Sophos, others to gain as cyber security market grows to $202.36bn
According to market research report “Cyber Security Market Global Forecast to 2021”, published by Markets and Markets, the market is estimated to grow from USD 122.45 Billion in 2016 to USD 202.36 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 10.6 percent.
The major forces driving the cyber security market are rise in security breaches targeting enterprises and need for stringent compliance and regulatory requirements. The cyber security market is growing rapidly because of the growing security needs of Internet of Things (IoT) and Bring Your Own Device (BYOD) trends and increased deployment of web and cloud-based business applications.
The report also encompasses different strategies, such as mergers and acquisitions, partnerships and collaborations, business expansions, and product developments, adopted by major players to increase their market share.
Some of the major technology vendors include Sophos Ltd., Intel Security, Symantec Corporation, Hewlett Packard Enterprise, IBM Corporation, Cisco Systems, Inc., Rapid7, Inc., EMC RSA (U.S.), FireEye, Inc. (U.S.), and Trend Micro, Inc.
Organisations are rapidly deploying cyber security solutions either on-premises or on-cloud. The demand for cloud-based cyber security solutions is increasing due to cost-effective and time-efficient features of cloud; its growth is specifically high in enterprises, where low cost solutions are much required.
Application security is to grow at the highest CAGR from 2016 to 2021.
Cyber security solutions are used to secure the network infrastructure and the devices connected through it.
The emerging IoT and BYOD trends and connected number of devices and applications are susceptible to Advanced Persistent Threats (APTs).
Application security is expected to witness the highest CAGR in the global cyber security market during the period
2016–2021. North America is expected to account for the largest market share in 2016, due to the presence of a number of security vendors in the region.
Aerospace and defense vertical is to have the largest market size in 2016.
The cyber security market is also segmented by various industry verticals, out of which the adoption of security solutions is expected to be the highest in the aerospace and defense vertical as the critical data and applications used by the vertical are prone to advanced threats.
Moreover, government & public utilities, BFSI, and IT & telecom verticals are expected to gain traction during the forecast period.
North America is expected to dominate the cyber security market in 2016.
North America is expected to hold the largest share of the cyber security market in 2016 due to the technological advancements and early adoption of cyber security in the region. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021.
The primary driving forces for this growth are increasing technological adoption and huge opportunities across industry verticals in APAC countries, especially India and China.
