The cyber security market size is projected to cross $165.0 billion by 2023, growing at a CAGR of 10.7% during 2017-2023. The market is growing mainly due to its increased adoption in multiple industries, such as aerospace and defense, government, banking, financial services and insurance (BFSI), healthcare, retail, IT & telecom, and manufacturing.

Insights on market segments

In terms of industry, the cyber security market is broadly categorized into aerospace and defence, government and public utilities, BFSI, healthcare, retail, IT & telecom, manufacturing, and others such as education, manufacturing, and hospitality. Aerospace and defence contributed the largest revenue to the global market in 2016, and is also projected to lead throughout the forecast period, with the largest revenue contribution. Government and public utilities contributed the second largest revenue share, accounting for approximately 19% of the global market in 2016.

Increased usage of mobile devices is driving the growth of the market

The consumers are using mobile devices at unprecedented level. Mobile operators are investing millions of dollars in cyber security solutions to overcome the challenges of cyber-crimes. Participants including operators, equipment makers, operating systems and application providers are introducing new approaches to stay ahead of cyber criminals, to mitigate the risk of cyber-attacks. Increased usage of mobile devices is also giving rise to mobile botnets (compromised software), which steals information or results in denial of services.

European cyber security market to cross $44.0 billion by 2023

The European cyber security market in 2016 was valued at $23.7 billion and is expected to grow at a CAGR of 9.5% during 2017-2023, to cross $44.0 billion by 2023. Among all the European countries, the U.K. accounted for the largest revenue share of nearly 40% of the European market in 2016. The cyber security industry in the U.K. was worth $9,290.5 million in 2016 and is expected to grow at CAGR of 9.9% during 2017-2023, to reach $17,925.0 million by 2023.

Key players are entering into partnerships with other firms to improve their position in the market

The major players in the cyber security market are entering into partnerships with other firms to improve their position in the market. For instance, May 2017, IBM partnered with Cisco Systems to overcome the damages occurring through cyber-attacks. Under the partnership, Cisco aims to build an application on IBM’s QRadar threat intelligence platform to help security teams understand and respond to advanced threats. On the other hand, IBM plans to incorporate Cisco’s products into its IT service support offerings. Also, in September 2017, IBM partnered with Irdeto to find solutions for automotive cyber-attacks. Through partnership, the company aims to provide original equipment manufacturers (OEMs) and suppliers with advanced, real time security analytics and ECU protection. The partnership will offer secure and robust security technology for the automotive industry.

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Some of the major players in the cyber security market are BAE Systems, RSA Security LLC, IBM Corporation, Symantec Corporation, Palo Alto Networks, Inc., Fortinet, Inc., FireEye, Inc., Check Point Software Technologies Ltd, Cisco Systems Inc., and Juniper Networks, Inc.

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