The global Cybersecurity Market is expected to grow from $189.89 billion in 2020 to $212.11 billion in 2021.The market is then expected to recover and reach $248.28 billion in 2023 at CAGR of 13.02%
Cyber security is the practice of defending computers, servers, mobile devices, electronic systems, networks and data from malicious attacks. It’s also known as information technology security or electronic information security. A compromised application could provide access to the data it’s designed to protect.
Major Player in the cyber security market are BAE Systems Plc., Check Point Software Technologies Ltd., Cisco Systems Inc., Cyber Ark Software Ltd., F-Secure Inc., F5 Networks Inc., FireEye Inc., Fortinet Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Intel Corporation, McAfee LLC, Microsoft Corporation, Oracle Corporation, Palo Alto Networks, Inc., Proofpoint, Rapid7 Inc., RSA Security LLC, Sophos Ltd., Splunk Inc., Symantec Corporation, and Trend Micro Inc.
BAE Systems CyberSecurity venture secures top-tier investments for launch as new business. SWIFT and BAE Systems Applied Intelligence have published ‘Follow the Money’, a new report that describes the complex web of money mules, front companies and cryptocurrencies that criminals use to siphon funds from the financial system after a cyber-attack BAE systems will develop new cyber tools designed to help prevent vulnerabilities in electronic files that lead to cyber-attacks.
New technology that will impact on Cyber Security: The term “5G” is short for fifth-generation cellular wireless. The main benefit of 5G is its ability to deliver “high-band,” short-range airwaves. When combined with its other benefits including increased availability and network capacity, 5G promises to deliver higher speeds and lower latency than any wireless service before it. Such outcomes could help to revolutionize the ways in which machines, objects and devices connect to one another. IT-OT Convergence of information technology (IT) and operational technology (OT) is challenging organizations’ digital security. Integration of IoT will pose challenges regarding a company’s liability towards the continuous development of cyber security even after the technology becomes obsolete from a product cycle point of view. This is likely to be further exacerbated by the potential risk of a major IoT manufacturers going bankrupt, leading to the potential automatic default of key updates.
Some Segmentation of market by product type includes Iaam, Infrastructure Protection Network Security, and Security Services. On the basis of industry application it has been Banking, Government, Manufacturing, Transportation, IT & Telecom, Insurance, Securities. Geographically it segmented into North America, Europe, Asia-Pacific and Middle East & Africa. North America is projected to capture the maximum market share in the cyber security market during forecast period. High section security breaches and dependency is the driving the market for cyber security solutions and hence boosting overall market growth across the region.
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