The “Global Cyber Security Market, by Technology (Managed Security Services, End-point Security, Integration Services, Consulting Services, Unified Threat Management, and Others), by Component (Hardware, Software (Identity and Access Management, End-point Security, and Security and Vulnerability Management), and Services), by Vertical (Banking, Discrete Manufacturing, Government Agencies, Process Manufacturing, Healthcare, Telecommunication, Energy and Utility, Investment Services, and Others) and by Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Forecast to 2027”, was valued at US$ 1,02,859 million in 2019, witnessing a CAGR of 12.0% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Computer security of cybersecurity is the protection of networks and computer systems from various attacks such as unauthorized access, threats, viruses, and malwares. Cybersecurity protects hardware, software, and electronic data from these malicious attacks. Growing penetration of internet, smart devices, and wireless network have made cybersecurity extremely essential. Moreover, political and technological complexities have increased the adoption of cybersecurity in various industries such as healthcare, pharmaceutical, BFSI, government, military, aerospace, and more. Enterprises adopt cyber security products and implement solutions in order to protect their critical data from security breaches such as cyber warfare, cyber terrorism, and cyber espionage.
The global cyber security market is estimated to account for US$ 1,02,859 Mn in terms of value by the end of 2019
Growing awareness regarding security threats among organizations is expected to drive growth of the global cybersecurity market during the forecast period
Previously, the organizations were used to employ security measures and strategies to secure and maintain integrity of clinical information. However, sudden increase in cyber-attacks and data hacking activities have compelled organizations to focus on adoption of enhanced security solutions, in order to secure confidential information deployed on the cloud and on-premises. This, in turn, facilitates small organizations to understand the usage of cybersecurity capabilities and Internet security threats. Hence, growing awareness regarding cybersecurity is expected to boost the global cybersecurity market growth over the forecast period. For instance, in February 2017, telecom vendors such as AT&T Inc. and IT companies are partnering to form IoT cyber security alliances in order to ensure devices are protected from threats.
Positive attitude towards rising demand for next-generation security solutions is a major opportunity for market players
Incorporation of next-generation security solutions helps to enhance product and operational efficiency of an organization. Existing security solutions evolving towards Context-Aware computing technology, which enables enterprises to detect advanced threats in a drastically changing environment. This, in turn, is expected to pose lucrative business opportunities for market players over the forecast period.
Easy accessibility to cybersecurity information resulting in cyber threats is expected to restrain growth of the global cybersecurity market over the forecast period
Cybersecurity solutions are available over the Internet and are typically used for securing cloud-based applications. Easy access to Internet usage has increased the possibility of cyber-attacks and data hacking, which is not possible in internal security solutions. Therefore, enterprises are not eager to use internet-based security solutions or to expose internet firewall management tools to internet. Furthermore, cybersecurity solutions vendors need to provide sufficient level of protection with stringent and multifactor security options. Enterprises need to learn about potential DOS attacks though it is challenging to identify such attacks through cybersecurity solutions without strong protective measures and solutions. Therefore, cybercriminals can easily access and pose threats to these services, thereby restraining growth of the market.
Presence of small key players
In North America, small cybersecurity solutions providers offer solutions for access and identity management and for single user sign-on. These small players are focused on targeting small- and mid-sized enterprises (SMEs) to secure their applications on the cloud at reasonably lower cost. These small players provide security solutions for software and strong authentication systems, and also help by providing integration services to existing platforms, in order to manage and centralize information related to accessing Emails and other business assets.
Proactive initiatives by government combat cyber threats
Over the years, the government has taken various initiatives to enhance cybersecurity of confidential information. Government organizations are emphasizing on collaborations and partnerships with private enterprises to reduce rising cyber-attacks and to strengthen national security.
In South Africa, IT cybersecurity solutions are slowly being adopted by individuals and small and mid-sized enterprises, in order to reduce the risks of cyber threats and the risk of increasing organized attacks. Governments in various countries are supporting companies to take initiatives to adopt cybersecurity solutions by regulating security compliances and updating security-related policies. Furthermore, the government is implementing cybersecurity solutions in public offices, in order to encourage other industries and SMEs to adopt cloud-based cybersecurity solutions. This trend is expected to continue during the forecast period.
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.