Cyber Security Market to Grow at CAGR 8.3% Till 2021 Says TechSci Research Report
NEW YORK, August 19, 2016 /PRNewswire/ --
Increasing cyber-attacks on the critical infrastructure has rendered worldwide security at risk. The prime motive behind these attacks is to gain access to financial information and retrieve sensitive information related to an organizations' operational strategies, government defense moves, etc. Further, banking & financial institutions, stock exchanges are also becoming highly vulnerable to the cyber-attacks. According Identity Theft Resource Center, in 2015, around 163 million records were exposed in total of 781 breaches across the globe. Due to rising number of cyber-attacks, the government and private enterprises are propelled to heavily spend on the upgradation of their network security to avoid any data or network breach.
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Global Number of Data Breaches and Records Exposed, 2015-2015
Records Exposed
Year Data Breaches (Million)
2005 157.00 66.9
2006 321.00 19
2007 446.00 127.7
2008 556.00 35.7
2009 498.00 222.5
2010 662.00 16.2
2011 421.00 22.9
2012 471.00 17.5
2013 514.00 92
2014 783.00 85.61
2015 781.00 169.07
Source: Identity Theft Resource Centre
According to recently published TechSci Research report titled "Global Cyber Security Market By Security Type, By Solutions, By End Use Industry, By Region, Competition Forecast and Opportunities, 2011-2021" - the global market for cyber security is bound to grow at 8.3% CAGR till 2021. The cyber security market is divided between Network Security, Content Security, End Point Security, Wireless Security, Application Security & Cloud Security. Though the market is dominated by Network Security but during next five years the maximum growth will be witnessed in Cloud Security market.
Browse 51 market data Tables and 121 Figures spread through 222 Pages and an in-depth TOC on "Global Cyber Security Market"
With growing adoption of cloud computing services across the world, requirement for security measures for cloud computing are also increasing. Further, growth in enterprise mobility and bring your device(BYOD) concept is fueling the requirement for cloud security. The IT infrastructure landscape in organizations is shifting from CAPEX to OPEX based investment scenario. Organizations are shifting from their traditional IT infrastructure to agile, secure and cost-efficient cloud infrastructure due to which cybersecurity vendors needs to develop advanced cloud security solutions for manage demand and supply gap - the opportunity identified in TechSci report.
Regionally, North America dominates the cyber security market but the highest growth will be witnessed in APAC region in next five years. Asia Pacific cybersecurity market is projected to outpace global growth and grow at a CAGR of 11% during 2016-2021, registering fastest growth rate across the global. Growing Internet user base, and mobile penetration in the region, are anticipated to upsurge the APAC's cybersecurity market.
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However, with increasing demand for Cybersecurity solution market across the globe depicts scarcity of IT talent. The need of IT security developers, as well as administrator requirement is high, however, the educational institutes do not provide sufficient training to these human resources. It is recommended for cybersecurity solution providers to partner with educational institutes, to train and prepare for future manpower requirements. Further, cybersecurity firms should participate in various government programs which encourages the training of human resources.
Symantec Corp. has recorded largest revenue market share in cyber security market in 2015 but Palo Alto Networks & FireEye are expected to witness highest growth till 2021. The competitive landscape is set to witness radical changes with the development of advanced and innovative cyber security solutions highlights TechSci Research report.
"Global Cyber Security Market By Security Type, By Solution, By End Use Industry, By Region, Competition Forecast and Opportunities, 2011-2021" provides market size, share, structure and market forecasts. The report will prove to be a perfect tool for strategy managers working for cyber security vendors.
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