Cyber Security (IAM, Encryption, DLP, Risk and Compliance Management) Market Expected to to Grow at CAGR of 10.3% by 2019 – New Report by MarketsandMarkets
(PRWEB) December 11, 2014 -- The report on Cyber Security Market defines the growth trends and revenue forecasts for this industry. According to the report, the global market is expected to grow from $95.60 billion in 2014 to $155.74 billion by 2019. During the forecasting period, it estimates the market to maintain a steady Compound Annual Growth Rate (CAGR) of 10.3%.
Browse through Cyber Security market data Tables, Figures and ToC, spread across 229 Pages
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According to the report, rapid adoption of cloud computing, wireless communication, and data centers enhancing the demand for cyber security solutions in this market. With approximately four times more clients outsourcing at least a third of their IT infrastructure to cloud vendors, cloud computing is realized to be one of the major drivers in the expansion of cyber security market.
According to the report, the changes in business models are expected to create positive growth opportunities for the market. Adoption of Bring Your Own Device (BYOD) in offices along with the use of mobile and web devices in educational and public utilities demand for 24 hours of network availability and have created a demand for increased need for data protection. The ongoing changes in a working environment demand multilayered protection of sensitive data and strict authenticated management of access to information available across the network. Utilization of cloud, wireless communication and data center as a processing and storage powerhouse, data loss protection and data recovery management can be realized up to a very large extent. Furthermore, the report claims that advancements in the virtual machine isolation, client authentication and secure opportunistic computing to facilitate the adoption of cloud computing, wireless security, and data center; will boost the demand for advanced security solutions in the coming years.
MarketsandMarkets considers companies such as Cisco, CSC, Booz Allen Hamilton, Northrop Grumman, Lockheed Martin, Symantec, Sophos, IBM, McAfee, and Trend Micro to be the key players in the cyber security market. According to them, many other companies such as Checkpoint, Kaspersky, Panda security, and others are increasingly providing innovative cyber security solutions.
Cyber security solutions are also being used by cloud service providers and organizations belonging to verticals other than aerospace and defense, government and public utilities which include telecom and IT, healthcare, retail, education, manufacturing, and BFSI among many others. The report expects adoption of cloud and wireless applications across a range of verticals to increase the protection of networks which in turn will further drive the deployment of cyber security solutions across various enterprises in the coming years.
As explained in the report, the North American market has already seen the deployment of cyber security solutions due to the rapid adoption of enterprise mobility in the region. In the near future, MarketsandMarkets expects the market for cyber security to rise in emerging economies such as Asia Pacific (APAC) and Middle East and Africa (MEA). They expect this growth to be driven by continual growth in the number of mobile devices by the huge population across these economies along with the unregulated use of internet. The report expects North America (NA) to retain its position as the highest revenue generator for cyber security market, while expects significant revenue growth from APAC and MEA region.
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