NEW YORK, July 05, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “Global Cyber Security Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Component (Solution, Service), by Security Type (Application, Network, End-Point, Cloud, Wireless, and Others), by Deployment Type (On-Premises, Cloud), by Organization Size (Large Enterprises, Small and Medium Enterprises), by Vertical (Aerospace and Defence, Government & Public Utilities, Banking, Financial Services, and Insurance (BFSI), Healthcare, Retail, IT and Telecom, Manufacturing, and Others)” published by P&S Market Research, the global cyber security market is projected to grow at CAGR of 10.7% during 2017-2023.
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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.
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.
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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.
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. Moreover, the increased implementation of 4G and 5G telecommunication networks in emerging economies, such as India and China has been majorly enforcing the adoption of IoT and IIOT applications in the region.
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