The major forces driving the cyber security market growth, according to the researchers, are factors such as strict data protection directives and rising cyber terrorism and the market is growing rapidly due to the rising need for cloud-based cyber security solutions among SMEs.

Within the report the cyber security market has been segmented by solution into Identity and Access Management (IAM), risk and compliance management, encryption, Data Loss Prevention (DLP), Unified Threat Management (UTM), firewall, antivirus/antimalware, Intrusion Detection System/Intrusion Prevention System (IDS/IPS), security and vulnerability management, disaster recovery, Distributed Denial of Service (DDoS) mitigation, web filtering, and others (application white listing and patch management). The encryption solutions segment is expected to register the highest CAGR in the global cyber security market during 2018–2023. Encryption solutions offer consistent protection to sensitive data across all critical points in the entire lifecycle. These solutions enable enterprises to hide their critical data from unauthorised bad actors.

The cyber security market report has also been segmented into various industry verticals. Out of these, the healthcare industry vertical is expected to grow at the highest CAGR from 2018 to 2023, as the medical data and digital medical devices used in this industry vertical are prone to advanced threats. The government is expected to have largest market size in 2018, due to the increased adoption of cyber security solutions in this industry vertical. The Banking, Financial Services, and Insurance (BFSI); and Information Technology (IT) and telecom industry verticals are also expected to gain traction during the forecast period.

Geographically speaking, North America is estimated to hold the largest share of the cyber security market in 2018, due to technological advancements and the early adoption of cyber security in the region. The market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2018 and 2023. The primary forces driving this growth are increasing technology adoption, huge opportunities across industry verticals, and strict directives for data privacy in APAC countries, especially India and China.

The report encompasses the different strategies, such as mergers and acquisitions, partnerships and collaborations, business expansions, and product developments, adopted by the major players to increase their market share. Some of the major technology vendors cited as being active in the cyber security market are IBM, Symantec, Check Point, Cisco, Cyberark, Microsoft, Sophos, Fireeye, McAfee, Palo Alto Networks and Trend Micro.