Aviation cyber security market worth US$61.85 billion by 2020
The global aviation cyber security market is projected to reach USD 61.85 Billion by 2020, at a CAGR of 9.34% from 2015 to 2020. This growth is mainly attributed to rise in cyber-threats and cybercrimes by professional attackers on aerospace and defense organizations, thereby creating a threat to the national security.
On-cloud deployment to dominate the aviation cyber security market, among all deployment types
With the rising cost of on-premise cyber security solutions and difficulty in operational convenience, the demand for on-cloud deployment of cyber security solutions is increasing at a rapid pace. The increased rate of cyber-attacks and hacking across the globe has further propelled the demand for on-cloud deployment. This segment dominates the overall aviation cyber security deployment market, and is expected to continue its dominance over the next five years.
Service segment is projected to grow at the highest CAGR during the forecast period
The global Aviation Cyber Security Market has been segmented and analyzed in terms of two key components, namely, solution and service. The solution segment dominates the overall market, as of 2015. However, the service segment is projected to grow at a comparatively higher CAGR during the forecast period. This growth is mainly attributed to technological advancements in the field of cyber security services introduced by market players to support passenger traffic and combat the increased severity of cyber-threats.
Latin America is projected to grow at the highest CAGR in the aviation cyber security market from 2015 to 2020
The North America region dominates the global aviation cyber security market, as of 2015, followed by Europe. The Latin American region is projected to grow at the highest CAGR during the forecast period. This growth is primarily attributed to the increased usage of internet in Latin America, which has further resulted in rise in number of cybercrimes and cyber-attacks in several Latin America countries such as Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, and Venezuela. These countries have passed cybercrime legislation and created cyber defense systems. These initiatives made by governments in this region are expected to increase the demand for cyber security services and solutions at a rapid pace.
Top players in the aviation cyber security market
The key players operating in the global aviation cyber security market are Cisco Systems, Inc., International Business Machines Corporation (IBM), Raytheon Company, Northrop Grumman Corporation, and BAE Systems plc. Inorganic growth strategies have been the preferred growth strategies adopted by major players to strengthen their market positions and enhance their product offerings. For instance, in August 2014, International Business Machines Corporation (IBM) acquired Lighthouse Security Group, a premier cloud services provider. This acquisition is expected to help extend IBM’s leadership in the cyber security market, and innovate new cyber security solutions and software, thereby assisting clients in protecting critical data.