In 2013, the cyber security market was the largest sector of the global homeland security market. With rising incidences for security products and solutions to counter cyber threats, the market accounted for 39.31% of the total shares and is further expected to grow at a CAGR of 5.8% till 2020.
The prime objective of cyber security is to ensure confidentiality and protect vital cyber data or information shared across the network. The cyber security market is high in demand because it enables effective protection from unauthorized attacks, injection of codes, hacking, or any other illegal activities such as incoming of Trojans or virus. Most of the computer devices and applications are vulnerable to threats from the cyber world and thus, the cyber security market is increasing to combat the advanced, harmful and sophisticated threats created by professional adversaries.
The dynamic nature of cyber threats and increased dependence of information technology are some of the key market drivers anticipated to drive the market over the forecast period. In addition, wireless communication, rapid adoption of cloud-based services, increasing cyber-crime rates, and strict government mandates in public utilities are major forces driving the market for cyber security services and solutions. Some of the cyber security solutions include firewalls, anti-viruses, secure wireless connections, and secure wired connections.
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The cyber security market does not only find its application in defense and aerospace, or government and public utility sectors, but are also critical for the IT domain, as well as other industrial, telecommunications equipment, manufacturing, Banking, Financial Services and Insurance (BFSI), healthcare, retail, and education sectors.
Due to rapid adoption of computer devices and enterprise mobility, the North American region is expected to be the largest market in cyber security, in terms of revenue contribution. However, Asia-Pacific and many regions in the Middle-East countries are also beginning to recognize the efficacy of cyber security systems. Amongst the Middle-East countries, due to expanding BFSI sector, The United Arab Emirates (UAE) accounts for the largest demand for advanced cyber security solutions.
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