Global Cyber Security Market was valued at $105.1 Billion in 2015 and is estimated to grow at a CAGR of over 9.8% from 2016 to 2024.
The global cyber security market is anticipated to reach over USD 255 billion in 2024. The market is expected to witness exponential growth due to rising number of cyber-attacks, growing insecurity amongst business enterprises, data privacy concerns, and alarming rise of state sponsored attacks.
Some of the recent cyber security trends indicate the growing usage of zero-day attacks, SQl injections, APT, rootkits, DDOS, malware, spyware, and the use of lost or stolen devices. The impact of a cyber-attack cannot be assessed immediately. It is essential to know the exact time of data breach, the amount of data lost, and the number of systems and servers compromised due to the attack.
As per the historic trend analysis, it was observed that the attackers preferred to steal credit card information, social security Ids, product information, campaign information’s, and other data which can damage the economic and brand image of the company affected. On an average, the stolen credit card information is valued at USD 1-2 in the grey market.
Furthermore, the high value targets such as healthcare institutions, pharmaceutical organizations, and insurance companies are beefing up their security measures after a series of targeted attacks in 2014 and 2015. On an average, the healthcare and insurance records are valued at USD 40 to 50. The healthcare information and insurance records are manipulated to create a fake trail of healthcare bills and cash in huge dollars from the system.
The cyber security market is segmented based on type of solution as Distributed Denial of Service Mitigation(DDOS), data loss prevention, firewall, risk and compliance management, unified threat management, encryption, data loss prevention, disaster recovery, intrusion detection system/intrusion prevention system, identity and access management, antivirus/antimalware, security and vulnerability management, web filtering and others
North America Cyber Security Market, By Industry Vertical, 2014 – 2024 (USD Million)
Based on vertical, the market is categorized as BFSI, manufacturing, retail, media & entertainment, government, healthcare and others.
In 2015, North America accounted for the maximum revenue share. The U.S region houses the corporate headquarters of several major fortune 500 companies. These companies have huge financial assets, data assets and therefore are continuously under attack from different cyber-attack groups. The loss of patent information, financial records, and healthcare records can be disastrous to the economy and individuals. The high threat to military, political and civilian assets also encourages the U.S. government to spend billions of dollars for homeland security and is a major factor driving the market growth.
The shift of the global economy to the emerging nations has also put the Asia Pacific region under high threat. Several countries in this region are increasingly adopting the digital platforms for bringing out reforms and improving the ease of business doing rankings. The complete shift to a digital economy is imminent in the future, and therefore there is high unmet need to implement cyber security solutions and mitigate the potential loss of billions of dollars. The Asia pacific region is expected to have a faster CAGR compared to other regions, on account of sharp increase in cyber security spending from countries such as India, Japan, and other South Asian economies
Estimated Average solution cost – $ xx globally. The pricing and business models in the cyber security market are unique in different regions, and differ based on the technological infrastructure present in that region. However, with growth in machine data, growing solution implementation and increasing number of new entrants, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
“Notable industry participants include Symantec Corporation, EMC RSA, IBM, Fireeye, Inc., Intel Security and Trend Micro, Inc.”
Key players include Symantec Corporation, EMC RSA, IBM, Fireeye, Inc., Intel Security and Trend Micro, Inc. The security vendors emphasize on reducing hardware cost and developing unified solutions in order to seize a competitive advantage. Key market participants rely on developing technology innovative solutions in order to reduce cost,,continuously update the security protocols, increase productivity and mitigate emerging threats.
Major industry participants emphasize on seeking correlations across multiple disparate data sources and predicting customer behavior in order to achieve competitive advantage.