The rising demand for cyber protection as well as advanced network infrastructure security across enterprises is set to drive cyber security market in the forthcoming timeframe. The need to safeguard financial transactions and highly sensitive data from vulnerabilities and unauthenticated access is supporting the market growth.
Furthermore, rising internet penetration and technological advancement are leading the enterprises to move to cloud-based business models. The established enterprises are investing majorly in cyber security solutions since widespread digitization throughout enterprises is prone to information breach and cyber threats.
The organizations are also establishing infrastructure and network security solutions which includes internet protocols and firewalls. This further allows them to prevent possible monetary as well as non-monetary losses like data storage devices and interconnected servers.
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The global cyber security market is anticipated to observe substantial development in the coming years owing to the increasing need for security solutions throughout several enterprises across the globe. Numerous firms and industries are increasingly implementing security solutions in order to safeguard their financial transactions and highly confidential and sensitive data from threats such as unauthorized access, cyberattacks, and other vulnerabilities.
Various enterprises operating across the banking sector in Europe are increasingly adopting advanced cybersecurity solutions, which is a crucial factor that is proliferating Europe cyber security market share in the region. The elevated rate of adoption can be ascribed to the fact that private corporates and government entities in the region have observed an upsurge in the number of cyberattacks.
Owing to this trend both sectors are working together to limit or altogether prevent the impact of such growing vulnerabilities. For instance, in February 2020 European Central Bank collaborated with the Euro Cyber Resilience Board’s members to unveil the Cyber Information and Intelligence Sharing Initiative.
This program focuses on recognizing and subsequently averting cyberattacks. The initiative greatly enhances cybersecurity across financial institutions. Taking into account these growth favoring factors, the Europe cyber security market is projected to grow at a healthy CAGR of more than 15% through the projected timeframe.
With respect to the organization segment, increasing number of cyberattacks on SMEs and rising monetary losses are considered to be the major factors responsible for fueling the adoption of cyber security solutions across small and medium organizations.
Several small and medium-sized companies are adopting BYOD policies to lower their capital expenses and further augment employee productivity. However, this practice makes small and medium enterprises extremely vulnerable to data breaches and cyber threats, creating more need for cybersecurity and fueling substantial investments in advanced cybersecurity solutions in efforts to safeguard sensitive data.
Considering these determinants, the implementation of cyber security solutions throughout small & medium enterprises is projected to grow at an impressive CAGR of more than 15% over 2020 and 2026.
The IT and telecommunication industry is forecast to play a vital role in the expansion of cybersecurity industry share over the analysis timeframe. Demand for cybersecurity services and products to protect the customer’s personal sensitive data is driving growth throughout this industry segment.
IT & telecom enterprises are increasingly implementing cyber security solutions for the protection of data centers, data servers, as well as virtual information systems, further paving a way for the expansion of the cyber security market size.
Cyber security solutions help enterprises find vulnerabilities at a very early stage, mitigate cyber issues and risks, and safeguard the company data from live cyberattacks. Additionally, newly introduced, stringent government regulations are further making a positive impact cyber security market growth.
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The competitive landscape of the global cyber security market is inclusive of players such as Google LLC, Nokia Networks, Oracle Corporation, IBM Corporation, Microsoft Corporation, Amazon Web Services, and others.
Table of Contents (ToC) of the report:
Chapter 6. Cyber Security Market, By Organization Type
6.1. Key trends, by organization type
6.2.1. Market estimates and forecast, 2015 - 2026
6.3.1. Market estimates and forecast, 2015 - 2026
6.4. Large organizations
6.4.1. Market estimates and forecast, 2015 - 2026
Chapter 7. Cyber Security Market, By Industry
7.1. Key trends, by industry
7.2.1. Market estimates and forecast, 2015 - 2026
7.3.1. Market estimates and forecast, 2015 - 2026
7.4.1. Market estimates and forecast, 2015 - 2026
7.5.1. Market estimates and forecast, 2015 - 2026
7.6. IT & telecom
7.6.1. Market estimates and forecast, 2015 - 2026
7.7.1. Market estimates and forecast, 2015 - 2026
7.8.1. Market estimates and forecast, 2015 - 2026
7.9.1. Market estimates and forecast, 2015 - 2026
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