The data stored on cloud or on-premises is vulnerable to cyber-attacks by various software such
as Trojan horses and viruses, which consequently increases the requirement of cyber security
solutions. Furthermore, increasing adoption of cyber security by industries such as banking,
finance and insurance, government and military, and retail and manufacturing is another factor
driving growth of the market. Banking and financial sector is the major end user of cyber
security, as it uses cyber security to protect private data or cash related to customers, which is
highly susceptible to cyber-threats. Increasing adoption of mobile devices is expected to boost
growth of the market. For instance, according to Coherent Market Insights analysis, in 2016 over
68% of global population is already using mobile phones.
Banking, financial services, and insurance segment is projected to be largest segment in the
market by 2025
The banking and finance sector is witnessing significant changes due to adoption of IT solutions
for improvement of banking services. Increasing adoption of online transactions and increasing
use of services such as National Electronic Fund Transfer (NEFT), Real-time Gross Settlement
Systems (RTGS), Electronic Clearing Service (ECS), and mobile transactions has propelled
demand for security solutions to carry out these tractions safely and securely, as online
transactions are vulnerable to hacking.
Moreover, increasing number of payment gateways, e-Commerce websites, and mobile
application that accept online transactions and store credit card and debit card information are
also susceptible to hacking. According to the Reserve Bank of India (RBI), for the year 2015 –
2016, an estimated 16,468 frauds were reported associated with ATM, debit card, credit card,
and net banking. In 2014 – 2015 the number of frauds were 13,083 and 9,500 in the year 2013
– 14, reported by RBI. These factors are expected to fuel growth of cyber security market over
the forecast period.
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Cyber Security Market Taxonomy
On the basis of end-use industry:
- Aerospace and Defense
- Government