Technology used by cyber offenders, both state and non-state actors, has evolved much faster than governments / agencies have been able to anticipate. Also, since the cyber-crime database on attacks, penetrations, causes, and consequences is underdeveloped, cyber defenses are not adequate to counter systematic cyber-attacks by cyber criminals. Moreover, cyber-attacks are now not only limited to nations but have extended to terrorist groups, organized crime, hackers, industrial spies, and foreign intelligence services. As such, the changing dynamics of cyber threats and increased demand for cyber weapons is expected to stimulate growth over the forecast period.
The market for cyber security is expected to increase from US$11.9 Billion in 2016, to US$18.5 Billion by 2026, representing a CAGR of 4.51%. This is primarily because the major markets, including the US and countries in the Asia-Pacific and Europe, are expected to prioritize spending on cyber security systems, an element of defense spending that was not given much importance until four years ago.
North America accounts for 57% of the market, which is the largest share, while the Asia Pacific region accounts for 20% of the overall market which is the second highest share of investment in the sector. Europe is expected to comprise 12% of the total market followed by the Middle East at 8%. Latin America and Africa together comprise 3% of the global market with the major portion of spending in these regions coming from Brazil and South Africa.
The report “The Global Cyber Security Market 2016-2026” offers detailed analysis of the global cyber security market over the next ten years, and provides market size forecasts. Furthermore, it covers key technological and market trends in the industry, and analyzes factors influencing demand for Cyber Security. Additionally, the report also highlights challenges faced by industry participants.
In particular, it provides an in-depth analysis of the following:
• Overview: Snapshot of the Cyber Security Market during 2016–2026, including highlights of the demand drivers, trends and challenges. It also provides a snapshot of the spending with respect to regions as well as segments.
• Market Dynamics: Insights into the technological developments in the cyber security Market and a detailed analysis of the changing preferences of governments around the world. It also analyzes changing industry structure trends and the challenges faced by the industry participants.
• Segment Analysis: Insights into the cyber security market from a segmental perspective and a detailed analysis of factors influencing the market for each segment.
• Regional Review: Insights into modernization patterns and budgetary allocation for top countries within a region.
• Regional Analysis: Insights into the cyber security market from a regional perspective and a detailed analysis of factors influencing the market for each region.
• Trend Analysis – Key Defense Market: Analysis of the key markets in each region, including cyber security segments expected to be in demand in each region.
• Key Program Analysis: Details of the top three programs in each segment expected to be executed during the forecast period.
• Competitive Landscape Analysis: Analysis of competitive landscape of the global cyber security industry. It provides an overview of key defense companies, together with insights such as key alliances, strategic initiatives and a brief financial analysis.
Companies mentioned in this report: Northrop Grumman Corporation, Raytheon, Lockheed Martin Corporation, General Dynamics Corporation, Thales, BAE Systems, Booz Allen Hamilton, CACI International, NetCentrics, ManTech International Corporation, Camber Corporation, Panda Security, Salient CRGT, KeyW Holding Corporation, Airbus DS Communication, Digital Management, Inc., Checkpoint Software Technologies Ltd.