Global Cyber Security Market 2016-2020
Market overview of the cyber security market
Technavio’s market research analyst predicts the global cyber security market to grow at a CAGR of around 12% during the forecast period. The stringent regulations governing various industries is the primary growth driver for this market. It is a mandate for organizations to implement these regulations to avoid penalization, thereby driving the adoption of cyber security solutions such as firewalls, anti-virus software, IDS/IPS, encryption, and login passwords.
The high cost associated with setting up cyber security solutions is anticipated to deter the market growth during the forecast period. The deployment cost of these solutions involves the cost of software licensing, system designing and customization, implementation, training, maintenance, and upgradation. These factors increase the overall cost incurred by an organization for implementing cyber security solutions.
Segmentation by end-users and analysis of the cyber security market
The government sector accounted for around 37% of the market share during 2015. The growing government spending on the implementation of government security installations in developing countries has been driving the market in this sector. The report anticipates the cyber security market in the government sector to reach a market value of around USD 55 billion by the end of 2020.
Geographical segmentation and analysis of the cyber security market
- Latin America
- North America
North America dominated the global market during 2015, accounting for a market share of around 35%. The increase in the number of cyber-attacks across various sectors such as retail, manufacturing, telecom, and BFSI in this region have led to a high adoption of cyber security solutions. For instance, during 2015, the data transmission networks of University of Hawaii and Cornell University were hacked.
Competitive landscape and key vendors
The cyber security market is highly dynamic with numerous collaborations between global vendors. The market has been witnessing acquisitions of pure players by international vendors to expand their product portfolios. The report anticipates vendors to provide solutions for various mobile OS such as Android, iOS, and Symbian to ensure data security while trying to access personal and professional data over smartphones.
The leading vendors in the market are -
- Booz Allen Hamilton
- Lockheed Martin
- Trend Micro
The other prominent vendors of the market include Boeing, Brocade Communication, Check Point Software Technologies, Cisco, CSC, EMC, F-Secure, Fortinet, General Dynamics, HP, IBM, Kaspersky Lab, Juniper Networks, L-3 Communications, Microsoft, Northrop Grumman, Raytheon, and Sophos.
Key questions answered in the report
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global cyber security market?
- What are the key market trends impacting the growth of the global cyber security market?
- What are the challenges to market growth?
- Who are the key vendors in the cyber security market?
- What are the market opportunities and threats faced by the vendors in the cyber security market?
- Trending factors influencing the market shares of the APAC, Europe, Latin America, MEA, and North America?
- What are the key outcomes of the five forces analysis of the global cyber security market?
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