Safeguarding devices connected to the internet that safeguard from countless threats in the cyberspace are referred to as cyber security. It requires safeguarding software, data, and hardware while also helping in the prevention of fraudsters getting admittance to devices or networks. To guard their data, cash, and intellectual property, businesses necessitate cyber security. Individuals necessitate it for similar reasons, while intellectual property is less of a concern and the perils of losing vital information, such as family pictures, is higher. When it comes to public services or governmental entities, cyber security guarantees that the public may endure to rely on their services.
Based on the Cyber Security Market Growth Forecast, the speedy growth in malware and phishing threats amongst the enterprises and rise in adoption of IoT and BYOD trend are boosting the growth. In addition, surge in requirement for cloud-based cyber security solutions positively impacts the growth of the market. However, budget constraints among organizations and complexities of device security limit the market growth. On the contrary, growth in implementation of mobile device applications and platforms, need for robust authentication methods, and transformation in traditional antivirus software industry are anticipated to offer remunerative opportunities for enlargement of the market during the forecast period.
Key players in the cyber security are actively encounter the Issues and Challenges in Cyber Security Market by actively working. Region wise, the cyber security market was registered by North America during 2020 and is anticipated to retain its position during the forecast duration, due to abundance of cyber security solutions vendors likewise Microsoft Corporation, Palo Alto Networks, Cisco Systems, Inc., and several others, helping the growth of the cyber security market. However, Asia-Pacific is projected to observe the significant growth during the forecast duration, owing to augment in technological innovations in sectors such as cloud and digital technologies.
At Ken Research, Intrusion Detection Systems Market Report focuses on growth prospects, limitations, and analysis of the global cyber security market trends. The study delivers the Porter’s five forces analysis to understand the impact of countless aspects, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the worldwide cyber security market share.
Some of the key players functioning in the global cyber security market analysis nvolve Accenture, Broadcom Inc., Capgemini, Cognizant, F5 Networks Inc., FireEye Inc., HCL Technologies Limited, IBM Corporation, Infosys Limited, L&T Technology Services Limited, PwC International Limited Broadcom Inc., Tata Consultancy Services, Tech Mahindra Limited, and Wipro Limited. These players have accepted various strategies to augment their market penetration and reinforce their position in the cyber security industry.
Furthermore, owing to the criticality of data produced in these businesses, industries such as BFSI, healthcare, and government are specifically exposed to such assaults. As a result, an augment in the risk of malware and phishing attacks is a foremost element driving the cybersecurity market forward. Furthermore, throughout the COVID-19 pandemic, the incidence of malware attacks on key businesses’ databases has augmented, necessitating the desire to tighten data base security, propelling the worldwide cybersecurity industry.
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Ankur Gupta, Head Marketing & Communications