Portland, April 05, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the cyber security market garnered $104.60 billion in 2017 and is anticipated to reach $258.99 billion by 2025, registering a CAGR of 11.9% from 2018 to 2025. The report provides a detailed analysis of the key winning strategies, drivers & opportunities, market share, key segments, and competitive landscape.
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Increase in malware and phishing threats among business ventures, rising adoption of BYOD and IoT trends and surge in the demand for cloud-enabled cyber security solutions have fueled the growth for the global cyber security market. On the other hand, several budget constraints among companies have checked the growth to a certain extent. However, the rise in taking on mobile device applications, demand for strong authentication methods, and transformation in the traditional anti-virus software industry have paved the way for multiple opportunities in the segment.
By component, the solutions segment contributed to nearly three-fourth of the total market in 2017 and is expected to dominate during the forecast period. Increase in need to monitor external and in-house threats for large, small & medium enterprises has escalated the growth.
Based on solution, the data security and privacy service segment accounted for nearly one-third of the total share in 2017 and is anticipated to be dominant till 2025. On the other hand, the unified vulnerability management service offering segment is assumed to grow at the highest CAGR of 15.0% throughout the period.
By deployment type, the cloud segment held 43% of the total market in 2017 and is expected to maintain its top status all throughout 2018-2025. Rise in need to secure critical data from cyber-attacks and watch on the influx of data within the venture has spurred the market growth for on-premises-based security solutions.
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The key market players analyzed in the report include Cognizant, HCL Technologies Limited, Accenture, Wipro Limited, IBM Corporation, Symantec Corporation, Capgemini, Tata Consultancy Services, and others. These frontrunners in the industry have adhered to various strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to retain their strong foothold in the market
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