Along with making businesses easy, cyber revolution has lead to several serious issues regarding security and safety of crucial business data and intellectual property. Cyber security is the best solution that helps businesses keeps a track on these threats, sometimes even before they appear. Growing digitization of businesses around the world is behind the increasing demand for such security solutions. Cyber security market has become one of the fastest growing segments in the global IT market. Potential investments, increasing demands and technological advancements are the three essential drivers for the global industry.
Cyber Security Industry Components
Cyber security or information security is a crucial aspect of information technology market, which is booming with each passing day. Securing computer environments has become a priority for the businesses across the globe. This is driving the global cyber security market towards inventing innovative techniques for strengthening business environments. These efforts are evident in the past and future growth in the industry. It has also diversified the market with great segmentation. Basic segmentation in the market is based on the types of security, services solutions and technologies that are offered by the businesses in the industry. Geographical segmentation also plays vital role in the results and facts about forecasting trends in the security market.
Based on security types, the market is divided into four segments, which include wireless, content, end-point and application. Based on the types of services offered, the industry is divided into three basic segments, which include consulting services, managed security services and security operations. Based on geographical regions, the global industry is segmented into six parts, namely, North America, Latin America, Eastern Europe, Western Europe, Africa and Middle East and Asia Pacific. According to the technologies and solutions, the global market is segmented into the following:
- Identity & Access Management
- Data Encryption
- Risk & Compliance Management
- Data Recovery Solutions
- Web Filtering
- Vulnerability management
According to the recent marketing research reports for cyber security industry, the market is estimated to record a steady growth. From 2013 to 2017, the market is expected to record a CAGR of 11.3%. Based on the previous reports in 2011, the market was poised at $63.7 billion, which is expected to reach $120.1 billion before the start of 2018. Latin America, Africa, Middle East and Eastern Europe are considered as high grossing regions in the industry. However, Asia Pacific, Western Europe and North America are cited to be emerging geographical regions in the market.