The growth of the global cybersecurity market does not seem to slow down in the near future
The report published by Knowledge Sourcing Intelligence titled “Global Cybersecurity Market- Forecast From 2018 to 2023” studies the various factors affecting the demand for cyber security solutions across the globe. The report has been segmented by offering (solutions and services), security type (network security, endpoint security, application security, cloud security, others), deployment model (on-premise, cloud), by enterprise size (small, medium, and large), by end-user industry (aerospace and defense, government, BFSI, communication and technology, healthcare, retail, manufacturing, energy and power, others), and by geography, covering five regions namely North America, South America, Europe, Middle East and Africa and the Asia Pacific, and some of the major economies in each of these regions.
Rapid move towards digitalization across various enterprises and industries by way of using digital systems and solutions throughout the supply chain has also increased the threat of cyber-attacks. Rising cases of data breaches and cyber-attacks are, thus the major driver of the global cybersecurity market. Increasing costs to contain such incidents is also pressurizing enterprises of all sizes to invest heavily in cybersecurity measures and solutions, thus positively impacting the market growth. The growing focus on cybersecurity has led to increased funding from governments as well as private organizations which is further contributing to the growth of the cybersecurity market.
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SMEs continue to be targeted by cyber attackers, which is fueling the adoption of cybersecurity solutions among them
By enterprise size, both small and medium enterprise segments will witness the significant CAGR during the projected period. Currently, SMBs are increasingly facing mounting threats, with rising attack damages and the emergence of new types of cyber-attacks. Lack of investment in security and privacy concerns by SMBs is making them an easier target for cybercriminals. Moreover, lack of trained IT security personnel and inadequate budget is encouraging cybersecurity solution and service providers to develop cost-to-benefit software targeting SMBs which, in turn, is fostering the overall growth of global cyber security market.
Enterprises in North America investing heavily in cybersecurity solutions
The rising incidence of data breaches and cyber-attacks in major industries such as healthcare and BFSI across North American countries contributes significantly to the dominance of North America Cybersecurity market. High investments, both public and private, to develop advanced cybersecurity solutions is also driving the growth of the cybersecurity market in this region. Stringent regulations regarding data privacy are also supporting the growing demand for cybersecurity solutions in countries like the U.S. and Canada.
This report also includes a study of strategies and product portfolios of some of the leading companies in the global cybersecurity market. It consists of company profiles of the leading companies such as IBM, Symantec, FireEye, Intel Corporation, Google, Check Point, Cisco, Trend Micro, Sophos, Rapid7, McAfee, Micro Focus, and Microsoft among others.
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.
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