NEW YORK, May 02, 2019 (GLOBE NEWSWIRE) -- The global cyber security (CS) market is likely to grow with a significant CAGR of 11.2% during 2019-2025, and reach USD 284.34 billion by 2025. The market growth is primarily driven by increasing cybercrimes, growing adoption of Internet of Things (IoT) and Bring Your Own Device (BYOD) trends, rising expenditure on cyber security, and strict data protection directives. Moreover, increased deployment of web and cloud-based business applications, and emergence of digital technologies has also led to the greater demand for the CS market. However, limited security budget among small and medium enterprises (SMEs) may hamper the market growth to some extent.
Cyber security refers to the practice of securing computer information, network, and data from cyber attacks. It provides various solutions to protect the network infrastructure, and the devices connected in it. The demand for cyber security is propelling on account of the emergence of internet of things (IoT) and BYOD technology. These technologies enable a way to connect a large number of devices and applications via internet. In addition, the safety and security of these devices and applications is essential to the organizations.
Key findings of the report:
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Global Cyber Security Market - Regional Insight
Geographically, the global cyber security market is segmented into North America, Asia-Pacific, Europe, Middle East and Africa, and Central & South America. North America is anticipated to dominate the market over the forecast period. The regional growth is owing to the prevalent use of data and advanced technology, presence of prominent players, rising cyber attacks, and increasing government initiatives for cyber security. However, Asia-Pacific is likely to augment with the highest CAGR over the forecast period. Increasing adoption of advanced technology, and strict derivatives for data privacy in emerging economies such as China and India is expected to fuel the demand for cyber security market in the region.
The report segments the global cyber security market on the basis of solution, service, deployment, organization size, end-use, and region.
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