Industries across the world today are driven by increasing applications of information technology. The revolution in the cyber technologies has also had positive effect as far as storage, sharing and distribution of essential business data is concerned. While handling this crucial data for different business verticals, these technologies are constantly victimized by threats like virus attacks, damaged or misplaced information and disruptive activities from social threats. Maintaining security and safety of the vital business data is possible with adequate techniques of cyber security. Today, a large number of businesses are shifting towards internet and cloud based services to store their data and day-to-day activities. This increasing demand in IT industry is the greatest driver for the global cyber security market.
Application, wireless, end point and content are the four basis segments in the global cyber security market. The market is also sub segmented based on the types of security and geographical regions. On the basis of geography, the market is segmented into Latin America, North America, Western Europe, Eastern Europe, Asia Pacific, Africa and Middle East. On the basis of the types of services, the industry is sub-segmented into consulting services, security operations and managed security applications. Based on the solutions and technologies, cyber security market is segmented into anti-virus, data encryption, data recovery solutions, DLPS, firewall, identity & access management, IPS/IDS, risk & compliance management, UTM, vulnerability management and web filtering.
Industry Components and Drivers
Information security is essential aspect of the IT market, which is driving the global industry. Security of computing environments is the priority for the businesses in this industry, spread across different parts of the world. Increasing adoption of information technology is raising demand for cyber security. Hence, growth of the IT industry is credited to the rise and fall of this industry. Market research reports for the industry provide crucial information about the trends, opportunities and challenges in the industry. Based on these reports, researchers claim that the cyber security market is expected to grow at an estimated CAGR of over 11% from 2012 to 2017.
In 2011, North America dominated the global market, which is expected to remain in the dominating position in the years to come. Western Europe and Asia Pacific regions are also estimated to make rapid progress in this field. Overall, based on the estimations, the market is anticipated to reach at $120.1 billion by 2017, which was worth $63.7 billion in 2011.