Increased Adoption Among SMBs to Drive Growth in the World Cyber Security Market, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on the Cyber Security market. World market for Cyber Security is projected to reach US$80 billion by the year 2017. Growth will be primarily driven by the legislation of new regulatory norms that force compliance among enterprises and the need to ensure business continuity & system reliability and provide secure telecommunications, among others. The upcoming years will witness highest adoption among small and medium businesses (SMBs), as they increasingly become visible targets for IT crime.

Cyber Security: A Global Strategic Business Report

Follow us on LinkedIn – While the modern interconnected world brings in numerous advantages and empowers mankind it also brings in its fair share of challenges and perils. The extent of proliferation of digital information and communications and the Internet in every walk of life can be thrown into sharp relief by the fact that today a country’s economic prosperity and competitiveness depends on “Cyber Security” and the ability to effectively confront threats to a nation’s information grid. The growing adoption of Internet by governments for defense and military management and public governance makes public safety and national security vulnerable and dependent upon the robustness of a network. Several governments across the world have already been targets of cyber-warfare. The magnitude of cyber crime has skyrocketed in recent years. Today, cyber-crime costs more than US$1.0 trillion to society, with billions of dollars stolen from small, medium and large-sized enterprises, and identity of millions of individuals compromised every year.

The unconventional challenges created by the increasing reliance of companies, governments, and people, on digital infrastructure i.e. the Internet, include threats posed by spyware, malware, spoofing, phishing, botnets, unauthorized data leakages and access to confidential information networks and identity thefts, among others. With so much at stake, the growing emphasis on defending information and communications infrastructure is expected to translate into healthy demand for cyber security solutions. Another key factor expected to drive growth in the marketplace include the evolutionary leap in the threat landscape which continues to evolve with malicious software codes and viruses becoming more intelligent and sneakier and capable of adapting against legacy defenses.

Against this backdrop, security battles are poised to escalate and the enterprise end-use segment will drive the maximum gains in the marketplace as they increasingly become rich targets, given the valuable information including sensitive customer data stored on information networks. As businesses move towards distributed cloud and virtualized environments, security issues will assume even more critical importance across all layers of networking functions. For instance, while cloud computing and virtualization facilitate simplification of a company’s IT infrastructure and aid in lowering overhead expenditure, the technologies also tend to raise security risks.

Over the years, the security battles have been shifting from core infrastructure to operating systems, applications, client systems, and files and file readers like PDF viewers, office software. In the upcoming years, the security battlefield is forecast to shift towards enterprise connected mobile smartphones. As companies establish policies to address smartphone security risks, demand for mobile security software is expected increase in the immediate future. The rising popularity of social networks such as Facebook, MySpace, and Twitter has accelerated the pace of attacks. Phishing attacks targeted at hijacking Facebook accounts have penetrated the cyber space to a noticeable degree, with spoof Facebook websites designed to steal account details of unsuspecting users. Facebook was also the victim of attacks caused by a specific family of malware called Koobface, which used this social network in order to propagate. The success story of Twitter, a micro-blogging tool attracted the unwarranted attention of cyber-crooks for propagating spam and malware. Realizing the growing threat companies are focusing on using Web content filters for ensuring that critical data is protected through firewalls. Companies are also focusing on acquiring security products that are compatible with Web 2.0 technology.

Growing digital literacy and cyber security awareness among the modern digital workforce will beneficially influence market opportunities. Demand for cyber security solutions will be especially strong in high-tech countries with sophisticated internet infrastructure and services. This is primarily because lower a country’s broadband penetration and/or internet exposure, lesser are the risks of cyber-threat and vice versa. In Europe, loop holes in internet defense measures in Spain, Denmark, Austria, Russia, Poland, Italy, Romania, offer huge untapped potential for growth. The lack of funds, absence of dedicated regulatory bodies, inadequate contingency plans and improperly coordinated national cyber strategy, which until now has been encouraging the growth of cyber crimes is set to change. Given the strong case for action, concerted efforts from the government (federal & state) and the private sector, is expected to result in the development of enforceable national level cyber security policies and cyberspace security response systems.

As stated by the new market research report on Cyber Security, United States and Europe dominate the world market. Asia-Pacific is forecast to witness the strongest growth growing at a projected CAGR of 13.2% over the analysis period. Growth in the region will be driven by the blistering pace of Information Technology (IT) growth in emerging economies like China and India. Also, with governments in these regions expected to legislate national cyber strategies and laws, the ensuing forced regulatory compliance will push up revenues in the marketplace. Risk & Compliance Management, comprising security and risk assessments, security strategy, and training, is forecast to witness the fastest growth worldwide over the analysis period.

Major players in the global marketplace include SafeNet, Inc, AVG Technologies, BitDefender® LLC, CA Technologies Inc, Check Point Software Technologies Ltd, Cisco Systems Inc, IronPort, F-Secure Corporation, IBM Corporation, BigFix Inc, IBM Internet Security Systems, Juniper Networks Inc, Kaspersky Lab, McAfee Inc, Microsoft Corporation, Panda Security, Sophos PLC, Utimaco Safeware AG, Symantec Corporation, MessageLabs Ltd, Trend Micro Incorporated, WebSense Inc, among others.

The research report titled “Cyber Security: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections (in US$ Millions) for major geographic markets including the United States, Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of World. Segments analyzed include Application Security, Content Security, Data Security, Endpoint Security, Network Security, Identity & Access Management, Risk & Compliance Management, Consulting Services, and Security Operations.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Cyber_Security_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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