Cyber Security issues have cropped up across all organizational longitudes that has made the addressable of cyber security issues indispensable. The global market for cyber security services pervades all the industries due to its utility in administering processes with a high level of swiftness. The IT infrastructure is one of the most valued asset of a company and hence, they are entitled to safeguard its security and execution. This is proliferating the market for cyber security services and has trickled down as an important standpoint for various market players. The increasing security threats due to the storage of data across various IT channels has made it imperative for various industries to subscribe to cyber security services. The entire market is expected to escalate to respectable levels owing to the prominence of the cyber security service.
Transparency Market Research (TMR) prognosticates that the market to rise at a robust CAGR of 15.6% over the forecast period from 2017-2026 reflecting the expansive scope of growth within the market. The market value in terms of revenue is estimated to reach US$ 63,524.5 mn by the end of 2026. This is an important indicator for market players to gauge the lucrativeness of the market over the coming years.
This blog presents integrated research on the interplay of various market elements that are expected to dictate the global landscape. Moreover, the projections mentioned here are in sync with the contemporary trends that are expected to last over the forecast period. A pragmatic research methodology points to respectable growth stakes of the market.
Which Segments Are Poised to Earn High Value Points for the Global Market?
In terms of application, the identity and access management is expected to remain at the helm of development for the market in the coming years. It is apparent that the services offered within this segment span across most of the industries which is a forerunner to the flowery growth in the segment. TMR estimates that market value for the segment would cross US$ 26,700 Mn by the end of 2026, registering a CAGR of 16% over the forecast period. Furthermore, based on end-use the dominance is expected to rest with the discrete manufacturing segment in the coming times. The segment is expected to expand at a CAGR of 15.9% and currently holds one-fourth of the market share for end-use category. Each product within the market for cyber security systems offers practical solutions for specialty industries which adds to the wellness of the market.
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What makes North America the Leading Regional Segment within the Market?
North America has witnessed an increasing toll of cybercrimes which has awakened the various stakeholders to counter the threat from such mishaps. This is one of the prime contributors to the growth of the market in this region. The government has taken responsible steps to enforce data security laws and establish strict compliance standards, which is another vital standpoint for the growth of the market. There is also a rising trend of adoption of cloud-based services, thus, further bolstering the demand in the market. Asia Pacific excluding Japan (APEJ) is also an ardent regional segment where a high awareness quotient is projected to expand the market.
The market is expected to stiffen in terms of competition due to the research initiatives of various players towards gaining a greater market share. The contemporary market players for the global market Assuria, Symantec, IBM Corporation, Optiv, Tata Consultancy Services, Secureworks, Accenture, Proficio, Honeywell, and CNS Group.