The “Enterprise Cyber Security Solutions Market by End-user and Geography – Forecast and Analysis 2021-2025” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the enterprise cyber security solutions market between 2020 and 2025 is USD 35.84 Billion, as per the latest market analysis report by Technavio. The report also identifies the market to witness an accelerating growth momentum of 10.94%. This market outlook report also provides insights on the year-over-year growth along with the regional and segment-based market contribution share during the forecast period.
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Key Market Dynamics:
- Market Drivers
An increase in the use of mobile devices is one of the key drivers influencing the market growth positively during the forecast period. With the growing adoption of mobile devices, such as mobile phones, laptops, and tablets, the need for cyber security solutions is rising. In addition, with technological advances, the acceptance of mobile devices for m-commerce, bill payment, and GPS is also increasing. However, such rising use of these mobile devices has further resulted in an increase in incidences of data theft and cybercrimes. As a result, more and more enterprises are adopting advanced enterprise cybersecurity solutions to ensure data and network security. In addition, other factors such as increasing IT security investments and surging adoption of cloud-based services will further fuel the market growth positively during the forecast period.
- Market Challenges
The high cost of implementation will emerge as one of the key factors likely to hinder the market growth. The overall deployment cost of enterprise cyber security solutions includes the cost of software licensing, system designing, and customization implementation training and maintenance. In addition, SMEs with financial constraints may not be able to adopt cyber security solutions because of their high cost. As a result, the higher costs associated with the implementation of these solutions may hamper the market’s growth. Furthermore, factors such as threat from open-source network security solution and complex IT infrastructure will also limit the market’s growth in the long run.
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The enterprise cyber security solutions market report is segmented by End-user (telecom and manufacturing, government, BFSI, healthcare, and others) and Geography (North America, APAC, Europe, MEA, and South America). The telecom and manufacturing end-user segment held the largest enterprise cyber security solutions market share in 2020. The segment is likely to continue its dominance in the market owing to the increasing adoption of enterprise cyber security solutions to protect and secure sensitive telecom consumer data including customer identity, bank account details, call preferences, and other demographic information. Stakeholders of the industry have been deploying cyber security solutions at the telecom data centers, which, in turn, will drive market growth.
In terms of Geography, North America led the enterprise cyber security solutions market share in 2020 and will remain the leading region with 33% of the market’s growth during the forecast period. The US will emerge as the key market for enterprise cyber security solutions in North America owing to the presence of several leading vendors including Intel, Akamai Technologies, Check Point Software Technologies, and Cisco Systems. Furthermore, rising number of cyberattacks substantially in industries such as retail, manufacturing, IT, telecom, healthcare, and BFSI in the country have created the need to protect business data, thus, increasing the adoption of cybersecurity solutions in the upcoming years.
View our sample report for additional insights into the contribution of all the segments and rEnterprise Cyber Security Solutions Market Grows by USD 35.84 Bnegional opportunities.
Some Companies Mentioned
- Akamai Technologies Inc.
- Broadcom Inc.
- Check Point Software Technologies Ltd.
- Cisco Systems Inc.
- Corporation Service Co.
- Hewlett Packard Enterprise Co.
- Huawei Investment and Holding Co. Ltd.
- Intel Corp.
- Intercede Ltd.
- International Business Machines Corp.