Increasing cyber attacks on the critical infrastructure has rendered worldwide security at risk. The prime motive behind these attacks is to gain access to financial information and retrieve sensitive information related to an organizations’ operational strategies, government defense moves, etc.
Further, banking & financial institutions, stock exchanges are also becoming highly vulnerable to the cyber attacks. According Identity Theft Resource Center, in 2015, around 163 million records were exposed in total of 781 breaches across the globe. Due to rising number of cyber attacks, the government and private enterprises are propelled to heavily spend on the upgradation of their network security to avoid any data or network breach.
The global market for cyber security is bound to grow at 8.3% CAGR till 2021, according to TechSci Research. The cyber security market is divided between Network Security, Content Security, End Point Security, Wireless Security, Application Security & Cloud Security. Though the market is dominated by Network Security but during next five years the maximum growth will be witnessed in Cloud Security market.
With growing adoption of cloud computing services across the world, requirement for security measures for cloud computing are also increasing. Further, growth in enterprise mobility and BYOD concept is fueling the requirement for cloud security. The IT infrastructure landscape in organizations is shifting from CAPEX to OPEX based investment scenario.
Organizations are shifting from their traditional IT infrastructure to agile, secure and cost-efficient cloud infrastructure due to which cybersecurity vendors needs to develop advanced cloud security solutions for manage demand and supply gap.
Regionally, North America dominates the cyber security market but the highest growth will be witnessed in APAC region in next five years. Asia Pacific cybersecurity market is projected to outpace global growth and grow at a CAGR of 11% during 2016-2021, registering fastest growth rate across the global. Growing Internet user base, and mobile penetration in the region, are anticipated to upsurge the APAC’s cybersecurity market.
The need of IT security developers, as well as administrator requirement is high, however, the educational institutes do not provide sufficient training to these human resources. It is recommended for cybersecurity solution providers to partner with educational institutes, to train and prepare for future manpower requirements. Further, cybersecurity firms should participate in various government programs which encourages the training of human resources.
Symantec has recorded largest revenue market share in cyber security market in 2015 but Palo Alto Networks and FireEye are expected to witness highest growth till 2021. The competitive landscape is set to witness radical changes with the development of advanced and innovative cyber security solutions highlights TechSci Research report.