Growing Cybersecurity Threat Projected to Push Cybersecurity Market to New Highs
(7 months ago)
NEW YORK, September 13, 2017 : According to a research report published by MarketsandMarkets, the cybersecurity market size is expected to grow from USD 137.85 Billion in 2017 to USD 231.94 Billion by 2022 and at a Compound Annual Growth Rate (CAGR) of 11.0pc during the forecast period.
A major factor contributing to growth of the cybersecurity market is the rise in security breaches targeting businesses, individuals and governments. There are several major security types that are in focus, including network security, endpoint security, application security, cloud security, wireless security, as well as database security and web security. The report also indicates that the application security segment is expected to grow at the highest CAGR during the forecast period because of the emergence of Internet of Things (IoT) and Bring Your Own Device (BYOD) across verticals. Big Wind Capital Inc. (CSE: BWC), Palo Alto Networks Inc. (NYSE: PANW), FireEye Inc. (NASDAQ: FEYE), Symantec Corporation (NASDAQ: SYMC), Fortinet Inc. (NASDAQ: FTNT).
The recent spike of harmful cyber-attacks has caused governments and business to re-evaluate the importance of cybersecurity measures in their infrastructure. "Rising awareness among CEOs and boards of directors about the business impact of security incidents and an evolving regulatory landscape have led to continued spending on security products and services," said Sid Deshpande, Principal Research Analyst at Gartner. "However, improving security is not just about spending on new technologies. As seen in the recent spate of global security incidents, doing the basics right has never been more important. Organizations can improve their security posture significantly just by addressing basic security and risk related hygiene elements like threat centric vulnerability management, centralized log management, internal network segmentation, backups and system hardening," said Deshpande.