The cyber security market is one of the highest growing markets in the information technology domain and it yields large economic opportunities. Cyber security is related to security of information technology, which centers on guarding private data stored computers and another device from hackers and cyber criminals. The market for cyber security provides several benefits including lengthened digital protection, improved security of cyberspaces, and faster response time to state crises. These compensations of cyber security market involuntarily improve the worth of service specified to the end-users in the market. In 2015, the global market for cyber security was esteemed at $105.45 Billion. In 2021, the same market is anticipated to reach $181.77 Billion and is expected to grow at a rate of 9.5% CAGR from 2016 to 2021.
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On the basis of security type, the global cyber security market is bifurcated as cloud security, network security, wireless security, and others. Based on solution segment, the global cyber security market is divided as encryption, identity and access management, data loss prevention, risk and compliance management, firewall, antivirus and antimalware, and others. On the basis of verticals type, the global cyber security market is classified as government, aerospace, telecommunication, financial services, healthcare, and others. Based on areas, the global cyber security market is segmented as North America, Europe, South America, Asia-Pacific, Latin America, as well as the Middle East and Africa.
The chief boosters of this market involve increasing cyber threats and severe government rule on data privacy. For instance, the mass attack on the Yahoo server in December 2016, which resulted in compromising more than 1 Billion accounts, lead to upsurge the global cyber security market. Lack of availability and awareness of pirated security software are anticipated to hinder the cyber security market in the upcoming period. There is a noteworthy augment in the cyber security market owing to expansion in cyber services and solution and it provides different alternatives to look after data. Offering cyber security solution to ever escalating government IT area becomes a luxurious challenge for the government authorities.
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Some of the major companies involved in global cyber security market involve IBM, Symantec, Northrop Grumman, McAfee, CSC, Booz Allen Hamilton, and others.