The global cyber security market is expected to reach USD 205.51 billion by 2024, according to a new report by Grand View Research, Inc. The dependence of enterprises on information technology and sensitive nature of digitally stored data has raised the stake for cyber-attackers with financial gain becoming a primary motive.
Solution providers are indulging in research and development to develop next-generation security solutions. For instance, Science Applications International Corporation (SAIC) has developed an innovative cyber security technology that helps government protect critical data, mitigate risks, and establish a comprehensive defense against cyber-attacks. There is also a greater emphasis on the intelligence-led security as conventional security technologies, such as web, content management and network security, are failing to deliver the tracking of security incidents.
The cyber security industry is expected to witness high demand for cloud-based applications as government organizations are opting for the cloud platform for data sharing.
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Further key findings from the study suggest:
- The services segment is anticipated to grow at a CAGR of over 12% from 2016 to 2024. The growing demand for Security-as-a-Service (SaaS) and cloud-based solutions is expected to provide growth opportunities
- Healthcare industry is expected to reach over USD 30 billion by 2024. The health insurers are the prime target of the cyber-attacks, such as Advanced Persistent Threats (APTs) and spear phishing. The crimes and breaches in this sector are rising as the cost of stolen medical record is increasing.
- The North American cyber security industry is anticipated to reach over USD 61 billion by 2024. The increasing cybercrime costs are enabling the region to focus on building a strong resilience system for managing cybercrimes.
- MEA is expected to grow at a CAGR of over 12.5% from 2016 to 2024. The region is adopting digital technologies and applications at a faster pace, increasing the risk of cyber-attacks. The expansion of digitization throughout the region has made cyber security a necessity for organizations.
- The major players in the cyber security market include Fortinet Inc., Checkpoint Software Technologies Ltd, Cisco Systems Inc., Trend Micro Inc. and Symantec Corporation. The companies in the cyberspace are focusing on reducing the costs incurred in implementing security strategies by moving from solution-based products to service offerings the growing trend of security-as-a-service is increasing the adoption of services and key players are integrating with major service providers to fulfill consumer demand.
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