Cyber Security Market to Surpass $137 Bn by 2021
Growing incidences of online
thefts and hacking along with increasing government spending on infrastructure
security to drive market for cyber security through 2021
According
to TechSci Research report, “Global
Cyber Security Market
By Security Type, By Solutions, By End Use Industry, By Region, Competition
Forecast and Opportunities, 2011-2021”,
the global cyber security market is anticipated to surpass $ 137 billion by
2021 on account of increasing incidence of security breaches in various sectors
such as government, defense, healthcare etc. Growing adoption of mobile devices
at workplace and cloud computing along with implementation of policies such as
Bring Your Own Device (BYOD), are few other factors driving growth in the cyber
security market, globally. Further,
rising demand for connected devices across verticals such as connected cars,
connected home appliances, web-connected smart wearable devices along with
growing market for Internet of Things (IoT), is expected to propel the number
of connected devices at a CAGR of 14.04% during 2016-2021, in turn fueling
growth in market for cyber security across the globe.
In 2015, North America accounted for the
largest market share in global cyber security market on the back of increasing government
spending on cyber security, growing risk of data loss due to security breach in
large as well as Small & Medium Enterprises (SMEs), rising number of
cyber-attacks in financial sector, etc. To overcome such problems, few of the
major cyber security solutions available across the globe are Identity and
Access Management (IAM), Risk and Compliance Management (RCM), Encryption and
Data Loss Prevention (DLP).
List
of Major Data Breaches and Records Exposed in North America, By Company, 2015
|
Company
Name
|
Breach
Category
|
Records
Exposed
|
|
Morgan Stanley
|
Banking/Credit/Financial
|
350,000
|
|
T-Mobile/Experian
|
Business
|
15,000,000
|
|
Auburn University
|
Education
|
364,012
|
|
Georgia Secretary of State
|
Government/Military
|
6,000,000
|
|
Office of Personnel Management, Washington
|
Government/Military
|
25,700,000
|
|
Internal Revenue Services (IRS), Washington
|
Government/Military
|
334,000
|
|
Department of Children and Families, Florida
|
Government/Military
|
200,000
|
|
GA Department of Community Health, Georgia
|
Government/Military
|
912,906
|
|
Systema Software
|
Medical/Healthcare
|
1,500,000
|
|
Anthem, Inc.
|
Medical/Healthcare
|
78,800,000
|
|
CareFirst BlueCross BlueShield
|
Medical/Healthcare
|
1,100,000
|
|
Source:
Identity Theft Resource Centre
|
In
addition, new cyber security solutions are being offered to ensure network
security, end point security, content security wireless security, application
security and cloud security, by major cyber security solution providers such as
Symantec, BAE Systems, Intel and Cisco. Moreover, these companies along with
other companies including IBM, Check Point Software, Fortinet, FireEye, etc.
are exceling in the global cyber security market inorganically by acquiring
other businesses and companies to strengthen their product portfolio and to
increase their geographical footprint across the globe.
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“BFSI
industry is rapidly deploying cyber security solutions to mitigate the
financial losses caused due to cyber-attacks. Growing threat of cyber terrorism
and cyber warfare is also pushing stock exchanges to focus on strengthening
network security. Further, cyber threats over country’s critical infrastructure
including electrical grids, oil & gas industry, telecom, manufacturing,
nuclear power plants, etc. has propelled investment in advanced cyber security
solutions along with growth in demand for Industrial Control Systems (ICS)
security. Rising incidences of data breach across end use industries primarily
due to external sources, followed by intentional insider sources has driven
cyber security spending by the enterprises across countries in the world. Rising
R&D over technological advancements in cyber security solutions, such as
encryption services, intrusion Detection System/Intrusion Prevention System
solutions, etc. is expected to drive the cyber security market in the near
coming years,’ said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Global Cyber Security Market By Security
Type, By Solution, By End Use Industry, By Region, Competition Forecast and
Opportunities, 2011-2021” has evaluated the
future growth potential of global cyber security market and provides statistics
and information on market size, structure and future market growth. The report intends
to provide cutting-edge market intelligence and help decision makers take sound
investment evaluation. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in global
cyber security market.
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