Emergence of IoT & BYOD, surge in malware and phishing threats among enterprises, and rise in demand for cloud-based solutions propel the growth of the global cyber security market. However, complexities regarding device security and tight budgets restrain the market growth. Contrarily, rise in requirements regarding strong authentication methods and rise of the antivirus industry would offer new opportunities in coming years.

On the basis of deployment type, the on-premise segment accounted for the highest share in 2017, holding nearly three-fifths of the total share. This is attributed to large enterprises adopting cyber security solutions and increase in requirements regarding securing critical data from cyberattacks. On the other hand, the cloud segment is estimated to register the highest growth rate, registering a CAGR of 13.9% from 2018 to 2025, owing to requirement of cloud-based security along with reduced maintenance and investment costs.

Based on region, North America held nearly one-third of the total share in 2017 and is estimated to maintain its leadership status on the basis of revenue during the forecast period. This is attributed to rise in dependency upon social media applications and penetration of internet. However, Asia-Pacific is estimated to grow at the highest CAGR of 13.6% from 2018 to 2025, owing to ease in availability of smartphones in nations such as China and India that led to surge in adoption of cyber security measures.

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COVID-19 impact analysis:

► The outbreak of COVID-19 is anticipated to have a positive impact on the growth of cyber security industry.

► This is attributed to emergence of COVID-19; the use of cyber security services will enable enterprises to address security issues and facilitate secured information access while working remotely.

► In addition, owing to increase in internet traffic, the danger of cyber-attacks has grown significantly in numerous enterprises, necessitating the implementation of cyber security services.

► Innovations and advancements in cyber security solutions, such as cloud security and AI-integrated solutions as well as an increase in the number of cyber-attacks since the outbreak of the pandemic, have fueled market development.

► For instance, according to a report from Palo Alto Networks’ Unit 42 security consulting group, the average ransomware payment climbed 82% to a record $570,000 in the first half of 2021 from $312,000 in 2020.

► Thus, increase in ransomware or cyber-attacks augments the demand for cyber security solution & services, thereby fueling the growth of the global cyber security market.

Based on component, the solutions segment held more than two-thirds of the total share and is estimated to maintain its lead position in terms of revenue throughout the forecast period. This is due to rise in requirements regarding monitoring of external and in-house attacks in large and small & medium enterprises. Contrarily, the services segment is estimated to register the highest CAGR of 13.8% from 2018 to 2025, owing to increase in adoption of digital technologies from various industries and requirement for data privacy.

By Key Market Players:

► Broadcom Inc.

► Capgemini

► Cognizant

► F5 Networks Inc.

► FireEye Inc.

► HCL Technologies Limited

► IBM Corporation

► Infosys Limited

► L&T Technology Services Limited

► PwC International Limited Broadcom Inc.

► Tata Consultancy Services

► Tech Mahindra Limited

► Wipro Limited

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