Global Cybersecurity Market Overview and Introduction

Cyber-crime remains a threat to economic prosperity, and it is becoming an attractive option for criminals owing to huge profit gains. The fear of data breaches, ever-changing security threats, and a consistently changing regulatory landscape is expected to drive security investments across all sectors. Governments are developing new cybersecurity framework and nationwide plans to boost cybersecurity. Government bodies are forming various departments to monitor the implementation of the cybersecurity framework. Associations are also developing new industry standards to accelerate the adoption of cybersecurity solutions.

The cybersecurity market is growing due to an increase in the frequency of cyberattacks across multiple business sectors. In the past five to six years, financial losses caused due to cyberattacks have risen by over 63%. This can be attributed to the wide-spread digitalization across various business verticals. In 2017, the average number of breached records by the country was over 20,000. The U.S, India, and China were on the top of the list.

The Global Cybersecurity market can be segmented into the following categories – By Product Type, By Organization Type, By Industry, and By Region.

Global Cybersecurity Market By Product Type

Based on the product type, the market can be segmented into Identity, Authentication & Access Management (IAAM), Infrastructure Protection, Network Security, and Security Services. The identity and access management solutions market will witness an increase in demand over the forecast timeline as it helps to address mission-critical needs that ensure appropriate access to resources. Companies operating in the cybersecurity market are developing new products & solutions to address the rising security challenges faced by enterprises. For instance, in November 2018, Acceptto launched the Cognitive Authentication platform for authentication & identity access management. This platform powered by AI helps to mitigate identity impersonation and access fraud.

Global Cybersecurity Market By Organization Type

Based on the organization type, the market can be segmented into small and medium sized enterprises (SMEs), government organizations, and large enterprises. Most cyber-attacks have been attributed to negligence of employees. The SMEs are therefore adopting various cybersecurity solutions to boost their defense mechanism against malicious attacks. Another factor driving the growth of the cybersecurity solutions is the adoption of the Bring your own device (BYOD) policies. The SMEs have been adopting BYOD policies to improve employee productivity and reduce their capital expenditure.

Global Cybersecurity Market By Industry

Based on the industry, the market can be segmented into banking, government, manufacturing, transportation, IT and telecom, insurance, and securities. The banking establishments across the globe have rapidly adopted various digital technologies and channels to increase their footprint and revenue. For instance, in October 2018, the Federal Deposit Insurance Corp., the Federal Reserve Board, and the Office of the Comptroller of the Currency, introduced enhanced cybersecurity management standards for institutions with USD 50 billion or more in assets.

Global Cybersecurity Market By Region

Based on the region, the market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). The cybersecurity market in North America is expected to develop significantly with the rise in cybercrimes and data thefts, forcing organizations to use cloud-security solutions.  According to the Global Cybersecurity Index Report 2017, in the APAC region, Singapore stood first on the index with a score of 0.925 and has been listed in the maturing category, referring to countries that have developed commitments to cybersecurity.

Global Cybersecurity Market Prominent Players

Some of the major players present in the Cybersecurity market include Intel Corporation, McAfee LLC, IBM Corporation, Oracle Corporation, Microsoft Corporation, Symantec Corporation, Trend Micro Inc., Check Point Software Technologies Ltd., Palo Alto Networks, and Hewlett Packard Enterprise Development LP. The major players in the market are adopting various inorganic strategic initiatives to increase their market share and gain an edge over competitors and strengthen their product offerings.