Cyber Security Market
Global Market Study on Cyber Security: Demand Buoyed by Ever-Expanding Connected Environment
Cyber Security Market Segmented By Hardware, Firewall Appliance, Secure Web Gateway, UTM Appliance, DDoS Protection Appliance, Encryption, Data Loss Prevention, Identity and Access Management, Security Information Components in Network Security, Endpoint Security, Application Security, Database security by Cloud Deployment and On-Premises Deployment
Growing adoption of advanced technologies such as the Internet of Things across different industries such as automotive makes cybersecurity highly significant. Different cloud-based security solutions are available in the market, positively influencing the revenue generation in the market.
These solutions are highly demanded for their advantages such as handling multiple workloads such as encryption, data backup, and web security against cyber threats that include ransomware and web exploits. The absence of IT infrastructure makes these cloud-based solutions a highly cost-effective product that is even affordable by the small scale and medium scale companies. Vulnerabilities of different segments such as financial institutions using blockchain technology increases the demand for these security services.
The Asia Pacific Excluding Japan is expected to lead the market for cybersecurity owing to the growth in the risk of cybersecurity with a surge in the adoption rate of smart and connected devices. Usage of technologies such as Artificial Intelligence and Machine Learning is projected to generate lucrative growth opportunities in the market.
Established companies are collaborating with third-party suppliers to develop advanced products. Major players profiled in the global market are Intel Corporation, IBM Corporation, Symantec Corporation, Secureworks, and Checkpoint software technologies.
In addition to the increasing adoption of cloud-based security solutions, growing awareness about significance of handling security threats and ascending demand for cyber security solution for connected IoT devices will be the key factors driving market for cyber security during the forecast period of this study, 2019 - 2029. Sustaining compliance is a critical component of cyber security programs and companies.
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- IBM Corporation
- Microsoft Corp.
- Lockheed Martin
- Intel Corporation
- Symantec Corporation
- Verizon Communication Inc.
- Sophos Ltd.
- Trend Micro Incorporated
- Check point software technologies.
Increasing Adoption of Cloud-Based Security Solutions
Increasing usage of cloud-based security solution for cyber security in multiple workloads, such as data backups, encryption, firewall, mobile and web security to provide protection against attacks like ransom ware, mitigating exploits in the web, preventing external DLLs to load, java applications, is anticipated to drive market growth for cyber security during the forecast period .
Cloud-based service costs are comparatively cheaper as they do not need the IT infrastructure to be set up. As a result, small and medium scale enterprises invest less money to improve their cyber security application. As a result, several companies are moving towards cyber security strategies to protect their cloud workloads without cyber security threat risks.
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Blockchain Technology Boost Cyber Security Market Growth
Blockchain technology implementations can be seen in financial institutions, music companies, and healthcare firms. However, peer-to-peer blockchain is risky even though it can reduce costs and increase efficiency without a central intermediary. For example, weak encryption, hashing, ineffective cyber security, and poorly written programs may lead to device vulnerabilities.
A compromised blockchain can result in unauthorized diversions of funds, infringements of data, and fraudulent transactions. The blockchain technology has a complex structure, which is the safest form of online information storage and sharing.
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Increasing Adoption of Cyber Security for Connected IoT Ecosystem
The Internet of Things (IoT) is a massive opportunity for businesses, consumers, and tech organizations. Most organizations are just beginning to scratch the surface of what IoT solutions can accomplish. IoT users and software designers aim to use a wide range of current and future technology solutions to tackle cyber-attack risks associated with their IoT appliance.
Tech companies and developers of these solutions must take a lead role in making their devices and solutions secure and deliver a safer and secure IoT environment.
Companies delicately evaluate their qualified partners and third-party suppliers, and invest in integrating data privacy and cyber security across the connected ecosystem. Businesses are also considering diverse approaches to create the potential of building, investing, and forming an alliance to achieve their goals that are required in the connected ecosystem.
Apart from this, government organizations across the globe are taking various steps to initiate cyber security, and are partnering with major technology companies for implementing secure IoT solutions. These partnerships and collaborations with technology vendors for the development of cyber-secure IoT applications are generating potential growth opportunities for the cyber security market.
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Asia Pacific Excluding Japan to Display Significant Opportunities in Cyber Security Market
Countries in Asia Pacific Excluding Japan are characterized by significant population, and are witnessing a rise in cyber security threats. This results in mass adoption of smart or connected devices in the region and the development of technology and resources.
Growing adoption of advanced technologies, powered by digitalization, is projected to surge the growth of the cyber security market. According to Sophos Ltd., cyber security in AI is of great importance to Indian organizations at the country level where an average of 33% organizations are considering the usage of AI and ML in their cyber security operations, which is expected to increase by 12.4% in years to come.
82 percent of organizations are planning to make some changes in cyber security over the next 12 months. Over 50 percent of companies changed their strategies by integrating new technology, product developments, and regulations for upcoming cyberattacks. In the last 12 months, 33 percent of Indian organizations claimed that they had been infringed.
And two-thirds (59%) of Indian respondents feel that their organizations lack a cyber-security team that can adequately detect, investigate, and respond to threats.
A comprehensive view of the cyber Security market has led our analysts to conclude that, the market is witnessing rapid growth and is expected to expand at a CAGR of 11% during the forecast period. Currently, North America is the most prominent region as it captures substantial share of 39% in the global cyber security market.
However, Asia Pacific Excluding Japan is expected to show high growth rate by the end of 2029, owing to increasing adoption of IoT devices, rising cyber-secure IT infrastructure, and increasing awareness regarding security threats.
Cyber Security Market: Segmentation
PMR’s research study on the global cyber security market offers a detailed market segmentation, wherein key segments have been discussed in detail. The segmentation of the cyber security market has been offered on the basis of component, security type, deployment, enterprise size, industry, and region. Every segment has been analyzed in detail and data pertaining to the growth of each segment has been included in the study.
Cyber Security Market: Key Questions Answered in Report
The research study on the cyber security market offers inclusive insights about the growth of the market in the most comprehensible manner for better understanding of users. Various insights offered in the report answer some salient questions that assist stakeholders in gauging all emerging possibilities in the market.
- How has rapidly changing business environment acts as major growth engine for the cyber security market?
- What are key trends that are constantly shaping the growth of the cyber security market?
- Which are prominent regions offering plentiful opportunities for the cyber security market?
- What are differential strategies adopted by key players to command a significant chunk of the global market share?