Cyber security market is forecasted to show a hike of up to USD 199.98 billion till 2025 with a CAGR of 10.5%. Cyber security solutions are the most important applications in the IT environment as it protects the data, computers, programs, networks from unauthorized access and improper activities. With the growing technology and new trends emerging at a fast pace, cybercrime rates have increased in recent years. Cyber thefts can occur via any minor loophole for stealing critical information of the consumers' or the organizations' and sell them in the black market or to foreign countries.
Several parameters are handled by the potential cyber security industries, like antivirus software, firewalls, and other programs to prevent them from insider attacks, Trojans, phishing, and so on. The success rate of the cyber security software solutions for implementing potential technical defense has been increasing in recent years which aided the growth rate of the overall Cyber security market. The increasing adoption of hand-held devices, applications, and flexible platforms has managed to transform the existing antivirus software into more effective solutions. To meet the security standards and regulations of the industries, the data securities protocols have increased their complexity in recent years. Such factors are boosting the growth of Global Cyber Security market demand.
COVID 19 Analysis:
The Pandemic has hit the production and sales department of several industries. The prolonged lockdown has propelled the industries to reduce their production size and other business activities. However by complying with the governmental orders and restrictions several industries have transformed the business activities to be carried out via the internet. The emerging work-from-home trend has propelled these industries to mandate cyber security solutions deployment. The necessity of strong authentication techniques has increased rapidly post-pandemic.
The industries that searched for the information related to the covid updates have been attacked by the malicious domain names registered as COVID 19 or Coronavirus. This factor has increased the cyber-attack incidents during the pandemic. A report claims that over 40,261 suspicious domain names were detected during the pandemic. This has increased the demand for cyber-security programs. The loopholes like identical email addresses have increased the number of cyber-attacks. To mitigate the cybercrime rate, intensive and efficient cyber-security programs are increasingly deployed in the IT sectors. This factor has increased the overall growth rate of the Cyber Security Market.
Cyber Security Market dynamics:
The emerging cyber-thefts and cyber-terrorism globally have increased the demand for the Cyber security Market. Moreover, the emerging IPv6 adoption has increased security solutions and services. The necessity to strengthen the critical infrastructure due to the Advanced Persistent Threats has encouraged governmental organizations to reform the existing security solutions and improve their security strategies.
Emerging technologies like IoT, ML, and AI have increased data generation in various forms. There is a huge amount of data generated every day in the industries. Such factors have propelled those industries to protect them with potential Cyber Security solutions. The increased data sharing and vulnerabilities of the organizations have increased the demand for the Cyber Security market growth.
The utilization of the internet and accessing critical data and sharing them via cloud-based solutions has been rapidly increasing in several industrial sectors. The industries like retail, banking, telecom, which highly rely on processes like assimilating, and storing a large amount of data have augmented the demand for the cyber security market growth. In the year 2019, the designing application canvas has detected a threat that exposed the critical information of over 137 million users. Such incidents have increased the demand for the Cyber security market growth.
The rising interconnected platforms to raise productivity have led to security breaches. The Bring-your-own-device and the rising popularity of social media have propelled the industries to protect the gaps between interconnections. Also, the digital applications that are installed in the organization are vital vulnerabilities. Such factors have increased the demand for the Cyber Security market.
The inadequate budget required to install the cyber security software is hindering the growth of the Cyber Security market. Some of the Cyber security software solutions are less comprehensive and poorly aligned concerning the business objectives and security protocols. Additionally, Cyber security systems are emphasizing protecting external threats more than internal threats. However, the internal threats also require proper considerations.
Small enterprises lack the high financial support for installing cyber security software solutions. This has hampered the overall growth of the Cyber Security market as there is the number of startups is increasing in recent years.
Poor designing and implementation of the Cyber Security protocols have presented significant implementation challenges when tried on existing and new infrastructure. Such poor design has influenced the designers to remodel them and utilize the perimeter-based approach and user-based approach.
Several networks are not designed in the form that readily adapts to the Cyber Security program; to redesign the network according to the cyber security protocol requires a precise understanding of the user, device, and other resources. Additionally, redesigning the process of mobile-based applications can consume time and energy.
The increasing adaptation of the endpoint devices and the emerging alternative open-source security solutions have increased the vulnerabilities of the systems, thereby increased the overall growth rate of the Cyber security market in recent years. Several large enterprises and growing organizations are upgrading their security strategies to prevent data corruption and security concerns. Such factors have aided the growth of the Global cyber security market is forecasted to show a hike of up to USD 199.98 till 2025 with a CAGR of 10.5%. As the industries are increasing their reliance on digital applications and cloud-based solutions have increased the overall growth of the Cyber Security market.
The enterprises are increasingly creating awareness among their employees regarding the security measures and inculcating essential security practices to safeguard the essential data and services. However, the rising sophistication of malware and threats has increased the necessity of deploying potential Cyber Security solutions. The leading organizations are focusing on safeguarding their complex network, end-points, data centers, users, applications, and devices from unauthorized usage and malicious attacks. Owing to the work-from-home trends, the industries are upgrading their security systems and remodeling them according to spatial requirements. The increasing influences of the governmental organizations which are currently investing in the technologies like SCADA have propelled the Cyber Security market growth in recent years.
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Currently, the Cyber Security market growth is surging in several parts of the world. The US market value was USD 44 billion in the year 2020 and is expected to grow at a steady pace, and China is holding the second largest market revenue while registering a CAGR of 13.4% and is expected to surpass over USD 70 billion by the year 2027. The cloud-based solution is expected to drive the overall growth of the Cyber Security market as the regional markets are increasingly improving in terms of sales and deployment. As there are several regional markets in China, the experts claim that China is going to continue as the fastest-growing region in the Cyber Security Market.
The IBM company has introduced a data security solution that enables the organization to detect and respond quickly which protects the most sensitive data shared in the hybrid cloud environments. Since the industries are increasingly deploying hybrid cloud systems to leverage the benefits of both on-premise and cloud solutions, the security solution tailored according to the specification is likely to increase the overall growth of the Cyber security market.
The Leading companies, Oracle and Microsoft have collaborated to create a cloud-based interconnect location in the Netherlands. This interconnect location is expected to share data across Microsoft Azure and Oracle Cloud effortlessly. Such integrations and collaborations are impacting the growth of the Cyber Security Market demand.
This report has covered:
|Market Size||USD 199.98 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Solutions, Service, Application Verticals|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Cisco Corporation, Mcafee Corporation, Fortinet Inc, Trend Micro Inc, Cassidian Cybersecurity Company, Computer Science Corporation, , Booz Allen Hamilton Corporation, Kaspersky Lab, Fireeye inc, Symantec Corporation|
|Key Market Opportunities||development in the field of technology|
|Key Market Drivers||Growing technology|