The global aviation cybersecurity market is fragmented, with the top five companies accounting for 59% of the total market in 2016, says Transparency Market Research (TMR), a market intelligence firm in its latest report. The level of competition is high in the global aviation cybersecurity market, particularly due to mergers and acquisitions and other collaborative efforts undertaken by leading companies. This strategy also helps companies add unique product and service offerings to their portfolio and benefit from a larger consumer base. According to the TMR report, the threat of new entrants is low because it is difficult for new players to enter, especially if they are not large. It’s also because big players value customer loyalty. The main market players are: Raytheon Company, BAE Systems Inc., Thales SA and Harris Corp.
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The global aviation cybersecurity market is expected to grow at a CAGR of 7.4% between 2017 and 2025, reaching a valuation of USD 4,759.3 million by 2025. Based on the service, the demand for managed security solutions is currently high and is expected to account for a whopping 73% of the total market and will grow at a CAGR of 7.4% from 2017 to 2025. However, it is the training services segment that will grow at the fastest rate over the period from 2017 to 2025, growing at a 7.9% CAGR.
South America to become the most lucrative regional market for aviation cybersecurity
Based on geography, the global aviation cybersecurity market is expected to be led by North America. But, the market will suffer from stagnation, being a mature market, and therefore no new opportunities are to be expected in the region. On the other hand, the market in South America will emerge as the most promising and grow at a CAGR of 12.8% between 2017 and 2025.
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Emerging countries will witness strong adoption of aviation cybersecurity solutions
According to the lead author of this report, the growing incidence of cyber attacks along with the growing complexity of these attacks is driving the demand for the aviation cybersecurity market. An increasing number of airlines are investing heavily in improving their IT infrastructure and this increase in the adoption of commercial aviation services will drive the growth of this market, especially in developing countries in Asia-Pacific and Asia. ‘South America. Demand for enhanced aviation cybersecurity solutions such as risk and compliance management, identity and access management, unified threat management and vulnerability management for the aviation industry will drive growth of this market. On the other hand, the market is constrained by the high cost of deploying advanced aviation cybersecurity solutions, which deters many small-scale aviation service providers from adopting them.
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