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USD 189.70 Billion Potential Growth in Cyber Security market | 17,000+ Technavio ReportsNEW 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. Unlock more information on the YOY growth rate, as you Read our FREE Sample! 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. Understand the Restaurant Management Market Hierarchy and Gain Further Insights by Downloading Our Sample! 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
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:
Want to get this report customized or tailor-made to suit your business requirements, Speak to Our Analysts 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. Download Report Sample Now to gain more insights on the other factors influencing market growth 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. Download Sample Report for Market Share Information of each contributing segment and top 20+ countries covered exclusively in this report Key Report Takeaways
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