LONDON--(BUSINESS WIRE)--The global cyber security market size is expected to grow by USD 138.32 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth. Request a free sample report
With the increasing adoption of mobile devices such as mobile phones, laptops, and tablets, the need for cyber security solutions is increasing. One of the major reasons for this is the increasing access to the Internet through such devices. In addition, the use of mobile devices for professional use is likely to increase unauthorized access to critical data. With technological advances, the use of mobile devices for m-commerce, bill payment, and GPS is also on the rise. Access to such information from mobile devices requires high-level security to ensure safety against threats such as hacking. Hence, there is a high demand for advanced cyber security solutions.
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As per Technavio, the increasing IT security budget will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Cyber Security Market: Increasing IT Security Budget
With an increase in the number of websites and web applications, incidents of identity and data theft has increased. End-users are hence, deploying cyber security solutions for greater security. In addition, the growing complexity of cyberattacks and awareness of the security risks have compelled end-users to increase their IT spending for advanced security products. The global spending on IT security budget, which includes expenses on cyber security services has been witnessing significant growth. For instance, global spending on IT security services grew by 22.79% between 2017 and 2019. Thus, the increasing IT security budget is expected to drive the growth of the market.
“Factors such as the growing need to adhere to regulatory requirements, and the implementation of a firewall as a disruptive deception capability will have a significant impact on the growth of the cyber security market value during the forecast period,” says a senior analyst at Technavio.
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Cyber Security Market: Segmentation Analysis
This market research report segments the cyber security market by deployment (on-premises solutions and cloud-based solutions), End-user (Government, BFSI, manufacturing, ICT, and Others), and Geography (North America, Europe, APAC, South America, and MEA).
The North American region led the cyber security market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the growing number of start-ups, and the increased adoption of cloud-based services among SMEs.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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