What is the Size of china cyber security INDUSTRY?
China Cyber Security market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027F. The China Cyber Security Market is largely driven by transaction data, improved internet services, cyber-attacks and blockchain cybersecurity.
Also, the ability of cybercrimes to infiltrate, take control of, and harm entire electronic information networks has substantially risen thanks to malware such as viruses and trojan horses. Malware is a tool used by cybercriminals to seize control of hardware or software in order to steal money from consumers, delete confidential data, or carry out other nefarious or dishonest operations.
These elements together fuel the expansion of cyber security.
Furthermore, with the help of the Internet China Project, 95% of urban residents would have access to managed high-speed broadband networks. The State Council of China also intends to spend an additional US$22 billion on upgrading broadband network infrastructure in the nation’s rural districts. An estimated 30 million households and 50,000 communities would receive better internet access because to this investment, which is its main goal, will led to a massive need for cyber security in China.
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China Cyber Security MARKET by component
The China Cyber Security market is segmented by component into hardware, software and services. Entities generally approach a cybersecurity service provider to take care of various functions rather than a standalone hardware and software. Therefore, the revenue contribution is higher for services.
China Cyber Security MARKET by security
The China Cyber Security market is segmented by security into network security, endpoint security, application security, cloud security and others. Cloud Security has the highest market share in China Cyber Security Market as demand for cloud services is high in China.
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China Cyber Security MARKET by deployment type
The China Cyber Security market is segmented by deployment type into on-premise and cloud. Cloud segment contributed to the highest share, and it is attributed to increasing technological integration and surging digital usage by consumers post COVID-19.
China Cyber Security MARKET by organization size
The China Cyber Security market is segmented by organization size into medium, small organization and large organization. Cybersecurity service providers try to diversify their portfolio between large enterprises and MSMEs, since extending services to only large enterprises is risky even though the subscription charges for these enterprises is much more, considering a greater number of devices requiring cybersecurity measures.
China Cyber Security MARKET by Industry
The China Cyber Security market is segmented by industry into BFSI, government sector, IT, telecom, E-Commerce, healthcare, retail and others. BFSI sector constituted the majority market share since, sensitive data of consumers are stored in their enterprises. Similarly, the government maintains and updates the records of its citizens.
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Competition Scenario in China Cyber Security MARKET
China Cyber Security Market is at growing stage and has moderately fragmented market with more than 15 players in the market that adopt strategic initiatives such as partnerships, investments, and new product offerings due to increasing awareness regarding mobility security among enterprises. Palo Alto Networks, Threat Book and IBM Corporation are few of the top players in market.
What is the Expected Future Outlook for the Overall China Cyber Security Market Across the globe?
The China Cyber Security market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The China Cyber Security market is driven by growing IT sector, government regulations and technological development. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.The cloud segment is expected to hold the highest CAGR during the forecast period due to the increasing demand for applications to store and secure data with enhanced security techniques. Also, players in the market are developing advanced cloud-based security solutions by partnering and collaborating with other key players. Furthermore, the on-premise segment is expected to grow considerablydue to the rising demand for managed security services.
Additionally, as e-commerce platforms have grown in popularity and new technologies like blockchain, cloud computing, and artificial intelligence have been developed, internet security solutions have become more sophisticated for connected network design. The market for cyber security will be driven by the integration of network security solutions into it and electronic security systems. As these technologies are used more frequently, network security solutions will become less
Furthermore, Cybersecurity is becoming more closely associated in China with national security, state sovereignty, and other factors. In an effort to catch up to its counterparts abroad, particularly those in the US and the EU, as well as to improve the country’s overall security and defense capabilities, the Chinese government is implementing a variety of regulatory measures that place a strong emphasis on network security. Beijing’s three-year cyber defense strategy will fortify its digital assets in addition to having a three-year cybersecurity plan as part of its drive for a resilient digital economy.
For More Insights On Market Intelligence, Refer To The Link Below: –
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