In computing sector, security refers to physical security and cybersecurity. Cybersecurity refers to a structure of technologies, practices, and processes to protect devices, networks, data, programs, and confidential information from unauthorized access, damage, and attack. In computing sector, security refers to physical security and cybersecurity. Cybersecurity solutions provide to help enterprises in preventing malicious cyber-attacks. The field of cybersecurity has become increasingly important, owing to increased reliance on computer and internet systems. Moreover, growth of smart devices and wireless connection has made cybersecurity essential in various organizations. Enterprises adopt cybersecurity products and implement solutions in order to protect their critical data from security breaches such as cyber warfare, cyber terrorism, and cyber espionage.
Increasing utilization of cloud-based services for multiple workloads such as data backups, CRM, email services, ERP, and collaboration services has increased the importance of cybersecurity in the recent past. Cloud-based services are relatively less expensive as these do not require setting up of IT infrastructure. Furthermore, cloud deployment can lead to vulnerabilities in software and makes it easily accessible by illegal users. Hence, many companies are focused on adoption of cybersecurity solutions, in order to secure their workloads on the cloud without threat of cyber-attack. For instance, in February 2017 for instance, IBM Corporation launched Watson for cybersecurity, which is augmented intelligence technology designed to enhance cognitive security at operation centers.
The global cyber security market was estimated to account for US$ 1,02,859 Mn in terms of value by the end of 2019
Market Dynamics- Drivers
Growing trend of digitization is expected to increase possibility of cyber threats and attacks thereby encouraging organizations to adopt cybersecurity solutions, in order to curb or prevent the attacks. Digitization has accelerated the necessity of multichannel integration and various customer interfaces that are vulnerable. Therefore, key organizations are adopting high-end cybersecurity measures by protecting information and the entire IT infrastructure with cybersecurity. This, in turn, is expected to boost the demand for cybersecurity measures, thereby driving growth of the global cybersecurity market over the forecast period. For instance, in December 2016, Cisco Systems Inc., in collaboration with Indian Computer Emergency Response Team (CERT-In), which is a government organization under the Ministry of Electronics and IT, entered into a MoU with the Government of India to work on cybersecurity threats in India, which is in line with the government initiative to promote digitization in the country.
North America region dominated the global cyber security market in 2019, accounting for 39.9% share in terms of value, followed by Europe and Asia Pacific, respectively
Source: Coherent Market Insights
Market Dynamics- Restraints
Major challenge related to cybersecurity measures is storing unstructured data. In many large enterprises, unstructured data available in the forms of emails, audio files, and video files, which are relatively challenging to categorize and search or locate since this data exists outside the databases. Moreover, enterprises can use cybersecurity solutions to secure data that depends upon their databases. However, at the same time, vulnerabilities reported for new software are emerging, which is a new challenge in the global cybersecurity market. Hence, these factors are expected to hinder the market growth in the near future.
Cybersecurity regulations include directives that protect computer systems and information technology with aim of compelling companies and organizations to protect their systems from viruses, malwares, unauthorized access, theft, and DOS attacks. These regulations, standards, and measures keep on updating, in order to provide efficient cybersecurity solutions to organizations. In the U.S., there are three main cybersecurity regulations though state-based regulations vary, which in turn, is expected to hamper the global cybersecurity market growth in the near future.
Offering security awareness training to organizations associated with preventing increasing cyber-attacks is expected to pose lucrative opportunity for market players in the near future. The prevalence of cyber-attacks increasing, owing to suspicious activities such as hacking activities and human errors by unauthorized users. In order to minimize cyber threats related to human errors and hackers, enterprises need to target the factors that are related to cybersecurity risks and are required to be updated about cybersecurity solutions.
Various organizations are adopting IoT-based solutions. IoT solutions providers are incorporating cybersecurity solutions, in order to curb cyber-attacks on connected devices to identify threats and to resolve vulnerabilities before introducing into market. Thus, security service for IoT is expected to present lucrative business opportunity for market players during the forecast period.
Source: Coherent Market Insights
Global cyber security market, by vertical type segment, telecommunication type sub-segment was accounted for 16.9% market share in 2019 and is expected to grow at a CAGR of 12.6% between 2019 and 2027.
Source: Coherent Market Insights
Introduction of IoT and big data has created major potential for new and upcoming organizations. However, these technological advancements are expected to create security challenges in the near future. Automated cybersecurity solutions are among advanced technologies in the evolving market. It basically minimizes need for manual process, enables complete network access, and enhances data collection rate, which in turn, encouraging providers to adopt automated solutions, in order to offer more efficient cybersecurity solutions to organizations.
Similar to small enterprises, large enterprises are also moving towards the cloud to benefit from cost advantages and to provide easy accessibility of business information to employees and other business partners. Therefore, to secure cloud-based applications, large enterprises are focused on adoption of cybersecurity solutions to combat cyber risks.
Key companies operating in the global cybersecurity market are Symantec Corporation, IBM Corporation, Check Point Software Technologies, Microsoft Corp, Trend Micro Incorporated, Lockheed Martin Corporation, Sophos Ltd, Intel Corporation, Verizon Communication Inc., and SecureWorks Inc.