It entails safeguarding software, data, and hardware while also assisting in the prevention of fraudsters getting access to devices or networks. To protect their data, cash, and intellectual property, businesses require cyber security. Individuals require it for similar reasons, while intellectual property is less of a concern and the risk of losing vital information, such as family pictures, is greater. When it comes to public services or governmental entities, cyber security ensures that the public may continue to rely on their services. The hardware segment is expected to register the highest growth over the forecast period due to several organizations engaged in implementing cyber security platforms and also upgrading their existing ones.
Increasing cyberattacks in the country have propelled China to strengthen its defensive capabilities. However, the government is also a major source of origin for cyberattacks in other parts of the world.
Cybersecurity for Industry in practice
The security of OT networks is a critical risk management threat that all executives should prioritize. We’ve brought together industry thought leaders and leading experts on operations cybersecurity to share new perspectives on securing one of your biggest assets – the manufacturing floor. Stay secure in the face of constant cyber attacks with services and solutions that reduce the attack surface and rapidly contain threats. July 2020 – Quick Heal Technologies launched network security solutions for digital consumers. The solution is developed to secure consumer devices, personal data, and digital identities.
Is cyber security hard?
No, cybersecurity isn't hard. Although there may be difficult concepts, like cryptography or areas that require more technical knowledge, cybersecurity is one of the few fields in the tech world that doesn't require a strong technical background.
Innovations and advancements in cyber security solutions, such as cloud security and AI-integrated solutions as well as an increase in the number of cyber-attacks since the outbreak of the pandemic, have fueled market development. For instance, according to a report from Palo Alto Networks’ Unit 42 security consulting group, the average ransomware payment climbed 82% to a record $570,000 in the first half of 2021 from $312,000 in 2020. Thus, increase in ransomware or cyber-attacks augments the demand for cyber security solution & services, thereby fueling the growth of the global cyber security market. The early availability and adoption of new technologies have contributed to the growth of the North American market over the past years. Further, the high number of capital and IT market and their diversified businesses worldwide call for efficient management of endpoint devices and protection across unknown networks. Such factors are compelling large enterprises and SMEs across the region to increase their spending on cyber security solutions, which is expected to contribute to market growth.
Solution segment is projected as one of the most lucrative segments.
Further, managed service providers are entirely focused on observing threat patterns and enhancing security operations anticipated to mitigate cyber-attacks, thereby increasing the adoption of managed services. Several organizations incur significant losses in terms of loss of revenue, brand reputation, unplanned workforce reduction, and business disruptions due to data breaches. Companies have to spend a considerable amount of money to recover from these losses and mitigate the risks evolving from data breaches.
According to a report published by IBM in 2021, the average cost of data breaches for an organization amounted to USD 4.87 million, an increase of 10% over 2020. As such, organizations are engaged in deploying advanced cyber security solutions to detect cyber threats and provide a response, thereby helping in cutting down data breach costs. According to data published by Nine2FiveJobSearch.com, before the pandemic, 29% of the U.S. workforce had an option of working from home on a part-time basis, which increased to 50% of the workforce working from home in 2020. The risk of cyber-attacks is expected to grow with the emerging BYOD and hybrid working trend, which is expected to drive the adoption of cyber security solutions and fuel market growth. Another trend that aids the market’s growth is the increased adoption of cloud computing. Players in the market, including Cisco Systems, IBM Corporation, and others, focus on developing advanced cybersecurity solutions based on cloud computing. These cloud computing services are designed onthe Analytics as a Service platform, assisting users in identifying and mitigating threats rapidly.
KEY MARKET INSIGHTS
For instance, Microsoft blamed a Chinese cyber-espionage group for attacks on its mail server software in March 2021. Microsoft’s Threat Intelligence Center attributed the attacks with high confidence to Hafnium, a group assessed to be state-sponsored and operating out of China. January 2021 – FireEye launched open-source cybersecurity to detect various cyber-attacks across the Solar Winds supply chain. The average Spend per Employee in the Cybersecurity market is projected to reach US$7.50k in 2022. Siemens solutions for Cybersecurity for Industry have already been successfully proven in practice.
Is cybersecurity a fast growing industry?
By 2027, market research company BrandEssence projects that the global cybersecurity market will reach $403 billion; that's with a compound annual growth rate of 12.5% between 2020 and 2027.
The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential. Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry. AVG Technologies, Check Point Software Technologies Ltd, Cisco Systems Inc., CyberArk Software Ltd, Dell Technologies Inc. are the major companies operating in Cybersecurity Market. This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. Cisco Systems, Inc., IBM Corporation, Fortinet, Inc., Proofpoint, Inc., Microsoft Corporation, Palo Alto Networks, Inc., among others, are the top players in the market.