Cyber Security Market Size Is Predicted To Reach $205.51 Billion By 2024: Grand View Research, Inc.
According to a report by Grand View Research, Inc.; the global cyber security market is estimated to attain nearly USD 205.51 billion by 2024. Growing requirement of advanced cyber security solutions in organizations owing to increasing number of cyber-attacks can propel the global market over the forecast period (2014 to 2024). Implementation of advanced level of cyber security can reduce the chances of any type of security breach and prevent the loss of crucial organizational data.
Increasing cases of security breaches and data thefts in organizations is anticipated to propel market growth over the forecast period. Rising investments in cyber security to prevent occurrence of malware attacks and cybercrimes in healthcare organizations and governments can further impel market growth. High adoption of automation in banking and other emerging sectors is also likely to stimulate growth of the market. Sharing of large data in internal and external environments of organizations is expected to fuel market growth during the forecast period.
The worldwide cyber security market can be segregated on the basis of security type, component, deployment, application, and region. Based on security type, the market can be classified into endpoint, enterprise, cloud, network, application, and others. In 2015, the enterprise segment dominated the market by acquiring around 51.05% market share in terms of revenue. Growing number of cyber-attacks on small medium enterprises is likely to foster demand for enterprise security solutions. In addition, favorable government policies for data privacy & security and compliance can positively influence market expansion in near future.