Rapidly rising e-commerce activities will be the key driver for the global cyber security market growth during the forecast period. E-commerce giants such as Amazon are fast diversifying their businesses and product offerings and ecosystem of connected devices is getting wider and bigger. For example, in 2017, Amazon reportedly shipped more than 5 billion products globally.
The global cyber security market size is expected to gain momentum by reaching USD 366.10 billion in 2028 while exhibiting an impressive CAGR of 12.0% between 2021 and 2028. Fortune Business Insights published this information in its latest report, titled, "Cyber Security Market, 2021-2028." The report further mentions that the market stood at USD 153.16 billion in 2020 and is projected to experience exponential growth in the forthcoming years. This is ascribable to factors such as the increasing demand for online shopping that is likely to boost the demand for e-commerce platforms worldwide.
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Growing Adoption of Internet of Things (IoT) to Boost the Market
Cyber security refers to the protection of virtually or digitally stored data and information from external attacks in the form of hacking and phishing. With the exponential increase in use of connected devices, rising smartphone and internet penetration, and growing electronic transactions, there is a pressing need for cyber security solutions all over the world. This need has gotten accentuated with the fast-developing AI and IoT technologies. IoT, for instance, is increasingly being viewed as making critical information vulnerable to cyberattacks and can bring down vital infrastructure such as telecommunications and power. The 2016 Mirai Bot attack exposed the fragility of IoT technology as the malware has been specifically designed to breach the security walls of IoT connected devices. This will aid the expansion of the global cyber security market size in the forecast period.
Increasing Reliance on Artificial Intelligence (AI) Solutions to Enhance Market Potential
According to a study by Capgemini, 21% of the companies surveyed reported that they experienced security breaches as their businesses grew. The survey also found out that two-third of the companies believe that implementation of AI will strengthen their security infrastructure. AI technologies are expected to be further augmented by advancements in Machine Learning (ML). This bodes well for the global cyber security market as application AI software gains popularity in the private and public sectors.
We have segmented the global market based on component, deployment type, enterprise size, industry, and region. On the basis of the component, the market is segregated into solutions and services. Based on deployment type, the market is bifurcated into cloud and on-premise. Additionally, based on enterprise size, the market is divided into small & medium enterprises, and large enterprises. On the basis of industry, the market is categorized into BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities and Others. Moreover, based on industry, the BFSI segment is anticipated to showcase considerable growth owing to the increasing demand for network security solutions across banking, financial, and insurance sectors to protect confidential data. The segment held a cyber-security market share of about 19.5% in 2020.
Lastly, based on region, the market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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What does the Report Include?
The global market for cyber security report includes in-depth analysis on the leading regions to offer a better understanding for the user. In addition to this, the report provides valuable insights into the latest industry growth trends and efficiently analyzes technologies that are being deployed worldwide. It further offers some drivers and restraints helping the reader gain in-depth knowledge about the market by adopting several research methodologies.
Increasing Number of E-commerce Platforms to Surge Demand
According to the U.S. Department of Commerce, the third quarter sales of e-commerce platforms in 2020 increased by about 36.7 percent compared to the same period in 2019. Additionally, it accounted for over 14.3% of total sales worldwide. The increasing demand for online shopping has led the emergence of several online platforms offering their services to the customers. The increasing number of e-commerce platforms is propelling the adoption of advanced cyber security solutions globally. This is expected to contribute to the global cyber security market growth in the forthcoming years.
North America - The region stood at USD 61.93 billion in 2020 and is expected to hold the highest position in the global market. This is attributable to the increasing number of ecommerce platforms in countries such as the U.S. that is expected to boost the demand for advanced cyber security solutions in the region.
Europe - The market in the region is expected to experience significant growth backed by the increasing number of projects and the growing investment by major companies in the development of advanced IT security solutions in the region between 2021 and 2028.
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Product Launch by Eminent Companies to Intensify the Industry Competition
The global market for cyber security comprises small, medium, and large companies focusing on developing advanced IT security solutions to cater to the growing industrial demand. Additionally, other key players are adopting strategies such as merger and acquisition, collaboration, and partnership to maintain their presence in the global marketplace.
-- September 2020 - Bharti Airtel Ltd. announced the launch of a suite of internet security solutions for small and medium enterprises. The company has invested about USD 14.2 million for developing advanced solutions to assist SMEs in adopting cloud platforms and other technologies.
-- July 2020 - Quick Heal Technologies introduced advanced network security solutions for their digital customers. The solution provides a secure platform for safeguarding consumer devices, digital identities, and personal data.
List of the Companies Operating in the Global Market:
-- Cisco Systems, Inc. (California, United States)
-- IBM Corporation (New York, United States)
-- Fortinet, Inc. (California, United States)
-- Proofpoint, Inc. (California, United States)
-- Microsoft Corporation (Washington, United States)
-- Palo Alto Networks, Inc. (California, United States)
-- Zscaler, Inc. (California, United States)
-- Broadcom, Inc. (California, United States)
-- F5 Networks, Inc. (Washington, United States)
-- Check Point Software Technologies (Israel)
-- Sophos Ltd. (United Kingdom)
-- BAE System (Farnborough, United Kingdom)
-- Kaspersky Lab (Moscow, Russia)
-- SonicWall (California, United States)
-- Tenable Network Security (Maryland, United States)
-- Karamba Security (Hasharon, Israel)
-- Cyberark (Massachusetts, United States)
-- F-Secure Corporation (Helsinki, Finland)
-- RSA Security LLC (Massachusetts, United States)
-- Juniper Networks, Inc. (California, United States)
-- Oracle Corporation (California, United States)
-- Foresite MSP LLC (Kansas, United States)
-- FireEye Inc. (California, United States)
-- Forcepoint LLC (Texas, United States)
-- Convergent Network Solutions Ltd (London, United Kingdom)
-- McAfee Inc. (California, United States)
-- Armor Defense Inc. (Texas, United States)
-- Transputec Ltd (London, United Kingdom)
-- Zeguro Inc. (California, United States)
-- Cyber security Services (Ohio, United States)
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Detailed Table of Content
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