Cyber Security Market Predicted to Grow at a CAGR of 11% by the end of 2029

To protect themselves from the risks associated with security breaches, businesses are giving regulatory compliance initiatives top priority and significant expenditure. Accordingly, the value of the global cyber security market exceeded US$ 100 billion in 2018 and is expected to have phenomenal growth at a double-digit CAGR throughout the forecast period (2019-2029).

Regulations outlined in PCI DSS, HIPAA, and ISO 27001 specify recommendations for enhancing enterprise information security management and data protection. By demonstrating compliance with cyber security processes like vulnerability management to reduce the risk of network attacks, businesses are able to achieve and define specific IT security goals. Each significant cyber security standard needs a particular adjustment to be compatible with new technology.

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Key Takeaways

Providers of cyber security solutions are eyeing expansion opportunity in Asia Pacific excluding Japan (APEJ) owing to increasing IT infrastructure and rising demand for smart devices.

Increasing adoption of cloud-based security solutions for cyber security in small and medium scale enterprises is a major concern to prevent their data from ransomware attacks.

Increasing threats such as malware/PoS malware, account hijacking, malicious script injection, DDoS attacks, data breach, phishing, and spear phishing attacks, need efficient cyber security solutions in the connected IoT ecosystem.

The banking, financial services and insurance (BFSI) industry is expected to generate high demand for cyber security solutions and services during the forecast period.

With the number of connected devices anticipated to reach its tipping point by 2025, the risk of cyber security seems to be aggravating rapidly. Moreover, this is further complemented by brisk expansion of smart/connected homes landscape. While it's clear that more the number of connected devices, more the risk of cyber security threats; we foresee a spectacular rise in demand for more effective and efficient cyber security measures in the near future.

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Innovation the Key to Winning New Markets

Key players in the cyber security market are IBM Corporation, Microsoft Corp., Secureworks, McAfee, Symantec Corporation, Sophos Ltd., Trend Micro Incorporated, and Check point software technologies. They captured around 40-45% of the total cyber security market share in terms of value in 2018. These companies are focusing on business expansion through partnerships and collaborations with local and regional players to enhance their geographic footprints.

For instance, in September 2019, IBM Security announced a new project with the City of Los Angeles and the LA Cyber Lab to help give local businesses an edge while defending against cyber security threats.
In September 2019, Arcserve, LLC, a data protection solution provider and Sophos Ltd, announced a global alliance to provide organizations with dedicated cyber security protection for backed up data.

Learn More About What the Report Covers

PMR, in its new offering, offers an unbiased analysis of the global cyber security market, analysing historical demand from 2014-2018, and forecast statistics of 2019-2029. The study unravels growth projections of the cyber security market on the basis of component (hardware, software, and service), security type (network security, endpoint security, application security, and database security), deployment (cloud and on-premises), enterprise size (small & medium scale enterprise and large scale enterprise), industry (BFSI, Govt. & defence, IT & telecom, retail, manufacturing, healthcare, and others industry), across seven major regions.

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