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Cisco, IBM, Symantec Among ‘Prominent Players’ in Cybersecurity

Security

The global cybersecurity market is poised for a healthy compound annual growth rate (CAGR) of 15.5 percent over the next six years.

That’s according to an updated report from analyst Somya Rathore at Allied Market Research (AMR), who predicts that the market will garner $198 billion by 2022 — dominated by the banking, financial services and insurance (BFSI) industry, and the public sector.

Somya MathoreThe market study says that unified threat management is responsible for the most revenue — and it will continue to grow at a CAGR or nearly 12 percent for the next several years. Managed security services are expected to experience the biggest uptick, with a CAGR of 20.3 percent.

The cloud is becoming extremely relevant in the security space; look for cloud-based deployment to generate the most revenue by 2022. Among user groups, small-to-medium enterprises will grow the fastest — up 18.5 percent per year through 2022.

Among verticals, the report says health care will be the fastest climber (17.5 percent CAGR). By region, North America contributed the most cybersecurity revenue in 2015, but Asia Pacific will “be dominant” by 2022.{ad}

“The cybersecurity market in Asia-Pacific is projected to grow at a significant rate during the forecast period, owing to the increase in cyber-attacks in emerging economies such as India, China, and Japan. Furthermore, the growth in infusion and government initiatives such as Smart Cities, Digital India, and Digital Locker demand the need for better security of both critical infrastructure and sensitive information,” said Rathore.

A major trend in the market is the rise in malware and phishing threats across numerous industries, but particularly BFSI, health care, retail, and energy/utilities. That’s expected to bring about faster adoption of cybersecurity services. Adoption of enterprise mobility, too, will drive growth, Rathore says, as employees access more corporate information on their devices.

Drawbacks to adoption include budget constraints and a lack of security-awareness initiatives implemented by businesses, particularly SMBs. But look for innovative developments in firewalls, unified threat management (UTM) and social-media controls through cloud platforms to provide opportunities for cybersecurity partners and vendors, the report notes.

AMR highlights Cisco, IBM, Symantec, Trend Micro, FireEye, Sophos and CSC as “prominent players” now and for the future of security growth because they “focus on product launch, acquisition, and partnership for expansion in the market.” Probably the most recent significant acquisition in the industry was Symantec’s purchase of Blue Coat Systems this past summer.

Follow executive editor @Craig_Galbraith on Twitter.


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