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Cyber Security Market Getting Huge Investment by Telecom Operators to Overcome the Challenges of Cyber-Crimes
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The consumers are using mobile devices at unprecedented level. Mobile operators are investing millions of dollars in cyber security solutions to overcome the challenges of cyber-crimes. Participants including operators, equipment makers, operating systems and application providers are introducing new approaches to stay ahead of cyber criminals, to mitigate the risk of cyber-attacks. Increased usage of mobile devices is also giving rise to mobile botnets (compromised software), which steals information or results in denial of services. To prevent botnets from revealing sensitive information to hackers, effective security solutions for mobile devices is required, which is anticipated to drive the growth of the cyber security market in the coming years.
The European cyber security market in 2016 was valued at $23.7 billion and is expected to grow at a CAGR of 9.5% during 2017-2023, to cross $44.0 billion by 2023. Among all the European countries, the U.K. accounted for the largest revenue share of nearly 40% of the European market in 2016. The cyber security industry in the U.K. was worth $9,290.5 million in 2016 and is expected to grow at CAGR of 9.9% during 2017-2023, to reach $17,925.0 million by 2023.
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Some of the major players in the cyber security market are BAE Systems, RSA Security LLC, IBM Corporation, Symantec Corporation, Palo Alto Networks, Inc., Fortinet, Inc., FireEye, Inc., Check Point Software Technologies Ltd, Cisco Systems Inc., and Juniper Networks, Inc. Key competitors are specifically focusing on Asia-Pacific and Europe, owing to the visible signs of market growth in these regions.
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