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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North America accounted for the largest market share in the global cyber security
market
On the basis of region, the global cyber security market is segmented into North America,
Europe, Asia Pacific, Latin America, Middle East, and Africa. North America accounted for largest
market share in global cyber security market in 2017, owing increasing number of cyber-attacks
in this region. U.S. accounted for the major market in the region, owing to constant cyber-attacks
on industries such as healthcare, banking and financial, and retail and manufacturing. For
instance, according to the Internet Crime Complaint Center (IC3), in 2016, cybercrimes were
valued at over US$ 1.33 billion worldwide, where California witnessed the recorded loss of over
US$ 255 million. Moreover, in 2016, about 28% of web application attacks were recorded in the
U.S., followed by the Netherlands and Germany.