The cyber security market growth is being driven by the growing use of e-commerce platforms, as well as the emergence of disruptive technologies like IoT and AI.
Cyber security concerns all citizens, including corporate, public, and private sector workers and the general public. Cybercriminals have more access to unguarded systems and networks due to the increasing use of eCommerce platforms, advancements in disruptive technologies such as IoT, AI, and an increasing number of connected devices. These cybercrimes can result in irreversible capital loss and confidential and critical data loss. They can also cause damage to an individual’s reputation. These threats drive more people to use cybersecurity solutions to protect their networks and systems.
In 2020, the cyber security market had a value of USD 197.8 billion. It is expected to grow at a 9.9% CAGR between 2030 and 2021 to reach USD 478.75 by 2030.
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Cyber Security Drivers
Cyberattacks targeting targets are increasingly sophisticated and common
Market success is largely due to cyberattacks. Scams and cyber crimes have increased in frequency and severity over the past decade, resulting in huge business losses. As cyber crimes become more severe, businesses have been spending more money on information security technology to strengthen their security infrastructures. Targeted attacks have become more common in recent years, and this includes infiltrating networks and hiding identities. Targeted attackers attack networks, endpoints and locally installed devices. They also target cloud-based applications, data, and other IT infrastructures.
Targeted attacks are used to steal sensitive information from companies or organizations which have been targeted. These targeted attacks can disrupt business-critical activities and cause disruptions in operations. They also result in the loss of intellectual property, money, and sensitive and valuable customer information. Cyber attacks that are targeted specifically cause damage to the targeted companies as well as their domestic and foreign clients. Cyber attackers can access personally identifiable information (PII) such as names, phone numbers and addresses. They also have the ability to obtain license numbers and social security numbers. This could lead to increased security breaches and identity theft.
Cyber Security Restraints
Budgetary restrictions for emerging and small start-ups located in developing countries
Cybersecurity needs increase faster than budgets do. Small businesses do not have the IT security budget or expertise to implement cybersecurity solutions that protect their networks against cyber-attacks. Some companies may find the small capital budget a major limiting factor when adopting cybersecurity solutions. Many start-ups from emerging countries in MEA and Latin America have difficulty obtaining funding and money to adopt cyber security solutions. These companies mainly acquire capital funding to safeguard key business activities. Advanced cyber security solutions may require less or no money. Emerging start-ups’ cyber security budgets are insufficient to implement Next-Generation Firewalls or Advanced Threat Protection (ATP).
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Some of the prominent players profiled in the Cyber security market include Risk Vision, Safer Social, Webroot Software, TitanHQ, Netikus.net, Horangi Cyber Security, Netwrix, Trend Micro, HelpSystems, TulipControls, Synopsys, Avanansss, F-Secure, Centrify, Zartech, Darktrace, Akamai Technologies, Fidelis Cybersecurity, FourV Systems, Symantec. The improvement in developing countries is less rigorous compared to developed countries, which is a crucial reason for the growth of major companies. It is highly expected that Cyber security developing countries will estimate an overabundance of cyber security opportunities in the upcoming years.
Key Market Trends:
Integration of technologies such as the Internet of things (IoT), Machine Learning, and Cloud will drive growth
These key players dominate this market. They use core technologies such as machine learning, cloud computing, and IoT in their security systems. They also use machine learning signatureless security systems. This adoption will allow players to detect and predict unpredicted activities and potential threats.
Because of the increasing demand for loT solutions, LoT solutions are gaining popularity. This is good news for all information security applications. The adoption of advanced technologies for internet safety is a growing market trend. Enterprises can also benefit from cloud technology and big data to better understand and assess potential risks.
Another trend that will drive market growth is cloud computing. Cloud computing is an important component of the market’s future growth. These cloud computing services use Analytics as a Service (PaaS), which aids users in quickly identifying potential threats and mitigating them.
Recent developments:
Cisco Systems Inc. released the Cisco Cloud Controls Framework in May 2022. Cisco CCF is a comprehensive set of international and national security compliance standards and certifications combined into one framework.
