Seattle, WA -- (SBWIRE) -- 11/08/2019 -- Worldwide Market Reports presents Cyber Security Market report for the forecast period 2019 - 2027. The report offers drivers, restraints, opportunities, and current trends prevalent in the Cyber Security Industry. The global cybersecurity market is expected to witness high adoption, owing to rapid digitalization, higher spending on information security, and the advent of 5G. Various industrial and commercial sectors are implementing cybersecurity solutions to safeguard their data. The market is anticipated to expand at a compound annual growth rate (CAGR) of 11.6% during the period of 2017 to 2027.
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Governance, risk and compliance solutions occupied a market share of 51% in 2017, as most of the global compliance norms necessitates data security. Government departments are the largest consumers of these solutions as they need to maintain huge volumes of data, including information of the citizens, government strategies and planning, etc.
Identity and access management (IAM) solutions also occupy a large share (26%) of the market. Stolen credentials of employees is the leading facilitator of system hacking cases and data breach incidents, which is expected to cost businesses around USD 2 Tn by 2019, globally. Hence, stronger mechanisms such as multi-factor and biometric authentication are witnessing a rapid adoption. Encryption solutions is gaining grounds due to proliferation of data shared on social media and stored in virtual storage devices. It is expected to expand at a CAGR of 17.9% during the forecast period.
End use industry segment insights:
The financial services industry is the largest consumer of cybersecurity solutions, with a global share of 39% in 2017. With the digitalization of financial services, cyberattacks continue to threaten data privacy and customer loyalty. Advancements in machine learning and analytics allow financial organizations to detect abnormalities in transaction of data, and take necessary corrective actions. Sectors such as government, telecommunications, and healthcare occupy 20%, 16%, and 15% of the market, respectively, in 2017. High growth is expected in the defense sector during the forecast period due to increasing use of Internet of Things (IoT) to connect aircraft, ground vehicles, ships, and weapons systems.
North America has shown the highest adoption of cybersecurity products, and occupied approximately 37% of the global market in 2017. Across the United States (U.S.), private and public agencies are implementing cybersecurity systems in order to safeguard their stakeholders. Recently, the U.S. Defense Secretary established a task force to recommend ways to curb theft of critical technologies by adversary countries. Europe and Asia-Pacific comprised 25% and 20%, respectively, of the global cybersecurity market. Since the adoption of the European Union's (EU's) cybersecurity strategy in 2013, the European Commission has pushed up its activities and efforts to provide better security to Europeans in various online activities. The Latin America market has started to pick up as the Brazilian government signed a contract in 2017 with Microsoft to update its cybersecurity systems in order tackle the repeated cyberattacks coming from WannaCry ransomware.
The Cyber Security Market report also focuses on various organic and inorganic strategies such as product development and upgrade, mergers, acquisition, collaboration, and partnership adopted by the market players. The Cyber Security Market report will aid clients to plan their upcoming product expansion and various other strategies. The Cyber Security Market report is drafted keeping in mind the various needs of clients by using effective approaches such as primary and assistive technologies for research and development in the global market domain. On the basis of region, the market is divided into: North America, Latin America, Europe, Asia Pacific, The Middle East, Africa.
Outstanding Key Players-
Symantec Corporation , Check Point Technology Ltd., Palo Alto Networks, Fortinet, FireEye, Trend Micro Inc., Proofpoint Corp. , KPMG, IBM Corp.
Secondary Research Model
Our team gathers substantial date at the beginning of the research process, which is then further cumulated. Every detail in the data is verified and refined with the help of an internal database, paid resources, and reliable industry journals. Furthermore, the data is checked and validated by our industry experts to provide a complete idea of the Microprocessor market taxonomy. To understand the overall chain value of the market, methodical research is required. That is why we make sure that our research will hold a substantial value and would benefit the marketers.
Primary Research Insights
Every detail of the data gathered and computed in the secondary research is validated in the primary research. Industry experts are conferred for statistical analysis of all the numbers and figures. Moreover, we also consult with entire value while verifying the data including manufacturers, raw materials suppliers, local vendors, transports, wholesale dealers, distributors, and stakeholders. This helps to provide more compressive data of the Microprocessor market. We ensure that our research is not limited to a certain extent and trivial information is not provided. Current trends, restraints, drivers, and growth opportunities of the Microprocessor market are also computed through primary research.
The market estimation process is conducted with the data obtained from secondary and primary research. This includes market top-down, bottom-up approach, and market breakdown. Different statically analyses are carried our such as future market size, computation of CAGR, and market distribution. Different macroeconomic factors are considered during these computations namely gross national product (GNP), unemployment rates, and consumer price index. Each data is validated through the process of data triangulation method for the final market estimation.
This marks the penultimate stage of the research process that includes a complete report for the Microprocessor market. The document includes an exhaustive market report with representation geographical trends with a comprehensive presentation. This market report can assist marketers to make strategic decisions.
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