Technology
USD 189.70 Billion Potential Growth in Cyber Security market | 17,000+ Technavio Reports

USD 189.70 Billion Potential Growth in Cyber Security market | 17,000+ Technavio Reports

NEW YORK, Jan. 29, 2022 /PRNewswire/ — The latest market outlook report titled “Cyber Security Market by Deployment, End-user and Geography – Forecast and Analysis 2021-2025” has been added to Technavio’s catalog. This recent market analysis report identifies the market to witness a potential growth difference of USD 189.70 billion from 2020 to 2025. The cyber security market is anticipated to record an accelerating growth momentum at a CAGR of 14.97% during this period.

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Parent Market Overview

Technavio categorizes the cyber security market as a part of the IT spending market within the information technology industry. The IT spending market is expected to have a positive outlook due to factors such as increasing demand for passive electronic components, growing demand for IoT devices, and the rising implementation of Industry 4.0 initiatives.

To estimate the size of the global cyber security market, Technavio has tracked the recent trends and developments in the industry. The market size has been calculated based on the revenues generated by the IT consulting, systems integration, and IT training services providers.

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Market Competitive Landscape

The cyber security market is fragmented with the presence of different vendors. The degree of fragmentation is likely to intensify in the upcoming years as with advances in technology, vendors are introducing firewalls with advanced capabilities like intrusion prevention, blacklists, reputation feeds, and URL filtering. Technavio has classified the industry-focused market players into dominant and strong players based on their annual revenues and market shares in this comprehensive report. Some of the key players covered in this report include AO Kaspersky Lab, Broadcom Inc., Cisco Systems Inc., Fortinet Inc., McAfee LLC, The Boeing Co., Hewlett Packard Enterprise Co., Lockheed Martin Corp., Booz Allen Hamilton Holding Corp., and Trend Micro Inc. among others.

Strategic Initiatives and Products launches

  • AO Kaspersky Lab – Through this product category, the company offers cyber security solutions for enterprises with employees more than 1,000. Some of the most common solutions offered include Kaspersky Anti-Virus, Kaspersky Internet Security, Kaspersky Total Security, Kaspersky Security Cloud, and Kaspersky Security Cloud
  • Broadcom Inc.: The company offers a wide range of cyber security services through its brands Brocade Communication Systems and Symantec. In February 2019, the company completed its 5G switching portfolio, designed to enable the deployment of end-to-end networks which consolidate all radio and fixed-line traffic onto an Ethernet-based infrastructure.
  • Cisco Systems Inc.: The company offers a wide range of cyber security services such as Next-Generation Firewalls, Advanced Malware Protection, Email Security, Endpoint Security, Workload Security, and Multi-Factor Authentication.

For more insights on competitive strategies and market share of over 20 companies discussed in detail, Get Our Sample Report Right Here!

Value Chain Insights

Vendors in the market can leverage and formulate effective strategies from the cyber security market value chain analysis covered extensively in this report. The end-to-end understanding of the value chains and stakeholders involved in the process is essential for vendors in optimizing profit margin and evaluating business strategies. The report has further elucidated on other innovative approaches being followed by vendors to ensure a sustainable market presence.

The value chain of the IT spending market includes the following core components:

  • Research and development
  • Developers or manufacturers
  • Sales and distribution
  • End-users

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Increase in Use of Mobile Devices to Boost the Market Positively

The need for cybersecurity solutions has surged considerably in the recent years due to the increase in the usage of mobile devices including mobile phones, laptops, and tablets. The increasing access to Internet has resulted in rising instances of cyber threats. With companies expanding across regions, there is an increased need for the exchange of global data and information. The global expansion of business has given a significant rise to employees traveling worldwide. This has resulted in an increase in services offering security and access to secure networks from mobile devices. Furthermore, to eliminate the chances of cyber threats, end-users are deploying cyber security solutions. The increasing complexity of cyberattacks and the growing awareness of the security risks have compelled end-users to increase their IT spending for advanced security products.

High Cost of Deployment likely to hinder the cyber security market growth

The total installation cost includes the cost of software licensing, system designing and customization, implementation, training, and maintenance for an individual organization. The maintenance of on-premises cyber security solutions requires in-house IT administration staff to manage and control issues, which would result in high implementation costs. Furthermore, a cyber security solution contains additional hidden costs, such as costs involved in providing knowledge, experience, and skill development of the solution to understand its functionality.

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Revenue-Generating Segment Highlights

The government end-user segment held the largest cyber security market share in 2020. The segment will continue to retain its dominance in the market owing to the increase in security installations in developed and developing countries and the increased contribution from homeland security and the defense sectors.  Governments across the globe are enforcing the use of cyber security products to monitor data traversing through the Internet. This is being done to gain some measure of control over the access to this data, thereby preventing unauthorized individuals from gaining access.

In terms of deployment, the on-premise segment emerged as the largest revenue-generating segment in 2020 and will continue to remain as the highest segment during the forecast period. On-premises cyber security is considered highly secure as it is managed and maintained by enterprises in the end-user industry. Enterprises have complete control over their on-premises solutions because of monitored and restricted access, and it also allows them to customize the cyber security solution according to their requirements.

North America will emerge as the largest revenue-generating regional segment of the cyber security market. 35% of the market’s growth will be contributed from this region during the forecast period. The US will emerge as the key revenue-contributing economy of the region. A few important factors contributing to the market growth in North America are the increased adoption of cyber security solutions by end-user industries, the shift of conventional IT services to internet-based IT system, growth of end-user industries, increased government initiatives for the implementation of cyber security solutions, and the growing number of IT companies and IT start-ups.

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Key Report Takeaways

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive cyber security market growth during the next five years
  • Precise estimation of the cyber security market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the cyber security market in North America, APAC, Europe, MEA, and South America and top 20 countries across these regions
  • A thorough analysis of the market’s competitive landscape and detailed information on over 20 industry-focused market vendors classified as dominant and strong players
  • Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
  • Pre as well as post COVID-19 market estimates
  • Optimistic, base case, and pessimistic scenarios for all markets as the impact of pandemic unfolds

Related Reports

Cyber Security Market in North America by Deployment and Geography – Forecast and Analysis 2021-2025

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Domain Name System Tools Market by Product and Geography – Forecast and Analysis 2021-2025

Cyber Security Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 14.97%

Market growth 2021-2025

$ 189.70 billion

Market structure

Fragmented

YoY growth (%)

12.69

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 35%

Key consumer countries

US, China, UK, Germany, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

AO Kaspersky Lab, Broadcom Inc., Cisco Systems Inc., Fortinet Inc., McAfee LLC, The Boeing Co., Hewlett Packard Enterprise Co., Lockheed Martin Corp., Booz Allen Hamilton Holding Corp., and Trend Micro Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email:[email protected]

Website: https://www.technavio.com

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SOURCE Technavio

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