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Kenneth Research, in its repository of market research reports, have recently added a report on Cyber Security Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Cyber Security Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Cyber Security Market products.
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Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2025.
The Cyber Security Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2025, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.
Global Cyber Security Market was valued at USD 139.5 Billion in the year 2017. Global Cyber Security Market is further estimated to grow at a CAGR of 10.4% from 2019 to reach USD 307.49 Billion by the year 2025. North America region holds the highest Market share in 2017 and Asia-Pacific Market is considered as the fastest growing Market in the forecasted period. At a country level, developed Industries like the U.S. as well the emerging industries like China with highest population base holds the notable Market share in 2017 and it is projected to grow at a gradual rate in the coming years.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Major market players in Cyber Security Market are McAfee LLC, IBM Corporation, Cisco Systems Inc., Symantec Corporation, Palo Alto Networks, Trend Micro, Juniper Networks, Fortinet, Check Point Software Technologies, Sophos, and other 10 more companies detailed information is provided in the report. Technological up gradation to cater changing demand of end users along with growth strategies such as acquisition & merger were few techniques adopted by most of the top players in last 5 years.
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SWOT Analysis of Cyber Security Market:
Strength:
Mandatory legislation regarding cybersecurity
Weakness:
Availability of pirated security solutions
Opportunities:
Increasing use of social media platforms for business dealings
Growing interests of end users in cryptocurrencies
Threats:
Lack of skilled personnel to curb the growing ransomware attacks
Segmentation done on the basis of Market include Transportation, Telecom and IT, Aerospace and Defense, Healthcare, Retail, Manufacturing, Banking Financial Services and Insurance (BFSI); of which the BFSI segment is expected to hold the highest Market share during the forecast period.
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Cyber Security Market Segmentation:
By Market Sector
*Transportation
*Telecom and IT
*Aerospace and Defense
*Healthcare
*Retail
*Banking, Financial Services, and Insurance
*Manufacturing
*Others
By Deployment Type
*On-Premises
*Cloud
By Service
*Training and Education
*Managed Services
*Consulting
*Design and Integration
*Risk and Threat Assessment
*Support and Maintenance
By Region
North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa
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About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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