Cyber Security Market to Make Promising Progress; Increasing Adoption of Latest Technologies to Boost the Market – GlobeNewswire

Pune, India, May 24, 2021 (GLOBE NEWSWIRE) -- The global cyber security market size is set to experience speedy growth from USD 165.78 billion in 2021 to USD 366.10 billion in 2028 owing to the emergence of new technologies in the IT security industry, finds Fortune Business Insights in its report, titled Cyber Security Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment Type (Cloud and On-Premise), By Enterprise Size (Small & Medium Enterprise and Large Enterprise), By Industry (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities and Others) and Regional Forecast, 2021-2028, the cyber security market stood at USD 153.16 billion in 2020. It is set to exhibit a CAGR of 12.0% during the forecast period.

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In recent years, the cyber security market has gained prominence on account of the growing adoption of latest technologies in the IT sector such as Artificial Intelligence (AI), cloud security, and others, which has resulted in the growth of this market. Further, the cyber security solutions can be used in different applications such as banking, financial services, insurance companies, and others, which is an important factor driving this markets growth. For instance, Cisco Systems, a renowned IT company, has developed a simple, secure and user-friendly cyber security solution which helps in protecting and managing the companys critical data that is used for digital purposes.

However, the lack of professional and expert personnel for development of the security solutions is projected to hinder this markets growth.

COVID-19 Impact:

The COVID-19 pandemic and the subsequent lockdown restrictions have affected all the major businesses and companies worldwide. Due to the lack of experts, lay-offs in the companies, shutdown of large scale and small scale companies, and many other reasons, the cyber security markets demand has decreased during this pandemic impacting the demand for internet cyber security solutions across the world.

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Market Segmentation:

On the basis of component, this market is divided into network security, cloud application security, end-point security, secure web gateway, internet security, and others. By deployment type, the market is classified into on-premises and cloud. Based on enterprise size, the market is categorized into small and medium enterprises and large enterprises. By industry, the market is divided into BFSI, IT and telecommunications, retail, healthcare, government, manufacturing, travel and transportation, energy and utilities, and others. In terms of geography, the market is clubbed into North America, South America, Europe, Asia Pacific, and the Middle East & Africa.

Highlights/Summary:

This research report offers an in-depth study of the driving factors, restraints, and trends related to the growth of the market. In addition, this report offers a detailed evaluation of the market segments and regional developments in the market. Further, this report also incorporates a comprehensive analysis of the strategies adopted by the leading players to boost their market position.

Drivers/Restraints:

Increasing Number of Cloud-based Security Solutions to Fuel the Market

Nowadays, most of the IT companies and financial service providing companies are adopting cloud-based IT security solutions in order to protect their companys privacy and the critical data from getting hacked. This has helped these companies to reduce the risk of cyber frauds which can have a major impact on their business operations and the reputation of the company. This acts as a crucial driving factor responsible for the growth of the market. For instance, Palo Alto Networks has expanded its business by acquiring two companies Twistlock and PureSe. This has resulted in increasing the companys product portfolio and provides a complete cloud security solution with a wide variety of cloud security applications.

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Regional Insights:

Rising Number of Security Violations to Propel the North America Market Growth

North America region is projected to expand rapidly in the cyber security market share on account of the increasing number of security infringement incidents which have led to the growing demand for cloud-based security applications in this region. Further, the surge in the demand for e-commerce platforms in the countries such as US and Canada has resulted in fuelling this markets growth.

Europe is another region anticipated to witness substantial growth in this market owing to the rising number of internet security projects and major investments in IT security in the countries such as Germany, Spain, UK, and others.

Competitive Landscape:

Developing Latest and Advanced Cyber Security Systems by Key Players to Feed Competition

The key players in the cyber security market are focusing on developing and installing latest cyber security systems to avoid data breaches, cyber frauds, and other major incidents which occur due to lack of expert personnel or use of outdated systems. Thus, there is an increasing competition among the leading companies for installing these systems, which has resulted in propelling this markets growth and helps the companies to widen their business horizons in this market.

Industry Development:

September 2020: Bharti Airtel Ltd. launched a suite of internet security solutions for small and medium enterprises. The security solutions will help these companies in adopting cloud platforms and other emerging technologies.

List of Key Players Covered in the Cyber Security Market Report:

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