Global Scenario of Cybersecurity Market Forecasted to Gain Notable Revenue Growth of US$ 193.76 Bn (2018-2023)

Published on : Jul 17, 2018

Albany, New York, July 17, 2018: A comprehensive study, focusing on the global market scenario of cybersecurity market has been added to the massive database of Market Research Hub (MRH), titled as “Global Cybersecurity Market (2018-2023)”. The study covers useful information and evaluations linked to the current and future market status prospects, along with a prime focus on major regions and key players operating within the global cybersecurity market. According to the study key evaluations, the global cybersecurity market is expected to garner at a double digit CAGR from 2018 to 2023, leading to global revenue of USD 193.76 Bn by 2023.

Initially, the report begins with an overview of the global cybersecurity market, evaluating market performance in terms of revenue, followed by an analysis of key trends, drivers, and restraints witnessed in the global market. Cyber security comprises technologies, processes and controls which is designed to safeguard systems, networks and data from cyber-attacks. It has been analyzed that increasing dependency of various enterprises on different information technology devices and the delicate nature of digitally stored data is expected to raise the stakes for different cyber-attack cases where financial gain is the major motive. This, in turn, is anticipated to trigger the adoption rate of cybersecurity products and services across different end-use industries in the coming eight years.

Geographical Scenario and Key Market Dynamics

The regional analysis is a crucial section of the report which enlightens readers about the market’s performance in North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Amongst, the research finds that North America dominated the global cybersecurity market and was majorly driven by the U.S. in 2016.

Moreover, the research offers analysis of current market demand along with future expected demand for cybersecurity from various sectors including aerospace and defense, financial service sector, telecommunication sector and healthcare industry, among others. In addition, the market has been broadly categorized on the basis of solution type into IAM (identity and access management), encryption, governance, risk and compliance, UTM (unified threat management), and SIEM (security information and event management). Amongst these, demand for encryption is anticipated to be the most promising in the coming years. This is due to its increasing flexibility across various telecom and IT verticals in order to protect information stored on clients' devices and to use it on the cloud without the hazard of being hacked.

Moving further, the research study finds that despite so many factors, the availability of generic cybersecurity products along with the limited cybersecurity budgets of various end-use industries is one of the important factors anticipated to deter the growth of the cybersecurity market to some extent during the forecast period.

The study also offers a broad scrutiny of the prominent players and important strategies devised by the companies to succeed in this market. Some of the major players having a strong position in the global cybersecurity market include Paloalto Networks, Check Point Technology Ltd., Symantec Corporation, Fortinet and FireEye among others.

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