Cybersecurity Market to Evolve in Near Future 2023

(IT-NEWSWIRE.COM, April 22, 2019 ) Cybersecurity is a set of processes and practices designed to safeguard endpoints, networks, applications, and data from advanced threats and vulnerabilities. Enterprises are required to adopt set of security technologies, solutions, tools, policies, security concepts, guidelines, risk management approaches, and professional and managed services to protect the critical enterprise information and infrastructure from the growing volume and sophistication of cyber-attacks. Cybersecurity solutions and services help businesses secure their critical data, such as intellectual property, financial data, personal information, or other confidential data, which rise due to unauthorized access or attacks.

MarketsandMarkets forecasts the global cybersecurity market size to grow from USD 152.71 billion in 2018 to USD 248.26 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period.

Some of the major technology vendors in the cybersecurity market are:

• IBM (US)

• Symantec (US)

• Check Point (US)

• Cisco (US)

• Imperva (US)

• CyberArk (Israel)

• Microsoft (US)

• Sophos (UK)

• Rapid 7 (US)

• F5 Networks (US

• FireEye (US)

• Forcepoint (US) and many more.

Cybersecurity solutions are used to secure the network infrastructure and the devices connected to it. The cybersecurity market is segmented by solution into Identity and Access Management (IAM), risk and compliance management, encryption, Data Loss Prevention (DLP), Unified Threat Management (UTM), firewall, antivirus/antimalware, Intrusion Detection System/Intrusion Prevention System (IDS/IPS), security and vulnerability management, disaster recovery, Distributed Denial of Service (DDoS) mitigation, web filtering, and others (application whitelisting and patch management). The encryption solutions segment is expected to register the highest CAGR in the global cybersecurity market during 2018–2023. Encryption solutions offer consistent protection to sensitive data across all critical points in the entire lifecycle. These solutions enable enterprises to hide their critical data from unauthorized bad actors.

North America is estimated to hold the largest share of the cybersecurity market in 2018, due to technological advancements and the early adoption of cybersecurity in the region. The market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2018 and 2023. The primary forces driving this growth are increasing technology adoption, huge opportunities across industry verticals, and strict directives for data privacy in APAC countries, especially India and China.

The cybersecurity market is segmented into various industry verticals. Out of these, the healthcare industry vertical is expected to grow at the highest CAGR from 2018 to 2023, as the medical data and digital medical devices used in this industry vertical are prone to advanced threats. The government is expected to have largest market size in 2018, due to the increased adoption of cybersecurity solutions in this industry vertical. The Banking, Financial Services, and Insurance (BFSI); and Information Technology (IT) and telecom industry verticals are also expected to gain traction during the forecast period.

Download PDF Brochure !

MarketsandMarkets™

Mr. Shelly Singh

1-888-600-6441

raviraj.tak@marketsandmarkets.com

Source: EmailWire.Com

Source: EmailWire.com

Technology News & Search Engine

Cybersecurity Market to Evolve in Near Future 2023