The Global Market for Cyber Security is Projected to Reach US$160.1 Billion by 2022

Alarming Rise in Volume & Magnitude of Premeditated Cyber Crime Drives the Global Market for Cyber Security, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Cyber Security market. The global market for Cyber Security is projected to reach US$160.1 billion by 2022, driven by the alarming rise in premeditated cybercrime against the backdrop of growing asset value of digital information and the ensuing focus of companies to safeguard their IT infrastructure from cyber threats.

While the modern interconnected world brings in numerous advantages and empowers enterprises, it also brings in a fair share of challenges and perils. Growing adoption of Internet by governments for defense and military management and public governance makes public safety and national security vulnerable and dependent upon the robustness of a network. Several governments across the world have already been targets of cyber-warfare. The unconventional challenges created by the increasing reliance of governments and private enterprises on digital infrastructure include threats posed by spyware, malware, spoofing, phishing, botnets, unauthorized data leakages, access to confidential information networks and identity thefts, among others. The growing need to defend information and communications infrastructure therefore represents the cornerstone for growth in the market. The importance of cyber security can be put to perspective by the fact that today a country’s economic prosperity and competitiveness depends on efficient cyber security solutions and the ability to effectively confront threats to a nation’s information grid.  Another key factor driving growth in the market include the evolutionary leap in the threat landscape which continues to evolve with malicious software codes and viruses becoming more intelligent and sneakier and capable of adapting against legacy defenses.

The need to avoid costs associated with security breaches, data leaks and unauthorized use of confidential information will continue to drive growth in the market. Cost of data leaks and unauthorized use of confidential information is exorbitantly high, affecting the reputation, revenue, and even survival of companies. Malware, defined as malicious software designed to disrupt computer processes and gain access to confidential information, continues to afflict cyberspace in newer forms with increased intensity and frequency. Malware attacks over the Internet are a growing threat and for businesses. The dramatic rise in frequency of malware attacks is necessitating the deployment of an additional layer of risk containment. Increasing use of mobile internet is also leading to an outbreak of malware programs. The cross-platform support of HTML 5 magnifies the threat further. Growing adoption of cloud and mobile infrastructure across enterprise sector on the other hand is expected to drive considerable demand for cloud security and wireless security solutions respectively.

As stated by the new market research report on Cyber Security, the United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 11.0% over the analysis period. Steady economic growth, boom in enterprise networking, increasing adoption of e-governance model, rapid evolution of internet infrastructure and proliferation of cloud technologies particularly in Australia, India, and China represent key factors driving growth in the region. Network Security represents the single largest and the fastest growing market segment. Large corporations with multiple suppliers or locations generally use network security solutions such as firewall, VPN or UTM technologies to exchange highly confidential or sensitive data over the Internet.

Major players in the market include Avast Software, Booz Allen Hamilton, CA Technologies Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., CSC, Deloitte LLP, Forcepoint LLC., F-Secure Corporation, IBM Corporation, Juniper Networks Inc., Kaspersky Lab, Lockheed Martin Corporation, McAfee Inc., Microsoft Corporation, Northrop Grumman Corp., Panda Security, SafeNet Inc., Sophos PLC, Symantec Corporation, Trend Micro Incorporated and Utimaco Safeware AG, among others.

The research report titled “Cyber Security: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. Key segments analyzed include Application Security, Content Security, Endpoint Security, Network Security, Services, and Others. End-use sectors analyzed include Banking & Financial Sector, Public Sector & Aerospace, Medical care Sector, Manufacturing Sector, IT & Telecom Sector and Others.

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