The current report by Market Research Future (MRFR) asserts that the global cybersecurity market 2020 is slated to attain a substantial market valuation at a moderate CAGR over the review period.
Drivers and Restraints
The influential factors driving the cybersecurity market are the rise in the frequency and complexity of cyber-attacks, the advent of disruptive digital technologies like IoT, and BYOD, severe data protection regulatory norms for information are driving the cybersecurity industry growth. Organizations need secure authentication functionality to endorse that authentic employee’s access internal networks or specific applications. Enterprises are increasingly moving towards multi-factor authentication to evade the threats of password-based verification. Multi-factor authentication is mostly performed by tallying another aspect to the standard user name and password. The layers may be hardware and software token, a device verification step, or a biometric check. The implementation of these authentication methods to moderate the risk of cyber threats, thus, encourage users to adopt effective cybersecurity solutions, therefore, providing a significant opportunity for market growth. Furthermore, the implementation of a cloud-based model empowers organizations to manage all the applications, as there is no invisibility with exceptionally sophisticated analytics running in the background. In addition, the employment of the cloud can allow organizations to combine complementary infrastructure technologies such as software-defined perimeters to create robust and exceedingly secure platforms.
Growing demand for cloud-based cybersecurity solutions is also one of the significant factors fueling the cybersecurity industry growth over the review period. However, constant need to conform to cybersecurity industry standards, regulations, and complications of device security are some of the key factors hindering the market growth. Furthermore, cybersecurity activities are now being prioritized and aligned to strategic business activities to minimize the damage of IT resources, which provides a significant opportunity for market growth. Also, an increase in the need for secure authentication techniques is also expected to offer lucrative opportunities for the market. On the other hand, constant need to conform to industry regulations, standards, and complications of device security are some of the main factors impeding the market growth. Additionally, cybersecurity activities are now being prioritized and aligned to strategic business activities to minimize the damage of IT resources, which provides a significant opportunity for market growth.
For a better grasp of the report, the global cybersecurity industry has been segmented by solutions, services, and application verticals. Solutions include endpoint security, network security, content security, industrial control system security, application security, and cloud security. Services consist of consulting services, design services, risk assessment services, training services, and others. On the basis of application verticals, the market has been segmented as telecommunication, BFSI, manufacturing, aerospace and defense, healthcare and others.
The geographical overview of the global market has been conducted in four major regions, namely North America, the Asia Pacific, Europe, and the rest of the world (including Latin America and the Middle East and Africa).
North America is the leading market share of the cybersecurity market, owing to the increasing adoption of data protection measures. The well-established IT and telecommunication sector in the region, especially in developed countries such as the US and Canada, is expected to contribute substantially towards the market growth. Moreover, the key reason behind this is some countries of Europe have good command over the technology, and most of the companies in the European region update their cybersecurity model periodically. The Asia Pacific and MEA are the fastest growing market for cybersecurity.
The top market players identified by MRFR in the global market are Symantec Corporation, Mcafee Corporation, Cisco Corporation, Fortinet Inc, Trend Micro Inc, Computer Science Corporation, Cassidian Cybersecurity Company, Booz Allen Hamilton Corporation, Fireeye inc, Kaspersky Lab, among others.