Cyber Security Market size is forecast to reach $177.5 billion by 2026, estimated to grow at a CAGR of 8.5% during 2021-2026. The increasing use of technology such as artificial intelligence, IoT, machine learning and so on are significantly driving the cybersecurity market. Furthermore, the increasing demand for cloud-based cybersecurity systems in order to reduce data loss are also enhancing the growth of the market. The rising demand for network and endpoint security, information technology security mobile security, behavioral detection is fueling the growth of the market during the forecast period. The telecom organizations are adopting advanced cyber security solutions such as real-time security monitoring, instant cyber posture visibility, and rapid threat resolution to prevent the cyber-attack on telecom networks. Along with the telecom sector, the aerospace industry is considered to be another key end-users to cyber security market. The aerospace and defense industry are prone to cyber-attack due to its continuous exposure to non-A&D, OT-based technologies. Thus, this industry is adopting advanced cybersecurity solution to enhance protection against cybercrime. The rising need for solutions ranging from antivirus software, unified threat management system, next-generation firewalls, DNS filtering, malware protection and threat intelligence will drive the demand for cyber security.
Cyber Security Market Segment Analysis – By Deployment
Cloud segment held the largest market share of 53.1% in the Cybersecurity market in 2020. The growing of massive store applications in order to store and secure data with advanced security methods are driving the need for cloud-based security solutions. As cloud-based cybersecurity solutions offers social networking privacy, online storage, system optimization and so on. Furthermore, the rising demand for online cloud storage leads to provide backup and restorations of data caused due to data breaches or data loss. These significant advantages of cloud technology will lead to surge the growth of the market.
Cyber Security Market Segment Analysis - By Industry Vertical
The telecom sector is estimated to grow at a CAGR of 10.2% during the forecast period 2021-2026. The GSM Association (GSMA) predicted that quantum computing will be a destabilizer for the telecom sector, making Public Key Infrastructure (PKI) obsolete in the near future. Telecommunication companies are in plans of implementing quantum-safe cryptography algorithms to mitigate cyber-attacks. In order to control cyber-attacks, the European Union (EU) has introduced many regulations such as the Network and Information Security Directive (NISD) and the General Data Protection Regulations (GDPR). NISD is yet to be implemented which requires core digital infrastructure operators and certain digital service providers to ensure that their network and information systems meet minimum standards of cybersecurity. These regulations are implemented to achieve and maintain high network security, and ensure obligatory reporting during any incidents.
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Cyber Security Market Segment Analysis – By Geography
In 2020, North America dominated the Cyber Security market with a share of more than 40.2%, followed by Europe and APAC. The growing use of technology and data has led to the rise of most vulnerable cyber threats and crimes which is leading to the growth of this market in this region. Also, the financial stability in this region has allowed organization to invest in cybersecurity for providing security of data and software. These developments are propelling the growth of cybersecurity market in North America.
Cyber Security Market Drivers
Rising importance Artificial Intelligence (AI)
The rising advancement in artificial intelligence is leading to the introduction of machine learning technologies into products which includes cybersecurity. Moreover, technologies such as deep learning are being used for face detection, natural language processing, threat detection, and others concepts. Also, the acceleration of artificial intelligence (AI) has led to the identification of new threats and helps in responding and block cyber-attacks in an organization. Hence, the deployment of artificial intelligence technologies will further drive the growth of the cybersecurity market.
Increasing need for Cybersecurity in Aerospace
Aerospace industry is widely developing with the integration of new technology such as advanced navigation and guidance systems. This systems are used in airplanes which are highly vulnerable to cyber-attacks, which have irrevocable repercussions. So, the rising risk of cyber-attacks and the increasing need to protect the computer networks in the air are leading to the rise of investment in the security infrastructure. Thus, the rising investment by aerospace industry in the security infrastructure has led to the requirement of cybersecurity further boosting the growth of the market.
Cyber Security Market Challenges
Revolution of Blockchain and IoT Threats
The rising demand for Blockchain systems has made it difficult to predict the rising cyber threats which is hindering the cybersecurity market. Furthermore, the increasing usage of IoT has led to the growing number of IoT threats, as IoT includes the connection of physical devices which have a unique identifier (UID). This devices has the ability to transfer data over a network without any human interference and human to computer interaction. Thus, the software and firmware which are required to run these IoT devices make the user more susceptible to cyber-attacks further hindering the growth of the market.
Cyber Security Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Cyber Security market. In 2019, the market of Cyber Security has been consolidated by the major players – AWS, Check Point Software Technologies, NTT Security, Cisco Systems, CyberArk, FireEye, IBM Corporation, Oracle, Microsoft and Juniper Networks.
Acquisitions/Technology Launches
In January 2020, Accenture acquired Symantec’s Cyber Security Service Business from Broadcom Inc. With this acquisition, Accenture Security will become the major provider of managed security services that will enhance the ability of the companies to detect cyber threats.
In July 2019, NTT Security announced the acquisition of White Hat Security, a major application security provider in order to provide securing applications that run enterprises business. With this acquisition, NTT Security has strengthen its ability to offer modern enterprise security needs which is applicable for IT infrastructure and other critical business applications.
Key Takeaways
In 2020, the Cyber Security market was dominated by North America owing to the increasing use of prevalent technology which has raised the risk of cyber threat leading to the need for cybersecurity solutions.
The rising demand for cloud-based cybersecurity solutions in order to store and secure data during data loss or data breaches has driven the growth of the market.
The rapid advancement of artificial intelligence leading to the introduction of technologies such as machine learning and deep learning which will enhance the growth of the market.
The rising security threats due to the increasing use of Blockchain systems and IoT threats are making difficult to detect cyber-attacks which is hampering the market growth.
Relevant Reports
A. Cyber Security Market In Fintech
https://www.industryarc.com/Report/17945/cyber-security-market-in-fintech.html
B. Cyber Security Market In Healthcare
https://www.industryarc.com/Report/17946/cyber-security-market-in-healthcare.html
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