Cyber Security Market to cross US$ 300 billion by 2024
Global Cyber Security Market is set to grow from its current market value of more than $120 billion (€105 billion) to over $300 billion (€264 billion) by 2024; according to a new research report by Global Market Insights, Inc.
The cyber security market is propelled by the increasing need among enterprises to minimise security risks. As enterprises are rapidly embracing cloud platforms and other networking technologies, they are becoming more vulnerable to various cyber-attacks.
The average expenditure on cybercrime has increased significantly. In 2017, the average spending by organisations on cybersecurity solutions increased by over 23% accounting for over US$ 11.7 million (€10.3 million). This rise in budgetary allocations in cybersecurity solutions is driving the growth of the cybersecurity market.
The rising penetration of various mobile & wireless devices is fostering the growth of the cyber security market. The falling prices of mobile devices and advancements in the connectivity infrastructure across the globe are propelling the adoption of smart devices across enterprises and consumers.
This has caused a simultaneous increase in the number of cyber-attacks on mobile devices. In 2017, cyberattacks on mobile devices increased by over 40% with an average of over 1.2 million attacks per month. Hence, end-users and organisations are embracing cybersecurity solutions leading to the growth of the market.
The transportation market is expected to grow at a CAGR of over US$ 15% over the projected timespan. The use of smart logistics, IIoT, and other reconstruction initiatives have further increased the risk by creating a wider attack surface from enormous systems.
Any disruption in the operations of transportation and logistics companies can cause substantial downtime and loss of revenue. This is leading transportation companies to implement cybersecurity solutions. The IT & telecom sector is also predicted to grow at a high pace as it deals with sensitive customer data used for providing unified communication services.
In 2017, Europe accounted for a share of over 20% in the global cyber security industry. The regional market is expected to grow exponentially due to a rise in the number of government investments and public-private partnerships to enhance the cybersecurity infrastructure. In addition, there is an introduction of supportive government policies and compliance regulations mandating companies to adopt security measures.
The Asia Pacific cyber security market is predicted to grow at a CAGR of 20% over the forecast timespan. Extensive digitalisation across multiple industry verticals and the rising number of smartphone users are factors driving the growth of the in the region.
Prominent companies operating in the cyber security market include BAE Systems, Cisco Systems, Inc, CyberArk Software Ltd., McAfee LLC, Microsoft Corporation, IBM Corporation, Intel Corporation, Proofpoint Inc. Rapid7, Sophos Group plc, Splunk, Inc, Symantec Corporation and Trend Micro, Inc. RSA Security, LLC., Oracle Corporation, Palo Alto Networks, Inc., FireEye, Inc., Fortinet, Inc., Hewlett-Packard, Ltd., F-Secure Corporation, F5networks, Inc., Check Point Software, etc.
Players in the market are strategically acquiring various cybersecurity providers to strengthen their product portfolio and increase profitability. For instance, in November 2018, Symantec Corporation acquired Appthority, a cybersecurity start-up offering mobile threat detection solutions to integrate its SEP mobile capabilities into Symantec’s mobile endpoint security solutions.
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