IAM)
Data security and privacy service offering
Governance
Risk & compliance
Unified vulnerability management
Identity and access management (IAM):25%

By Organization Size
Small & medium enterprises (SMEs)
Large enterprises.

By Deployment
Cloud-based
On-premises
On-premises:57%

By Industry Vertical
IT and Telecom
Aerospace and defense
Retail
BFSI
Public sector
Healthcare
Manufacturing
Energy and utilities
Others

By Region
North America
Latin America
Asia-Pacific
Europe
Middle-East & Africa
North America:34%
 

Regional Analysis:

Regionally the market is segmented into Asia Pacific, North America, Europe, Latin America and Middle East & Africa. The market in North America accounted for 34% share in 2019. 

Key Market Players:

Major players in cyber security market are Trend Micro (Japan), F5 Networks (U.S.), Check Point Software Technologies (Israel), F-Secure (Finland), Oracle (U.S.), Micro Focus (U.K.), Qualys (U.S.), RSA Security (U.S.), AWS (U.S.), Proofpoint (U.S.), and IBM Corporation (U.S.) among others.

About Us:

Report Crux is a global market intelligence aggregator and publisher of market research reports, business information reports, economic and equity reports. We cater a diverse range of industrial sectors along with niche domains and sub-domains within the industry. We offer exclusive blend of cutting-edge market insights for the critical business needs.

Contact us:

Name: Ms. Larry Simmoons

Email: larry@reportcrux.com 

Website: https://www.reportcrux.com/

Phone: +1-888-526-5515 (US/Canada), +91 89561 57215 (India) 

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