Cyber Security Market Overview
The Cyber Security Market is growing at a CAGR of 11.9% during the forecast period 2019-2025. Telecom sector being highly prone to cyber-attack, is considered as the major end-users for cybersecurity market. Approximately, 43% of Telecom organization suffered from DNS-based malware in 2018. Thus, telecom organizations are adopting advanced cyber security solutions such as real-time security monitoring, instant cyber posture visibility, and rapid threat resolution to prevent the cyber-attack on telecom networks. Along with the telecom sector, the aerospace industry is considered to be another key end-users to cyber security market. The aerospace and defense industry are prone to cyber-attack due to its continuous exposure to non-A&D, OT-based technologies. Thus, this industry is adopting advanced cybersecurity solution to enhance protection against cybercrime. In recent time, the aerospace companies are planning to invest in upgrading the traditional system development processes to the DevSecOps procedures to enhance the protection, which will likely create new opportunities for cybersecurity market.
Cyber Security Market Report Coverage
The report: “Cyber Security Market – Forecast (2019-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the Cyber Security Market.
By Type: Cybersecurity software, Cybersecurity hardware, others.
By Domain: Network & Endpoint Security, Internet of Things/Industrial Internet of Things Security, Threat Intelligence, Mobile Security, Behavioral Detection, Cloud Security, Deception Security, Others.
By Technologies: Context Aware Behavioral Analytics, Next Generation Breach Detection, Virtual Dispersive Networking (VDN),Others.
By Industry Vertical: Aerospace, Government, Financial Services, Healthcare, Telecommunications, Automobile, Information Technology, others.
By Geography: North America, South America, Europe, APAC, RoW.
Key Takeaways
- The introduction of quantum computing in telecom sector and changing regulatory landscape in telecom sector will drive the cybersecurity market.
- Increasing adoption of cyber security by telecom and data center, and increasing focus on R&D to provide improved solution against cyberattacks is accelerating the cyber security market.
- North Americas is the key region for cyber security market due to high level of internet usage among people in U.S. and Canada.
- The key players operating in the market are actively participating in acquisitions to strengthen their portfolio and increase the market penetration. This is anticipated to increase the market share of major players in future.
Cyber Security Market Segment Analysis - By Industry Vertical
The telecom sector is estimated to grow at a CAGR of 10% during the forecast period 2019-2025. The GSM Association (GSMA) predicted that quantum computing will be a destabilizer for the telecom sector, making Public Key Infrastructure (PKI) obsolete in the near future. Telecommunication companies are in plans of implementing quantum-safe cryptography algorithms to mitigate cyber-attacks. In order to control cyber-attacks, the European Union (EU) has introduced many regulations such as the Network and Information Security Directive (NISD) and the General Data Protection Regulations (GDPR). NISD is yet to be implemented which requires core digital infrastructure operators and certain digital service providers to ensure that their network and information systems meet minimum standards of cybersecurity. These regulations are implemented to achieve and maintain high network security, and ensure obligatory reporting during any incidents.
Cyber Security Market Segment Analysis - By Geography
North America holds around 40% of market share in the year 2018. The market in this region is mainly driven by the high internet penetration rate. According to internet world stats, North America has 89.4% of internet penetration in 2019 and is anticipated to rise by 8%-9% by 2020. The increasing penetration of the internet in this region is expected to increase the cybercrimes. Along with the increasing internet penetration, all the public sector organizations in the U.S. are in plans of adopting the cyber security solutions by the end of 2019. In the process of adopting the cyber security solutions organizations are planning to invest more than $5.3 billion by the end of 2019, which is double the amount invested in 2017. The increasing investment in cyber security across the public sector organizations are collectively responsible for driving the cyber security market in North America.
Cyber Security Market Drivers
Growth in demand for cloud-based cybersecurity solutions
By the end of 2020, organizations with dogmatic on-premises biases in industries like financial services, government, and military equipment manufacturing are planning to shift towards the use of the cloud based cyber security solutions. Adoption of the cloud based cyber security solutions will even reduce the capital expenditure by eliminating the need for investment in hardware solutions. The increasing adoption of the cloud based solutions across the various sectors is anticipated to create ample opportunities in the future.
Need for strong authentication methods
Organizations need strong authentication functionality to confirm the authentic employee’s access to internal networks or specific applications. Enterprises are now progressively moving towards multi-factor authentication to enhance the security. Multifactor authentication technique may include the use of hardware and software tokens, bio-metric check, and device authentication process through user name and password. Implementation of these modern authentication techniques is aimed at reducing the risk of cyber threats and encourage users to adopt cyber security solutions. For instance, the banking and financial service sector are implementing the use of the multifactor authentication methods such as voice ID, facial recognition, and many others which has help in reducing the cybercrimes in this sector. These advanced authentication process may likely to accelerate the cybersecurity market during forecast period 2019-2025.
Cyber Security Market Challenges
High initial cost of adoption of cybersecurity solution
For a small business or a startup to adopt the cyber security the companies have to invest around $2.5m which includes a combination of antivirus, firewall, spam filter, data encryption, data backup, and password management applications. Similarly, some cyber security applications also need specific hardware to be installed, which further increases the deployment cost of cyber security. Modern cybersecurity solution also needs specialized IT skill to manage coding on real time basis. Thus, companies need to outsource or recruit skilled employees in order to ensure the effective usage of the cybersecurity solution. This might add further cost to the company.
Market Landscape
Cyber security solution developers are majorly focusing on acquisition strategy to expand their cybersecurity portfolios. In October 2018, Bitdefender acquired behavioral and network security analytics organization RedSocks for an undisclosed amount. The acquisition aligns with Bitdefender’s goal to expand its cybersecurity portfolio.
Major players in the cyber security market are NTT Security, NGC Group Inc., Secure Link Inc., Cisco Systems Inc., Symantec Corporation, Palo Alto Networks Inc., Check Point Software Technologies Ltd., Microsoft Corporation, and other.
R&D Investments/Funding
In March 2019, CyberX, the IIoT, and industrial control system (ICS), a security company raised $18m in a strategic funding round led by Qualcomm Ventures LLC and Inven Capital. The funding round attracted a total funding of $48m, led by existing investors Norwest Venture Partners, Glilot Capital Partners, Flint Capital, and OurCrowd. The company will use these funds to expand its IIoT threat intelligence capabilities.
Cyber Security Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the cyber security market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, and market challenges. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types, technologies, domain, and their specific applications in the Aerospace, Government, Financial Services, Healthcare, Telecommunications, Automobile, Information Technology sectors.
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