Cyber security is a process that protects the devices, networks, and programmes from digital attacks. Cyber-attacks are usually aimed at accessing, modifying, or damaging confidential information; interrupting regular business processes and extorting money from consumers. It is also recognized as protection of information technology or electronic information-security. There are various advantages of having a cyber security system in place, for instance increase in the overall cyber-speed, protection of computers against spyware, viruses, worms, and malware to ensure the networks & resources. Rising number of high-profile cases of cybercrime has increased the demand for complicated and advanced security software products & services. Moreover, such cyber hacks have increased the awareness concerning potential threats amid industries such as healthcare, BFSI, and defense. Therefore, it has resulted in improved provision of resources among organizations that assist to mitigate risk.
By type, cyber security market is divided into cyber security software and cyber security hardware. By domain, market is divided into internet of things/industrial internet of things security, mobile security, deception security, network & endpoint security, behavioral detection, threat intelligence, cloud security, and others. By technologies, market is divided into Next Generation Breach Detection, Context Aware Behavioral Analytics, Virtual Dispersive Networking (VDN) and others. In addition, by industry vertical, market is divided into automobile, government, healthcare, telecommunications, information technology, aerospace, financial services and others.
Rise in frequency & complexity of cyber-attacks, increase in need for advanced cyber protection among small & large enterprises, rise in advent of disruptive emerging technologies, increase in malware & phishing threats among enterprises, growth in demand for cloud-based cyber-security solutions, stringent data protection regulations for information security and increase in efforts toward securing networks, endpoints, and cloud infrastructure are some of the major factors that describes the Cyber Security Market Growth Analysis. Moreover, there is a steady rise in frequency of major cyber-attacks in the globe. Cyber-terrorists target records, networks, endpoints, and other IT infrastructure that cause massive financial losses to individuals, companies, and governments. This, in turn, is projected to accelerate the development of the cyber security market. Furthermore, rise in use of machine learning, artificial intelligence, and Blockchain cyber defense technologies is anticipated to create an opportunity for cyber-security industry. Apart from this, budgetary constraints & complexities involved in the security of devices is a major hindering factor for market.
The global cyber security market is led by North-American region and is expected to dominate the market owing to prominent security companies with global & regional headquarters in the United States. Growth in expenditure on security solutions & services by large companies and small & medium-sized enterprises is also driving the growth of market. In addition, growth in stringency in data privacy and protection standards & policies also contributes to the growth of the regional industry. Additionally, Asian-Pacific region is also projected to grow rapidly due to increase in efforts to secure the endpoints, networks, and cloud infrastructure over the forecast period. It is estimated that future of the global Cyber Security Market Growth Forecast will be optimistic as a result of rise in use of cloud & digital services that raises security risks & data theft during the forecast period.
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Ankur Gupta, Head Marketing & Communications