Published on : Sep 13, 2016
ALBANY, New York, September 13, 2016: An increasing number of cyber-attacks to gain access to financial information and retrieve sensitive data related to defense moves planned by governments or an organization’s operational strategies is leading to a growth in the cyber security sales market. Stock exchanges and banking and financial institutions are also becoming increasingly vulnerable to cyber-attacks, states a new report which has been recently added to Market Research Hub (MRH) on the global cyber security sales market. The report is titled “Global Cyber Security Sales Market Report 2021.” The report provides an in-depth analysis of the market, which includes the growth prospects, the key trends, drivers, restraints, and opportunities.
The rising incidences of security breaches in enterprises have resulted in a number of stringent regulatory and compliance requirements, which has resulted in the rapid growth of the cyber security market. The growing security needs with rising trends such as bring your own device (BYOD) have also impelled the global cyber security sales market. The spread of the internet of things (IoT) and increased deployment of web and cloud-based business applications are among other encouraging factors, which have led the market to grow at a substantial rate.
Cyber security solutions help in securing the network infrastructure and also devices, which are connected through it, thus driving their demand. As the number of connected devices and applications are susceptible to advanced persistent threats (APTs), there is a high demand for cyber application security. As per analysts, the application security segment is expected to witness significant growth and expand at a high C-AGR in the global cyber security market in the coming years.
On the basis of geography, North America is projected to be a lucrative market for cyber security sales owing the presence of a number of security vendors in the region. However, Asia Pacific is anticipated to expand at a high CAGR in the forthcoming years. China and India are expected to be key countries contributing to the growth of the market in APAC.
On the basis of industry, the global cyber security sales market is segmented into government and public utilities, banking, financial services and insurance (BFSI), aerospace and defense, and IT and telecom. Of these, the aerospace and defense segment is currently witnessing a high growth. This is on account of the critical data and applications used by defense and aerospace sector, thus necessitating the adoption of advanced cyber security solutions. The report suggests that the IT and telecom and the BFSI sector will also see a promising growth in the coming years.
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The report profiles key vendors in the global cyber security sales market. They are IBM, Wurldtech Cisco, Siemens, CyberArk, TOFINO, Symantec, Honeywell, NSFOCUS, and Waterfall.
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