Albany, NY -- (SBWIRE) -- 10/23/2017 -- Although the vendor landscape of the global market for aviation cyber security is largely fragmented, the top five companies accounted for a significant 59% of the global market in 2016, observes Transparency Market Research in a recent report. The market features a high level of competition, which has intensified in the past few years owing to the large numbers of acquisitions and mergers undertaken by key players. Leading vendors in the market continue to resort to these strategies as a way of adding unique services and product offerings to their portfolio and gain extra leverage through an expanded consumer base. Recent instance would be the acquisition of Lacoon Mobile Security, an Israel-based mobile security company, by Palo Alto Networks, Inc. in 2015.
The market is also tough for new and small vendors to enter. Firstly, due to the intense competition and secondly, due to the fact that leading players enjoy strong presence and excellent consumer loyalty across key regional markets, making it difficult for new vendors to make their mark in the global aviation cyber security market. The top five vendors in the market (in terms of revenue collected from offerings in the field of aviation cyber security solutions) are Raytheon Company, BAE Systems Inc., General Dynamics Corp., Thales SA, and Harris Corp.
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Transparency Market Research projects that the global market for global aviation cyber security will exhibit a promising 7.4% CAGR from 2017 to 2025, rising from a valuation of US$2,545.2 mn in 2016 to US$4,759.3 mn by 2025.
South America to Present Most Lucrative Growth Opportunities; North America to Continue to Dominate
In terms of geography, North America was the leading revenue contributor to the global aviation cyber security market in 2016, with the U.S. being the hub of the majority of players in the market. North America accounted for a massive 36.6% of the global aviation cyber security market in 2016 and is expected to remain the leading contributor of revenue to the global market throughout the forecast period as well. However, the well-established market is expected to suffer from stagnancy and dearth of new growth opportunities, succumbing a major loss in its global market share by the end of the forecast period.
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On the other hand, the market in South America is expected to be the most promising regional market, with an impressive 12.8% CAGR from 2017 to 2025. In terms of services, managed security services are expected to continue to witness strong growth over the report's forecast period and account for nearly 73% of the overall revenue of the global aviation cyber security market by the end of the forecast period.
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Rising Expenditure of Aviation Companies on IT Solutions to Remain Key Driver
Factors such as the rising numbers and complexity of cyber-attacks on aviation systems, the increased investment of aviation companies on enhancement of their IT infrastructure, and the vast rise in the adoption of commercial aviation services, especially across emerging economies in regions such as Asia Pacific and South America are the key drivers of the global aviation cyber security market. However, the high initial cost of deployment of advanced aviation cyber security solutions could discourage many small-scale aviation service providers from adopting them, hampering the growth prospects of the market to a certain extent.