According to a new report from Polaris Market Research, the cyber security market is anticipated to reach over $269 billion (£220 billion) by 2026. In 2017, the enterprise segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue in 2017.
The growing need for protection of sensitive data, and increasing cyber terrorism has boosted the adoption of cyber security solutions. The rising penetration of mobile devices, and increasing trend of BYOD further support the growth of this market.
In addition, the increasing demand of cyber security solutions from small and medium enterprises has supported market growth over the years. Increasing investments by vendors in technological advancements, coupled with growing demand for cloud-based cyber security solutions would accelerate the growth of the cyber security market. However, growing use of pirated cyber security solutions, and complexities associated with device security hinder market growth. Growing demand from emerging economies is expected to provide numerous growth opportunities in coming years.
Cases of cyber-attacks in the healthcare sector have increased significantly over the years, with the high demand for electronic health records in the black market resulting in numerous cyber-attacks. The healthcare sector is prone to cyber-attacks owing to limited budget allocation by healthcare institutions for cyber security. The healthcare sector is also dominated by small practices and rural hospitals, which lack the resources for investment in cyber security. However, introduction of affordable cyber security solutions for healthcare sector, increasing awareness, and growing incidences of cyber-attacks are expected to promote the adoption of cyber security in this sector.
North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The increase in number of cyber-attacks, and growing trend of BYOD drive the market growth in the region. The growing penetration of mobile devices, and technological advancements further support market growth in the region. The increasing spending on data protection in BFSI and defence sectors in the region further promote market growth in the region. Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to growing need for data privacy across various industries in the developing countries of the region.
The end-users in cyber security market include BFSI, IT & Telecom, healthcare, retail, defence and government, travel and hospitality, and others. In 2017, the defence and government segment accounted for the highest market share owing to increasing need to protect sensitive data and avoid cyber-attacks. The growing government spending to provide enhanced cyber security to the public sector and increasing implementation of cyber security installations in the defence sector, especially in developing countries, supports the market growth in this sector. The increasing adoption of cloud-based cyber security in this sector is expected to support market growth in the coming years.
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