U.S (New York) – New research study titled “Cyber Security Market” for the year 2023, encompassing various aspects such as industry size, market share, growth analysis, segmentation, leading manufacturers and innovations, key trends, market drivers, restraints, regulatory framework, distribution methods, opportunities, strategies, potential roadmap, and annual forecasts until 2031. The primary objective of this market research study is to thoroughly examine the industry, enabling businesses to gain comprehensive insights into the sector and its economic potential. By leveraging accurate statistical research data provided by Report Ocean 2023 to 2031, your business can experience accelerated growth. This report also delves into PESTLE & SWOT analysis, Porter’s Five Forces Analysis, and provides crucial information including expenditure, costs, revenue, and end-users. With over 150+ pages, the document offers a comprehensive table of contents, 180+ figures, tables, charts, and insightful analysis.
Cyber security incorporates the safety of assets from cyber-crime and terrorism and other network service interruptions that affect daily operations. Cyber security can be accomplished through active monitoring, exposure of outages or malicious movement, and timely response to disruptions. With the proliferation of cloud, mobility, and bring your own device (BYOD), endpoint protection is crucial for all security departments. Cyber security threats and vulnerabilities can change from day to day, and even hour to hour.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
COMPANIES MENTIONED IN THE REPORT
Cato Networks, Fireglass, A10 Networks, Palo Alto Networks, Check Point Software Technologies, Forescout Technologies, Rapid7, Zimperium, Linoma Software, InsideSecure, Coresec, and SecuEra Technologies.
Effective steps for managing cyber risks today are unlikely to suffice for very long, and thus maintaining security in a wireless environment is challenging for most vendors in the ecosystem. Cyber threats affect more than just the Information Technology (IT) infrastructure of a company. These threats cause disruptions to the entire network that impact principal business functions and mission. Moreover, organizations evaluate cyber security in terms of direct influence to the successful execution of an organization’s primary mission.
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The growth in volume and sophistication of cyber-attacks majorly drive the market growth. Partnerships and acquisitions were the key strategies adopted by the market players to enhance their market share. For instance, Tenable Network Security collaborated with Thycotic, a provider of Privileged Account Management solutions. AurionPro Solutions, a global leader in enterprise security acquired Spikes Security, a network-based web malware provider. This acquisition enabled AurionPro to expand its customer base and develop a broader product portfolio by leveraging low cost R&D.
Based on solutions, global cyber security market is segmented into risk and compliance management, security incident management, Unified Threat Management (UTM), Identity and Access Management (IAM), encryption, intrusion prevention systems, and others. The UTM trend is expected to increase as these are typically purchased as cloud services, and include advanced features such as identity based access control, intrusion prevention, and Quality of Service. The services segment is classified based on professional services and managed services. Managed services are expected to exhibit the highest growth rate during the forecast period, as they integrate along with the company’s intellectual property to provide end-to-end solutions tailored to meet the organization’s exact requirements.
Small and Medium Enterprises (SMEs) adopt the BYOD policy, which demands varied security software to protect the corporate data. Different industry verticals such as Banking, Financial Services & Insurance (BFSI), retail, IT & telecom, manufacturing, aerospace & defense, healthcare, and others use cyber security solutions to protect their data. The financial institutions such as banking sector dominates the enterprise security usage followed by public sector.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region has shown a prominent growth and is expected to grow further at a CAGR of 17.8% over the forecast period. In the years to come, Asia-Pacific should be a prominent cyber security market, owing to the rapid growth in population and increase in IT hubs. This would indirectly boost the market for cyber security market in the Asia-Pacific region.
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KEY BENEFITS
The study provides an in-depth analysis of the cyber security market along with current and future trends to elucidate the imminent investment pockets.
Information regarding key drivers, restraints, and opportunities along with their impact analysis on the cyber security market is discussed.
Porter’s Five Forces analysis illustrates the potency of buyers and suppliers in the cyber security market.
The value chain analysis of the cyber security market signifies the key intermediaries involved, and elaborates their roles & value additions at every stage.
The quantitative analysis of the market from 2014 to 2022 is provided to elaborate the market potential.
KEY MARKET PLAYERS PROFILED IN THE REPORT
Cisco Systems
IBM Corporation
Intel Corporation
Symantec Corporation
HPE
Trend Micro
FireEye
Sophos
Verizon Communications
Dell EMC (RSA Security)
KEY MARKET SEGMENTS
The cyber security market is segmented on the basis of solutions, services, deployment type, user type, industry verticals, and geography.
BY SOLUTIONS
Risk and compliance management
Unified threat management (UTM)
Security incident management
Identity and access management (IAM)
Encryption
Intrusion prevention systems
Others (disaster recovery, vulnerability assessment, and social media control)
BY SERVICES
Professional services
Managed services
BY DEPLOYMENT TYPE
Cloud
On-premises
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BY USER TYPE
Large enterprises
Small and medium enterprises (SMEs)
BY INDUSTRY VERTICAL
Aerospace and defense
BFSI
Public sector
Retail
Healthcare
IT and telecom
Energy and utilities
Manufacturing
Others (automotive, education, and media and entertainment)
BY GEOGRAPHY
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Russia
Rest of Europe
Asia-Pacific
Australia
Japan
China
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Market Dynamics:
Surging air traffic: As the global aviation industry continues to expand, there is a corresponding increase in market demand.
Heightened emphasis on safety and reliability: The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
Growing commitment to environmental sustainability: The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
Escalating globalization: The growth of international trade and travel propels the demand for market solutions.
Increasing desire for private air transportation: The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
Expanding utilization of digital fuel management systems: The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
Advancements in fuel cell technology: Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
Mounting demand for air cargo transportation: The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
Rising defense budgets: Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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