Increasing cases of ransomware attacks such as WannaCry and Peyta have made cyber security critically important in the 21st century and organizations have begun to realize the urgency of the situation. We at Market Research Reports Search Engine felt this to be the perfect time to prepare a comprehensive report titled “Global Cyber Security Market Analysis and Forecast 2017 – 2025’. Our report has studied the cyber security market for a period of eight years beginning in 2017. The cyber security market is anticipated to record an exponential CAGR of 11.7% over the duration of the forecast period making it a market that can scarcely be ignored.
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Services and Cloud Computing Account for Bulk of Growth in the Software Segment
Use of cloud-based services to handle diverse workloads such as data backups, email clients, CRM, collaboration services, and ERP is predicted to account for the maximum growth in the software segment of the cyber security market. It is comparatively more cost-effective to install cloud-based services as they do not need complex IT infrastructure. Nonetheless, cloud deployment increases software vulnerability and can potentially give unauthorized personnel easy system access. Therefore, key stakeholders in the cyber security market are working on end-to-end solutions to shield themselves from hackers and data phishers.
Rising Digitization to Create Numerous Opportunities for Cyber Hackers
Digitization is inevitable in the modern era but this has led to a substantial spike in cyber threats. Thus, enterprises are seeking out cyber security solutions to stay one step ahead of hackers ensuring that the latter are unable to access confidential organizational data. Digitization has resulted in the arrival of multichannel integration and several other customer interfaces that are extremely vulnerable. Companies are securing their digital infrastructure with cyber security products and the demand is projected to remain strong throughout the duration of the forecast period.
Healthcare Sector a Goldmine for Hackers and Needs Foolproof Cyber Security Measures
The shift towards the Internet of Things will be boosted by interconnected medical devices becoming commonplace. These technological advancements are poised to allow healthcare professionals and patients to efficiently and effectively manage healthcare data. Simultaneously, interconnected devices open up new loopholes and avenues for hackers to steal lucrative medical data such as patient records. Healthcare organizations have to ensure that their connected devices have strong cyber security measures in place.
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Highest Growth in the Latin America Cyber Security Market
The software segment is on track to grow with a CAGR of 12.5% in Latin America, considerably higher than that witnessed in North America. Companies are advised to focus on this dynamic and fast-growing region by offering customized products that are perfectly suited to the specific needs of the population there.
Some of the companies profiled in the cyber security market report are IBM Corporation, Lockheed Martin, Microsoft Corp., Symantec Corporation, Intel Corporation, Verizon Communication Inc., Secureworks, Trend Micro Incorporated, Check point software technologies, and Sophos Ltd.
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