The major forces driving this market are the rapid adoption of cloud-based services, wireless communication along with strict government mandates and increasing cyber crimes in public utilities industries. Hence, the ratification for cyber security solutions is increasing to combat the advanced and sophisticated threats created by professional adversaries. Also, cloud service providers and verticals such as energy, oil and gas, and education are expected to adopt solutions for cyber security more readily because of growing cyber crimes which may cause the loss of intellectual and financial assets and may tarnish the national infrastructure and economy.
The new report has segmented the cyber security market by types: network security, endpoint security, application security, content security, wireless security, and cloud security; by solutions: identity and access management, risk and compliance management, encryption, data loss protection, unified threat management, firewall, antivirus and anti-malware, IDS/IPS, SIEM, disaster recovery, DDoS mitigation, white listing, and others; by services: consulting, design and integration, risk and threat assessment, managed security services, and training and education; by verticals: aerospace, defense and intelligence, government (excluding defense) and public utilities, BFSI, telecommunication, healthcare, IT consulting, retail, manufacturing, and others; and by regions: North America (NA), Asia Pacific (APAC), Europe (EU), Middle East and Africa (MEA), and Latin America (LA). The report also provides insights into the opportunity analysis of specific end users and business case analysis and roadmaps for the cyber security market.
Solution providers such as Cisco, CSC, IBM, Booz Allen Hamilton, Lockheed Martin, Northrop Grumman, Symantec, Sophos, McAfee, Trend Micro and many others are expected to provide innovative cyber solutions at competitive prices by unifying the portfolios against bundled attacks.
The cyber security market is estimated to grow from $95.60 billion in 2014 to $155.74 billion by 2019, at a Compound Annual Growth Rate (CAGR) of 10.3% from 2014 to 2019. In the current scenario, aerospace, defense, and intelligence vertical continues to be the largest contributor to cyber security solutions. In terms of regions, NA is expected to be the biggest market in terms of revenue contribution, while the APAC and MEA regions are expected to experience increased market traction in due course.
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