Cyber Security Market : Applications, Technology Trends, Growth Drivers and Challenges

Cyber security refers to a comprehensive system of technologies, processes and practices that provides security to IT networks, computers, software programs, and data from potential cyber-attacks or any other kind of damages to the system. The cyber security solutions are in demand from various industries including aerospace & defence, government & public utilities, banking financial service

s & insurance (BFSI), IT & telecom, healthcare, retail and manufacturing. These industries deploy IT infrastructures for number of critical operational processes, owing to which they require cyber security solutions.

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Major factors propelling the growth of the global cyber security market include rapid expansion of advanced IT infrastructures, growing adoption of applications of internet of things (IoT) and industrial internet of things (IIoT). Additionally, the increasing demand for cloud computing solutions from organizations and growing implementation of bring-your-own-device trend in organizations are further expected to augment the market growth. However, the increasing deployment of IT solutions by enterprises for automation and mobility of business operations leads to an increased risk of data theft and other forms of advanced cyber-attacks, which may potentially lead to the event of overall system failure. The cyber security solutions therefore form an essential part of organizational system infrastructure.  The global cyber security market is projected to grow at CAGR of 10.7% during 2017-2023.

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On the basis of components, market is categorized into solution and service, of which solutions contributed largest to the global cyber security market across the globe. However, the market for cyber security services is expected to grow at a faster rate. Cyber security services are further categorized into managed and professional services. Market for managed cyber security services is anticipated to witness the higher growth as compared to professional services. Theft of cognitive property, multiplication of mobile devices and surge in mobile workforce are some of the major factors propelling the growth of the managed security services market.

Some of the key players operating in the cyber security market include Symantec Corporation, Trend Micro Incorporated, Cisco Systems Inc., Check Point Software Technologies Ltd, and Fortinet Inc.

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