San Jose, CA (Vocus/PRWEB) April 05, 2011
The magnitude and latitude of cyber crime has skyrocketed in recent years and with advances in technology, the immersion factor has increased on a ridiculous scale. Today, cyber-crime costs more than $1.0 trillion to society, with billions of dollars being stolen from small, medium and large-sized enterprises, identity of millions of individuals compromised, and several governments across the world already been targets of cyber-warfare. Internet has become a primary conduit for cyber attack activities with hackers channeling threats through social-engineering attacks and legitimate websites, placing a higher risk to larger number of people than in the past. Financial fraud, phishing, pharming, malware, laptop theft, man-in-the-middle attacks and database breaches on information and identities have resulted in huge losses for consumers.
Cyber crime has witnessed a considerable rise during the economic recession, partly attributed to the decreased focus of enterprises on computer and cyber security coupled with the growing desperation of people to generate quick income. Resurgence of viruses, banker Trojans, and fake anti-virus software continue to drum up media headlines and industry concerns. Additionally, the rise of social-networking websites and smartphones has created new outlets for propagation of malware. Growing popularity of social networking sites, and increasing availability of company infrastructure ‘in the cloud’ have exposed global enterprises to higher levels of security threats. As a response to customer fears, organizations are seeking various proactive strategies to prevent the brand damage resulting from data breaches and identity-related fraud. While the recent economic recession forced substantial cutbacks in IT spending across several developed nations, it has however intensified the focus of business enterprises on cyber security solutions in a bid to minimize cyber crime induced financial losses, avoid high cost of security breaches, and safeguard organization’s reputation. Concurrently, the need to comply with various industry standards and regulations has also driven organizations to invest heavily in cyber security solutions.
As stated by the new market research report, United States and Europe accounted for a major share of the global Cyber Security market. Today, the worldwide cyber security market has fast evolved into a high revenue generating industry due to the large-scale development and deployment of advanced cyber security solutions. The launch of new cyber security products and services demonstrates the overall confidence in the market, and more funds were made available for cyber security, with the landslide of recent breaches itself lending to a much improved 2010. The increased sophistication of cyber security solutions is another driver of market growth. The technology and software, which can rapidly identify anomalies and help with the prevention and detection of cyber crime, has encouraged enterprises that would otherwise not invest in cyber security to purchase systems, especially in the financial industry.
By segment, Network Security is the largest contributor to global market revenues for cyber security. Endpoint security software such as desktop anti-virus has been in the marketplace for longer than any other cyber security solution. However, in the race to win the corporate clients, the market participants are shifting away from antivirus-style products to software suites combining network access control, configuration control, anti-malware, patch management, and systems management capabilities. The ability of endpoint security vendors to offer a comprehensive endpoint security suite to protect an organization from insider threats through features such as Web filtering, DLP (data loss prevention), asset management, tracking and recovery and insider monitoring will be key to future growth. Global market revenues for Endpoint Security are expected to surpass $5.0 billion by 2017.
Major players in the global marketplace include Aladdin Knowledge Systems Ltd, AVG Technologies, BitDefender® LLC, CA Technologies Inc, Check Point Software Technologies Ltd, Cisco Systems Inc, IronPort, F-Secure Corporation, IBM Corporation, BigFix Inc, IBM Internet Security Systems, Juniper Networks Inc, Kaspersky Lab, McAfee Inc, Microsoft Corporation, Panda Security, Sophos PLC, Utimaco Safeware AG, Symantec Corporation, MessageLabs Ltd, Trend Micro Incorporated, WebSense Inc, among others.
The research report titled “Cyber Security: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections (in US$ Millions) for major geographic markets including the United States, Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of World. Product 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 reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
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