TechNavio pinpoints a need to improve protection against an increasing number of complex and vicious cyber threats as a key factor driving significant growth in the Global Cyber Security Market.
The independent tech-focused global research firm has published a report on the cyber security market, which is projecting a CAGR of 11.81 percent from 2013-2018.
The frequency of high level security threats like SQL injection attacks are increasing. In response, end-users are taking action to protect their data against cybercrime.
As a result of the increase in the complexity of cyber-attacks, the market is witnessing a rise in advanced persistent threats (APTs). These can affect an organization’s entire IT infrastructure and tend to target critical installations, such as government departments, web servers, and customer databases. These threats are generally detected only after the attack. Hence, to better secure their networks, companies from many industries are adopting network security solutions.
However, according to the recently published TechNavio research, with an increase in attacks, enterprises are seeing an urgent need to improve not only the breadth of protection but the quality as well.
“Solutions such as next-generation firewalls and deep packet inspection engines have very complex output and require some level of expertise to understand and allow action to be taken,” says Faisal Ghaus, Vice President of TechNavio.
He goes on to say that,“To eliminate the investment required for training or recruiting staff especially for this task, companies are currently outsourcing security responsibilities to managed security service providers that not only have skilled staff, but are also focused on security issues, and thereby provide a better quality of protection. This kind of investment in third-party protection is expected to spur major overall market growth.”
The TechNavio report also delves into drivers, trends and challenges expecting to impact market growth over the projected period.
To determine the scenario for these vendors in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
TechNavio (technavio.com) is a leading global technology research and advisory company. Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year. We cover more than 500 technologies across 80 countries.
We focus on emerging trends that can shape a market, and model these trends using a mix of quantitative and qualitative tools in our proprietary research methodologies in order to build forecasts across market segments and geographies. These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a constantly changing technology market scenario.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Our analysts obtain the information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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