P&S Market Research, the global cyber security market is projected to grow at CAGR of 10.7% during 2017-2023.
Global cyber security market to witness high growth
As per the research, the global cyber security market is expected to reach $1,65,146.5 million by 2023. Cyber security refers to a comprehensive system of technologies, processes and practices that provides security to IT networks, computers, software programs, and data from potential cyberattacks or any other kind of damages to the system. The cybersecurity solutions are in demand from various industries including aerospace & defence, government & public utilities, banking financial services & insurance (BFSI), IT & telecom, healthcare, retail and manufacturing. These industries deploy IT infrastructures for number of critical operational processes, owing to which they require cyber security solutions.
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Major factors propelling the growth of the global cyber security market include rapid expansion of advanced IT infrastructures, growing adoption of applications of internet of things (IoT) and industrial internet of things (IIoT). Additionally, the increasing demand for cloud computing solutions from organizations and growing implementation of bring-your-own-device trend in organizations are further expected to augment the market growth. However, the increasing deployment of IT solutions by enterprises for automation and mobility of business operations leads to an increased risk of data theft and other forms of advanced cyber-attacks, that may potentially lead to the event of overall system failure. The cybersecurity solutions therefore form an essential part of organizational system infrastructure.
Insights on market segments
As per the research findings, cyber security solutions are deployed in number of industries, of which aerospace & defence industry led the global market. The critical operational structure of aerospace & defence programs are highly vulnerable to cyber-attacks, due to which the industry makes huge investments in cyber security solutions.
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Market to witness fastest growth in Asia-Pacific
Geographically, North America contributed largest revenue to the global cyber security market; however, during the forecast period, the market is expected to witness the fastest growth in Asia-Pacific, attributed to the rapid expansion of advanced IT infrastructure deployments.
Advent of digital wars creating need for cyber security solutions
The financial transaction processes are being increasingly digitized, which has led to the vulnerability of data and other critical personal information. The implication of increased adoption of IT solutions for number of processes has therefore led to a major growth in demand of cyber security solutions.
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