(PRWEB) June 10, 2014
The new era of the Internet has witnessed a boom in the usage of e-commerce and other online banking-related applications. This has led to a surge in thefts, online frauds and risks related to online banking. All enterprises are excessively dependent on such data, software, hardware, and networking resources. Hence it is extremely essential to protect organizations from such threats, and prevent further e-damage. This makes cyber security solutions necessary, and their demand in the near future is also going to be high. Globally, this market is worth $86.12 billion, and is estimated to grow annually at a rate of 10.3%. The industry leaders in this market are Cisco, IBM, Northrop Grumman, CSC, and Symantec.
Browse through the market data tables, figures and detailed ToC on the “Cyber Security Market”.
North American Cyber Security Market
The North American market has the highest share in the cyber security market as compared to other regions. This is due to the fact that there is continuous high demand for security solutions in this region. The driving force for this high demand is the sudden rise in threats in various sectors. However, cheap and local cyber security solutions pose a grave challenge to this market. The cyber security market in the North American region was valued at $37.4 billion, and is estimated to reach $61.91 billion by the end of 2019. This market’s annual growth rate is projected to be 8.5%. The main companies providing cyber security solutions in this market are Cisco, Symantec, and IBM, among others.
Latin American Cyber Security Market
Infrastructure development in Latin America is on the rise. However, along with this development comes emerging cyber security related threats. Also, there is increase in the spending and growth of the defense and security industries. After the challenges created due to the lack of resources and the inability to implement technological solutions are overcome, this market has great potential for growth. Latin America’s cyber security market is currently valued at $4.46 billion. It is expected to grow at a CAGR of 17.6%, and be worth $11.91 billion by the end of 2019. Key companies delivering cyber security solutions include Symantec, CSC, Cisco, and IBM.
European Cyber Security Market
There has been much technological advancement in various European nations. This has led to wider adoption of innovations such as wireless communication, cloud computing, and so on. This has increased the demand for implementation of cyber security measures. Another factor is the European Union’s initiative to improve cyber security. In 2013, the valuation of the European cyber security market was $23.21 billion, and has been forecast to grow to $35.53 billion by 2019. The projection of annual growth rate in this market is projected to be 7.2%. Prominent companies that are responsible for providing cyber security solutions include Symantec, Cisco, IBM, and Northrop Grumman, among others.
Asia-Pacific Cyber Security Market
The Asia-Pacific cyber security market is presently worth $14.82 billion, and is estimated to grow to $32.95 billion by the end of 2019. This market is poised to grow annually at a rate of 14.1 %. New products and offerings related to internet applications have been introduced in the Asia-Pacific market; thus requiring enhanced security solutions. Also, the total ICT spending has been on a rise. These are the main drivers for this market. Major vendors of cyber security solutions are Cisco, Symantec, IBM, and CSC, among others. Some of the challenges that need to be overcome are the issues of piracy and instable government policies.
MEA Region Cyber Security Market
The MEA region has witnessed a rise in access to Internet services. Along with this, there are stringent government rules and regulations regarding the usage of the Internet and applied applications. Also, this is a highly vulnerable region; hence the demand for cyber security is going to continue in the near future. The total revenue of the cyber security market in the MEA region is estimated to be $6.19 billion. It is expected to reach $13.43 billion by the 2019, to grow annually at a CAGR of 13.7%. Some of the significant players in this segment are Symantec, Cisco, IBM, and Northrop Grumman, among others.
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