The report “Global Cyber Security By Component (Security, and Service), By Deployment Mode (Cloud, and On-premises), By Industrial Vertical (Aerospace and defence, Government, Banking, financial services, and insurance (BFSI), IT and Telecom, Healthcare, Manufacturing, and Others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) – Global Forecast to 2029″. The cyber security market size is projected to grow from US$ 134.0 billion in 2018 to US$ 348.0 billion by 2028. The growth in cyber security market is attributed to increase in number of supply chain-based attacks exploiting the software supply chain. Moreover, the growth of market is also driven by the increase in the frequency and sophistication of cyber threats. As cyber security is becoming a strategic imperative for organization owing to the increased focus on protection of high profile data thefts and breaches.
Furthermore, the growing popularity of digitalization has impacted organizations to rely on the digital data record and maintenance. Along with sharing of data in an external and internal environment across the globe has made the organization or an individual a prey of cyber attack. Therefore, a preventive measure for the cyber attack there is an increase in the demand of cyber security market.
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· In April 2018, IBM Security and McAfee extended their partnership to integrate IBM IRP with Data Exchange Layer (DXL), which is expected to provide better protection through automation and intelligence sharing.
· In April 2018, Symantec announced the development of a powerful threat detection technology that was used by their research teams. Symantec’s Targeted Attack Analytics (TAA) enables ATP, thereby helping customers leverage advanced machine learning and discover targeted attacks.
Key Market Insights from the report:
The global market accounted for US$ 134.0 billion in 2018 and is projected to register a moderate CAGR of 9.7% over the forecast period. The market report has been segmented on the basis of environment, product, and region.
· By component, the global cyber security market is segmented into security and service.
· By deployment the market is segmented into cloud and on-premises. The cloud based segment is expected to witness highest CAGR due to migration of enterprises from on-premise to cloud based solution as they are cost effective.
· By Industrial Vertical, the target market is segmented into aerospace and defence, government, banking, financial services, and insurance (BFSI), IT and telecom, healthcare, manufacturing, and others. In recent past years BFSI has emerged has a potent sector for the increased cybercrime activities. Therefore, BFSI is expected to emerge as a predominant sector.
· By region, North America cyber security market accounted for major revenue share of the global cyber security market and is further anticipated to maintain its dominance over the forecast period. This can be attributed to presence of key players offering advanced solutions and services for cyber security in North America region.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “ Global Cyber Security” By Component (Security, and Service), By Deployment Mode (Cloud, and On-premises), By Industrial Vertical (Aerospace and defence, Government, Banking, financial services, and insurance (BFSI), IT and Telecom, Healthcare, Manufacturing, and Others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)-forecast till 2029
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The prominent player operating in the global cyber security market includes IBM Corporation, Symantec Corporation, Check Point Software Technologies Ltd., Cisco Systems Inc., Fortinet Inc., Hewlett Packard Enterprise, McAfee LLC, Trend Micro Inc., Palo Alto Networks Inc., and Juniper Networks Inc.
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