Cyber Security market prevailing on a global note is predicted to touch $173.57 billion mark by 2022. US-based Crystal Market Research (CMR) which made this analysis says that the said market will register a compound annual growth rate (CAGR) of 10.35% during the forecast period.
In general, Cyber Security is nothing but a group of practices, technologies, and procedures adopted to ensure data, networks, applications, and computers are well protected from Cyber Attacks.
And in computing text, security integrates both physical and cybersecurity standards into data framework.
Crystal Market Research (CMR), a company which acts as a one-stop solution for business intelligence, market research and consulting has diversified the cyber security market into Application security, cloud security, enterprise security and network security. Depending on the deployment, the market is again fragmented into on-premises and cloud. And on the basis of the organization, CMR has again segmented the market into small, medium, and larger enterprise businesses.
When it comes to the application of cybersecurity solutions, the market is sliced into healthcare, retail, manufacturing, IT& Telecom, defense, government organizations, and Automotive.
Crystal Market Research says that the cyber security market is presently being ruled by companies like Symantec Software Solutions Private limited, Trend Micro, Cisco Systems, Check Point Software Technologies and Fortinet Inc.
On a geographical note, the market is segmented into Europe, North Korea, Asia Pacific, and Rest of the world.
The key findings of CMR researchers reveal that
1.) Healthcare segment is anticipated to witness a significant demand for cybersecurity solutions in coming years. The reason, cyber threats like spear phishing and Advanced Persistent Attacks will make healthcare companies take the help of security solutions in order to isolate their digital assets from attacks.
2.) Cybersecurity firms based in North America will witness a demand for their solutions at a substantial pace in the following years. The reason, companies will show more interest in relying on trusted and efficient organizations offering solid strength framework for dealing with cybercrimes.
3.) A demand for Security-As-A-Service (SaaS) and Cloud-based solutions will also render growth opportunities to the service segment.
4.) As digitalization will encourage more cyber crooks in coming up with sophisticated attacks, it will also encourage companies in seeking cybersecurity solutions to keep their firms well protected.
On an overall note, Crystal Market Research firm predicts that Trend Micro, Symantec, Check Point and Fortinet will emerge as key market players in the cyber security on a global note.