As per various reports, around 65% of the people all over the world used smartphones in 2019 and this share is predicted to rise to nearly 80% by 2025. This surge in the usage of smartphones all over the world is fueling the rise in the incidence of cyber attacks and mobile botnets, which is compromised software, that are, in turn, causing the loss of sensitive information or the denial of services (DoS).

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Depending on component, the cyber security market is divided into solutions and services. Between these, the solutions category had higher market share in the past years. This was because of various factors such as the huge popularity of the bring-your-own-device (BYOD) trend, especially at workplaces, the widespread requirement for digitization, and the huge requirement for data protection. Because of these factors, retail, banking, financial services, and insurance (BFSI), IT & telecom, and healthcare organizations extensively adopted advanced cyber security solutions.

These solutions allowed them to safeguard their operations from targeted malware and cyberattacks. Geographically, the cyber security market will demonstrate the fastest growth in Asia-Pacific (APAC) in the upcoming years, as per the forecast of the market research company, P&S Intelligence. This will be because of the growing public awareness about cyber attacks, the ballooning demand for advanced data protection solutions, and the increasing mobile internet penetration in the region.

Hence, it is safe to say that the market will register huge expansion all over the world in the coming years, primarily because of the growing incidence of cyber attacks and data thefts, the surging internet and smartphone penetration, the growing popularity of the BYOD culture in organizations, and the rising digitization of various business operations.