The North America region is leading the cybersecurity market with over 40% share in 2017. The increasing investments and acquisition of cybersecurity start-ups by major players in the region are adding to market growth. The European region accounted for over 20% market share of the cybersecurity market in 2017. The rising public-private partnerships and government investments are driving the cybersecurity market in the region. The government has also enforced various regulations, enforcing business establishments of all sizes to use cybersecurity solutions.
Cybersecurity Market is anticipated to exceed 300 billion by 2024. The market is driven by the increasing frequency of cyber-attacks. This is attributed to the extensive digitalization across multiple business sectors. In the last five years, the financial losses caused due to cyber-attacks have risen by over 62%, encouraging companies to adopt advanced cybersecurity solutions to protect their sensitive information from unsanctioned access. In addition, the rising adoption of IoT devices is also promoting the adoption of cybersecurity solutions. Most of the IoT devices lack basic security features, enabling cybercriminals to exploit the vulnerabilities to conduct various illegal activities.
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The IAAM segment will grow at a CAGR of over 17% over the forecast timespan. The increasing spending by large enterprises and government organizations is driving the growth of the cybersecurity market. Additionally, the emergence of stringent regulatory compliances due to security concerns is expected to increase, impacting positively on market growth. The infrastructure protection market is also expected to grow at a significant pace over the projected frame due to the growing adoption of IoT devices and the increasing use of email & web-based applications.
In 2017, the large enterprises market accounted for a market share of over 60% in the global cybersecurity market. The increasing risk of cyber-attacks is driving the adoption of cyber security solutions among large enterprises. In 2017, the large organizations lost an average of over USD 10 million due to cyber security breaches. The average cost of cyber-attacks rose by 11% in 2017. This has encouraged large enterprises to adopt security solutions to mitigate the risk of cyber-attacks. The SME market is anticipated to witness a high growth rate due to the extensive adoption of BYOD policies to improve employee productivity.
The transportation market is anticipated to grow at a CAGR of over 15% over the projected timespan. The use of the Industrial Internet of Things (IIoT), smart logistics, and several modernization initiatives will provide a broader surface for cybercriminals to penetrate the company network. This has promoted the use of cybersecurity solutions in the transportation and logistics industry. The banking industry is predicted to grow at a CAGR of over 16% over the forecast timespan. The introduction of various stringent regulatory policies that mandate financial establishments to deploy security solutions has influenced the cybersecurity market.
In 2017, Europe accounted for a share of over 20% in the global cybersecurity market. The regional market is expected to grow exponentially due to a rise in the number of government investments and public-private partnerships to enhance the cyber security infrastructure. In addition, there is an introduction of supportive government policies and compliance regulations mandating companies to adopt security measures. The Asia Pacific cybersecurity market is predicted to grow at a CAGR of 20% over the forecast timespan. Extensive digitalization across multiple industry verticals and the rising number of smartphone users are factors driving the growth of the market in the region.
Some of the players operating in the cybersecurity market are BAE Systems, CyberArk Software Ltd., Microsoft Corporation, Splunk, Inc., RSA Security, LLC., Oracle Corporation, Palo Alto Networks, Inc., Symantec Corporation., F5networks, Inc., Check Point Software Technologies Inc., Hewlett-Packard, Ltd., F-Secure Corporation, FireEye, Inc., Fortinet, Inc., IBM Corporation, Rapid7, Sophos Group plc, Intel Corporation, Proofpoint, Inc., McAfee LLC, Cisco Systems, Inc., and Trend Micro, Inc. The cybersecurity landscape is dominated by large players such as McAfee, Sophos, Symantec, Trend Micro, Check Point Software, and Palo Alto Networks.
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These players are conducting strategic acquisitions of various start-ups in the market to broaden the product line and strengthen its position in the market. In November 2018, Symantec Corporation acquired Javelin Networks, an Israel-based cybersecurity provider. The products developed by Javelin Networks will be integrated into Symantec?s product portfolio to expand its product offerings.
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