Cyber Security Market Explores New Growth Opportunities

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Cyber Security Market Breakdown by Component,
Security Type, Deployment Type, Industry Revenue,
Geography, Growth and Demand Forecast,
2013-2023    
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Global cyber security market is projected to
reach a size of 165.2 billion by 2023, growing
at a CAGR of 10.7. The cyber security market
has been gaining traction due to its increased
adoption in multiple industries, such as
aerospace and defense, government, banking,
financial services and insurance (BFSI),
healthcare, retail, IT telecom, and
manufacturing. Cyber security solutions have been
garnering higher revenues as compared to
services however, a higher growth is being
witnessed in the services category. They enable
enterprises to identify threats and protect
organizations data from lethal cyber-attacks. It
speeds up the process of noticing attacks and
enables organizations to adopt predictive
measures in combating cyber-crimes, which has
been driving its market.
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Based on security type, application was globally
the largest security type, with 18.7 billion in
2016. Large enterprises accounted for larger
share of the cyber security market compared to
SMEs. The demand for cyber security has been
growing by more than 5 in all the industries,
however, the highest growth in demand has been
observed from BFSI, where the rate of
cyber-attacks is very high. Geographically, the
cyber security market is expected to witness the
fastest growth in Asia-Pacific, during the
forecast period. High value targets in a less
secure environment, have made this region a
potential target for cyber-criminals. China
accounted for the largest share of 31.4 of the
APAC cyber security market in 2016. This is
mainly attributed to the increased wired and
wireless internet usage, rapid computerization,
growth of e-commerce, and the rise in the
adoption of cloud computing in the country.
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The cyber security market is fragmented, and has
been witnessing several partnerships and
acquisitions among key players. Some of the major
players in the cyber security industry are BAE
Systems, Plc, RSA Security LLC, IBM Corporation,
Symantec Corporation, Palo Alto Networks, Inc.,
Fortinet, Inc., FireEye, Inc., Check Point
Software Technologies Ltd, Cisco Systems Inc.,
and Juniper Networks, Inc. Request to Get the
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