Cybersecurity is related to information technology security that emphasizes on safeguarding confidential data and computers hoarded in it from the cyber-criminals. Numerous advantages are offered by cybersecurity market comprising improved safety of cyberspaces, rapid reaction time to nationwide crises, and expanded digital protection. These benefits of cyber security market improved automatically the worth of service provided to the end-users of the market.
The cyber security market is among the maximum developing markets in the domain of information technology and it generates large economic prospects. The rising threats such as software piracy, virus deployment, and computer hacking are intensifying the need for cyber securities facilities. The governments of several nations are escalating their speculation in cyber security on account of improvements in computer interconnectivity and noteworthy development in computing power of the government networks.
According to the ZMR (Zion Market Research) Market Data, Global Cyber Security Market will reach USD 181.77 Billion with 9.5% annual increase by 2021.
The key factors driving this market consist of strict government rule on data privacy and rising cyber threats. The accessibility of pirated security software and the dearth of alertness are anticipated to impede the cyber security market. There is a considerable rise in the cyber security market as a result of improvement in cyber services & solution and it provides numerous alternatives to protect data. Offering cybersecurity solution to escalating government IT domain becomes a costly obstacle for the government regulatory.
The cyber security market is bifurcated on the basis of the cyber solution, vertical, security types, and region. The cyber solution segment consists of encryption, risk and compliance management, firewall, identity and access management, antivirus and antimalware, data loss prevention, and others. By vertical, the market is divided into healthcare, government, aerospace, telecommunication, financial services, and others. The security types segment of the market is categorized into wireless security, cloud security, network security, and others.
North America led the cyber security market on account of the rising cybercrime and severe government regulations against it in 2015. The Asia Pacific is a rapidly developing regional market owing to the elevating digit of internet users in India and China.
Few of the major players in the worldwide cyber security market consist of IBM, Symantec, Northrop Grumman, McAfee, CSC, and Booz Allen Hamilton among others.
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