Global cybersecurity market share is anticipated to witness a massive upscale in revenue in the following years, perhaps attributing to surging prevalence of cyberattacks across the various organizations. Ascribing to this, numerous enterprises are rapidly implementing cloud platforms, thereby stimulating the business dynamics during 2018-2024.
Apparently, cybersecurity market has evolved as one of the most revolutionizing business spaces till date on the grounds of the fact that the technology helps in secure storage and transfer of vital data.
The global cybersecurity industry size is anticipated to record a valuation of over USD 300 billion by 2024, as cited by a Global Market Insights, Inc., research report.
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The large enterprise held over 60% share of the cybersecurity market. The market in large enterprises is primarily driven by the increasing financial losses associated with the cybersecurity breaches. The average cost of cybersecurity breaches among large organizations has increased by over 11% in 2017. The government cybersecurity industry is expected to grow at a CAGR of over 15% over the forecast time period. The loss of critical data and the erosion of trust in government officials have encouraged public sector agencies to deploy cybersecurity solutions to safeguard its network architecture.
The growing demand for real time-payment solutions well supported by the rising penetration of internet and the proliferation of smartphones are anticipated to boost the banking segment of the cybersecurity market. Since last few years, the market has been witnessing the increased use of online payment solutions such as internet banking, mobile banking, UPI and several other e-wallets. Thereby, the growing customer inclinations toward real-time payment solutions is very expected to foster the growth of the industry share from banking.
The transportation market is anticipated to grow at a CAGR of over 15% over the projected timespan. The use of the Industrial Internet of Things (IIoT), smart logistics, and several modernization initiatives will provide a broader surface for cybercriminals to penetrate the company network. This has promoted the use of cybersecurity solutions in the transportation and logistics industry. The banking industry is predicted to grow at a CAGR of over 16% over the forecast timespan. The introduction of various stringent regulatory policies that mandate financial establishments to deploy security solutions has influenced the cybersecurity market.
The North America region is leading the cybersecurity market with over 40% share in 2017. The increasing investments and acquisition of cybersecurity start-ups by major players in the region are adding to market growth. The European region accounted for over 20% market share of the cybersecurity industry in 2017. The rising public-private partnerships and government investments are driving the cybersecurity industry in the region. The government has also enforced various regulations, enforcing business establishments of all sizes to use cybersecurity solutions.
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Some of the players operating in the cybersecurity market are BAE Systems, CyberArk Software Ltd., Microsoft Corporation, Splunk, Inc., RSA Security, LLC., Oracle Corporation, Palo Alto Networks, Inc., Symantec Corporation., F5networks, Inc., Check Point Software Technologies Inc., Hewlett-Packard, Ltd., F-Secure Corporation, FireEye, Inc., Fortinet, Inc., IBM Corporation, Rapid7, Sophos Group plc, Intel Corporation, Proofpoint, Inc., McAfee LLC, Cisco Systems, Inc., and Trend Micro, Inc.
Major Key Points from Table of Content:
Chapter 7. Global Cybersecurity Market, By Industry
7.1. Key trends, by industry
7.2.1. Market estimates and forecast, 2013 – 2024
7.3.1. Market estimates and forecast, 2013 – 2024
7.4.1. Market estimates and forecast, 2013 – 2024
7.5.1. Market estimates and forecast, 2013 – 2024
7.6. IT & telecom
7.6.1. Market estimates and forecast, 2013 – 2024
7.7.1. Market estimates and forecast, 2013 – 2024
7.8.1. Market estimates and forecast, 2013 – 2024
7.9.1. Market estimates and forecast, 2013 – 2024
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