Ongoing technological evolution has increased the emergence of new pathways for accessing restricted data from the World Wide Web. Information stored on online platforms, databases and websites continues to be at the risk of malicious breach from hackers and unethical cyber professionals. Steadfast proliferation of information technologies across multiple business verticals has created a vast network of IT-enabled companies and enterprises. Since these companies continue to use information technologies actively, the need for adopting appropriate security measures has escalated. Cyber security has emerged as the key aspect companies must consider prior to the implementation of IT-based business models.
Persistence Market Research’s latest report on the global cyber security market reveals that in the upcoming years, the adoption of cyber security will gain steadfast momentum against the backdrop of rising attacks of hackers and an overall upsurge in the global cybercrime levels. Key findings from the report estimate that the global cyber security market will be worth over US$ 200 Bn by the end of 2025. The report also projects that during the forecast period, 2017-2025, the global cyber security market will expand robustly at a CAGR of 12.0%.
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Key Players in the Global Cyber Security Landscape
Companies that have built the very systems used for IT operations have been putting considerable efforts towards the development of cyber security solutions. Leading manufacturers of computing systems such as Microsoft Corporation and International Business Machines Corporation have been recognized as key developers of cyber security in the global market. Intel Corp. – a leading manufacturer of computer peripherals, chips and operating systems – has also stepped up its contribution in the global cyber security market. The study has profiled prominent developers of cyber security software as well as cyber security service providers, which include Trend Micro, Sophos, Check Point Software Technologies, Secureworks, Symantec Corp., and Verizon Communication Inc.
Growing Focus on Improving the Features of Cyber Security Software
For developing in-depth forecast on the market, the study has analyzed the global cyber security market on the basis of components, technology, industrial vertical and region. Rising penetration of attack vectors such as ransomware, botnets and autonomous vehicles has propelled the adoption of end-point cyber security technologies. Moreover, threats such as identity theft and data manipulation are stimulating the need for implementing unified threat management technologies against cyberwarfare.
In the recent past, several companies in industrial verticals such as banking, healthcare, process manufacturing and telecommunication have faced tangential issues involving threat to data sovereignty, data path tracing from digital trails and an unethical leveraging of technology talents. In the view of such developments, the demand for robust cyber security software continues to gain traction. The study projects that by the end of 2025, cyber security software sold across the world will bring in revenues worth over US$ 50 Bn in the global market. Nevertheless, the demand for services will spearhead the global cyber security market, procuring the largest piece of the revenue pie throughout the forecast period.
Cyber Security: Technology Challenges & Regional Opportunities
Cloud computing networks can be observed as a veiled threat for the effectiveness of cyber security solutions. While increasing uptake for cloud computing boosts the need for adopting cyber security software, these networks create a vast maze of gateways for security breach. End-point security services are unable to trace the source of attacks or loopholes for hacking in the vast cloud networks. With the passing years, more companies are anticipated to switch to edge computing, providing a temporary respite for cyber security solution providers.
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Countries such as the US and Europe have recorded highest job openings in cyber security over the past few years. The study anticipates that sales of cyber security software in North America will witness robust expansion at a CAGR of 9.4% over the forecast period. Technological advancements in manufacturing operations will fuel the presence of the Asia-Pacific excluding Japan (APEJ) region in the global cyber security market. Increasing use of data encryption among enterprises based in Western European countries will also create lucrative grounds for the adoption of cyber security in the years to come.