Global Cyber Security Market: Snapshot
According to a report released by the Center for Strategic & International (CSIS), cybercrime has an impact on economies worldwide. Every year around $600 billion of global GDP is lost due to cybercrime. Additionally, the survey held by them recorded that around 64% of Americans face the problematic situation of personal information loss. The data stored in the cloud is vulnerable to various cyber-attacks and the need to secure data from unauthorized users is costing the average expenditure of over 23% accounting for over $11.7 million to organization.
Unethical attempts and unwanted access and damage to computer systems can lead to the losses of critical information, security breaches, and personal data theft via malware, phishing, Trojan droppers, tamper, and ransomware. Cybersecurity is a technique used to protect the data from unauthorized users. In network security, a spoofing attack is a situation in which unauthorized person or unwanted program successfully tricks as another by falsifying data, to gain an illegitimate advantage and access inside a system & network.
According to a recent business intelligence report released by IndustryARC, the global cyber security market size was between $140billion to $150billion as of 2018, and it is projected to grow with the CAGR of around 8%% during the forecast period of 2019 to 2025.
Global Cyber Security Market: Leading Segments
North America was the leading region with a global cyber-security market share of nearly 40% in 2018. Extensive digitalization across multiple industries along with the rapid increase of smartphones users is responsible for the growing demand for cybersecurity the region. Eavesdropping in private communication, such as a phone call, instant message, videoconference or fax transmission is a major threat that can leak the confidential data of an organization. Security in private communication is a major demand which is again bolstering the cyber security market. Recent research by analyst of IndustryARC projected telecom is a major application with a CAGR of 10% in Cyber Security Market during the forecast period.
Global Cyber Security Market: Competitive Landscape and developments
- NTT Com Security: Web Security as a Service (WSaaS)
NTT Communications total sales for cloud services was valued to be about $19.6 billion in 2018 with an operating income of $1.2billion. Additionally, NTT Group total asset is valued to be $190 billion in 2017. As a part of a strategic partnership program, NTT Security integrated with Symantec cloud service to enhance threat detection through WSaaS. New Service provides analysis, real-time threat intelligence, and security monitoring of web-based security and solution. Progressive research and development by NTT Security to continue growth in the market with progressive services and solutions are helping NCC to drive the cyber security market.
- Cisco: Threat Response
According to recent report by CISCO, all attacks resulted in financial damages of more than US$500,000. Cisco threat response automates integration with CISCO security products and accelerates the key operations including detection, investigation, and remediation are key pillars of security architecture. Cisco is a leading cyber security market player with valuable services and solutions. Additionally, this service helps to save time and manual effort especially when the system is under attack.
- SecureWorks: Security Management
SecureWorks is under the partnership with McLaren Group integrated machine learning and human & artificial intelligence to process 30billion logs along with cutting down threats that delay the growth of productivity and innovation. Additionally, SecureWorks is in the Leader’s Quadrant for Managed Security Services Worldwide Elite cyber threat intelligence pooled with security capability protects devices and data to provide security monitoring, operational management of devices to safeguard investments and meet compliance regulations that are helping to exceed the company in Cybersecurity market.
- McAfee: Data Loss Prevention (DLP)
McAfee partnered with Turk Telecom that provides benefit to robust parental controls. DLP safeguards logical property and ensures obedience by protecting sensitive data from any space such as on-premises, in the cloud, or at the endpoints. DLP Protects against data loss and stays ahead of threats, and this product is widely accepted from business expertise along with other products and solutions which is helping McAfee to propel in the cybersecurity market.
Global Cyber Security Market: Growth Drivers
Rapid growth in technological trends such as adopting cloud-based services and applications and internet of things is the major reason for the requirement for Cybersecurity. The increased business solution requires cybersecurity that help them to minimize the data loss from an unethical user is also propelling the demand in the cyber security market. The rising expenditure on cybersecurity is definitely fostering the growth of the cyber security market.
Cybersecurity is a technique to protect the data from unauthorized users. Rapid growth in technological trends such as adopting cloud based services and applications and the internet of things is driving the cyber security market. Telecom is a major application growing with an impressive CAGR during the forecast period of 2019 to 2015.
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