Industries such as aerospace and defense, retail, healthcare, public services, and the banking, financial services, and insurance (BFSI) sector are making substantial investments in the cyber security market. However, inconsistent security measures have posed a challenge to market growth. The surge in cyber attacks, especially in sectors like banking and healthcare, fuels the expansion of the commercial cyber security market. The growing reliance of consumers on internet-based applications, including online billing and banking, is another pivotal driver of market growth. Cyber security plays a pivotal role in providing protection for users of smartphones, laptops, and tablets who are frequently exposed to cyber threats.
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What is the Commercial Cyber Security?
Commercial cybersecurity refers to the set of practices, technologies, and solutions employed by businesses and organizations to protect their digital assets, data, and systems from cyber threats and attacks. It encompasses a wide range of measures, including the use of firewalls, antivirus software, intrusion detection systems, encryption, access controls, and employee training, among others. Commercial cybersecurity aims to safeguard sensitive information, maintain the integrity of systems, and ensure the availability of critical services, all while mitigating risks posed by cybercriminals, hackers, and various forms of malware. In today’s interconnected and digital business landscape, commercial cybersecurity is essential for safeguarding customer trust, regulatory compliance, and the continuity of operations.
Market Overview
Report Ocean Research predicts that the “Worldwide Commercial Cyber Security” market will experience a robust Compound Annual Growth Rate (CAGR) of 22.6% during the forecast period of 2016-2022. The market is segmented based on security types, services, solutions, end-users, and regions. The security types segment encompasses network security, cloud security, content security, wireless security, application security, and endpoint security. As of now, the Americas are a key region for the commercial cyber security market.
Key Players
Prominent players in the commercial cyber security landscape, who are instrumental in shaping the future of cyber security, include:
- Cisco Systems
- Check Point Software Technology
- McAfee
- Symantec
- BAE Systems Intelligence & Security
- Ixtel Technologies
- Argus Cyber Security
- root9B Technologies
- Nexusguard Limited
- Cato Networks
- PhishMe Inc.
These industry leaders are at the forefront of innovation, and their contributions extend across various verticals such as aerospace and defense, BFSI, public services, retail, healthcare, and IT & telecom. The report comprehensively covers the market, shedding light on trends, regions, and vendor assessments based on technology, market reach, expenditures, and product offerings.
Regional Coverage
The report spans a range of regions and countries, including:
- United States
- Canada
- Brazil
- United Kingdom
- France
- Germany
- China
- India
- Australia
- Eastern Europe
- Middle East and Africa (EEMEA)
The Commercial Cyber Security Landscape
Commercial cyber security refers to the provision of cyber security solutions to industry verticals categorized under the commercial sector. Leading commercial verticals, such as aerospace and defense, BFSI, healthcare, retail, public services, and IT & telecom, receive enhanced cyber security solutions due to the prevalence of security breaches. The rapid adoption of digitization has made these industry verticals attractive targets for a broad spectrum of cyber threats. As cyber attacks proliferate, cyber security has evolved into an essential component of IT infrastructure. Both governments and major industry verticals are poised to make substantial investments in enhanced cyber security solutions to combat threats and breaches across commercial sectors.
The Role of Digital Technology
The burgeoning adoption of innovative IoT (Internet of Things) technology compels industry players to offer a diverse array of services to enhance customer experience and loyalty. Governments and organizations view digital technology as a new business strategy to drive revenue growth and expand their global footprint. In the near future, most organizations are expected to embrace digital technology, directly impacting the cyber security market.
Market Drivers
The global increase in the number of internet users, the growing volume of smartphone shipments, and the rising demand for cloud-based data storage and handling are the primary drivers of market growth. The BFSI industry continues to dominate the commercial cyber security market due to prevalent cyber threats within the sector. The “Bring Your Own Device” (BYOD) trend poses a significant concern for enterprises striving to avert security breaches. Increased public awareness of cyber crimes and government investments in cyber security solutions are also contributing to the market’s exponential growth in the years to come.
Segment Analysis
The commercial cyber security market is analyzed based on five major segments: security types, solutions, services, end-users, and regions. The report also delves into market share and metrics, including drivers and restraints. The “Worldwide Commercial Cyber Security” market is anticipated to reach $167.70 billion by 2022, growing at a CAGR of 22.6% during the forecast period from 2016 to 2022.
Some of the metrics this research service discusses are:
Market Size:
- This metric quantifies the total value or volume of a market, providing an understanding of the market’s scale and potential.
Market Growth Rate:
- This metric measures the rate at which the market is growing over a specific period.
- It helps assess the market’s attractiveness and potential for investment.
Market Share:
- Market share metrics indicate the portion or percentage of the market captured by a specific company or product.
- It provides insights into the competitive position of market players.
Customer Satisfaction:
- Customer satisfaction metrics assess the level of satisfaction or dissatisfaction among customers with a product, service, or brand.
- It helps gauge customer loyalty and identify areas for improvement.
Pricing Analysis:
- Pricing metrics analyze the pricing strategies used in the market.
- This includes metrics such as average prices, price differentials between products or competitors, and price elasticity.
Market Segmentation:
- Segmentation metrics involve dividing the market into distinct segments based on factors such as demographics, geography, behavior, or psychographics.
- This helps understand the varying needs and preferences of different customer groups.
Customer Acquisition Cost (CAC):
- CAC is a metric that calculates the cost of acquiring a new customer. It helps evaluate the efficiency of marketing and sales efforts.
Customer Lifetime Value (CLV):
- CLV measures the total value a customer generates over their entire relationship with a company. It helps assess the long-term profitability of customer relationships.
Return on Investment (ROI):
- ROI metrics evaluate the profitability and effectiveness of an investment or marketing campaign.
- It measures the return or gain generated relative to the cost of investment.
Competitive Analysis:
- Competitive analysis metrics assess the performance and strategies of competitors in the market.
- This includes metrics such as market share, revenue growth, product portfolio, and customer satisfaction.
Key Performance Indicators (KPIs):
- KPIs are specific metrics that measure the performance of a business or organization.
- They can include metrics such as sales growth, market penetration, customer retention rate, and profitability.
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