MarketsandMarkets forecasts the global cyber security market size is expected to grow from an estimated value of USD 173.5 billion in 2022 to 266.2 billion USD by 2027, at a Compound Annual Growth Rate (CAGR) of 8.9% from 2022 to 2027. Increment in target-based cyberattacks that causes operational disruptions, Cybersecurity Mesh Architecture (CSMA) approaches becoming more popular, and the rising demand for cyber-savvy boards are some factors driving the cyber security market growth.
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By deployment mode, the cloud segment is projected to grow with a higher CAGR during the forecast period
The cyber security market’s fastest growing subsegment is cloud deployment. Organizations may save money by using cloud-based cyber security solutions since they don’t need to invest in expensive hardware, software, storage, or technical staff. They give businesses more IT security, speed, and scalability. Through SaaS-based security services, cloud-based systems provide a single approach to protecting company applications. These platforms are useful for businesses with limited funds for security investments. As this delivery method satisfies IT security requirements, demand for cloud-based cyber security solutions is rising quickly. Large corporations and SMEs are switching from conventional on-premises cyber security solutions to cloud-based ones as more cloud-deployed applications. As cloud cyber security solutions are simple to maintain and update, the cloud deployment mode is expanding. Additionally, using cloud-based security solutions may free up resources for organizations to concentrate on their core operational functions rather than continually investing in capital infrastructure for IT security. Therefore, the cloud segment has the highest CAGR during the forecasted period.
By security type, the application security segment to hold a larger market size during the forecast period
One of the elements that are anticipated to influence the market growth of the application security sector is the rising number of mobile devices. With the rise in mobile devices, the need to protect apps has grown significantly in importance for enterprises as the use of mobile applications has increased. Attackers frequently target business-sensitive apps because they include data about important organizational resources and procedures. Many firms prioritize network security above application security, which leaves them vulnerable to attacks and creates a security gap. Mobile application security guarantees business process visibility and transparency, as well as the confidentiality of data, moved across mobile applications. Online application security includes identifying the complete perimeter of a web application, scanning it for vulnerabilities, and protecting it against attacks like SQL injections, cross-site scripting, DoS attacks, and other critical suspicious behaviours. With an increment in advanced cyberattacks on APIs, organizations worldwide adopt application security solutions, thereby driving market growth.
What is Cybersecurity?
MarketsandMarkets defines cyber security, as a set of technologies, processes, and practices to fortify critical systems such as networks, physical devices, programs, information from unauthorized access, insider threats, and malicious attacks. These cyberattacks can affect the data transmission across the networks, cause operational disruptions, and result in money extortion/ransomware.
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Cyber Security Market Regional Analysis:
Cybersecurity in the Asia-Pacific region is a critical concern within the business landscape. Asia Pacific faces a dynamic and evolving cyber threat landscape, with a significant increase in cyberattacks targeting businesses, governments, and individuals.To address these challenges, many APAC countries have recognized the importance of robust cybersecurity regulations and data protection laws. Several nations have introduced data protection laws to enhance cybersecurity measures and protect sensitive data. As businesses continue to expand their digital presence in the APAC region, a proactive and comprehensive approach to cybersecurity is very important.
Cyberattacks are on the rise overall across the country. According to the National Police Agency, 230 ransomware attacks were reported in 2022. Various organizatins are taking intiatives in order to improve digital fraud detection solutions for Japan. for example, Mastercard and DTS Corporation, a full-service system integrator (SIer), have established a new strategic partnehip in July 2023 to supply cybersecurity solutions.
The domestic cybersecurity industry in China has rapidly evolved in recent years as a result of China’s information technology sector’s ongoing improvement and increasing emphasis on data protection. Cyberspace Administration of China (CAC) has also increased penalties on non compliance of country’s cybersecurity laws. These stringent regulations are expected to increase cybersecurity in the country.
A research by Palo Alto Networks indicated that India faces a significant risk of cyberattacks aimed at its vital infrastructure, public sector, and important services. According to the survey, 67% of Indian government and key service firms reported a rise in disruptive assaults of more than 50%. to stand against tjhese attacks, india is enhancing its cybersecurity strategies. due to which, large cybersecurity companies are now considering India as a key development hub and operate a large number of engineering labs there.
Unique Features in Cyber Security Market:
The distinct characteristics of the cybersecurity market emphasise its crucial role in securing digital environments. Its most notable characteristic is its constant adaptation to a changing threat landscape, developing new defences against emerging cyberthreats like malware and ransomware. Adopting a zero trust architecture also guarantees ongoing identity verification, improving security by never assuming trust, even inside the network perimeter.
The incorporation of AI and machine learning, which transforms threat identification and response by analysing big datasets in real-time to find anomalies, is another distinctive aspect. The expanding IoT and Industrial IoT have expanded cybersecurity to safeguard a wide range of connected devices, necessitating specialised IoT security solutions. Cloud security has become crucial in protecting data integrity and confidentiality in virtualized environments as cloud services grow more pervasive.
With the use of multi-factor authentication and Single Sign-On (SSO) features, efficient Identity and Access Management (IAM) solutions offer fine-grained control over user access. Furthermore, platforms for sharing threat intelligence encourage cooperation between businesses and cybersecurity suppliers to enhance defences against new attacks.
Quantum-Resistant Cryptography guarantees long-term data security in anticipation of the threat posed by quantum computing. Stringent data protection laws like GDPR and HIPAA must still be followed. User education and awareness programmes also inform users about safe online behaviour and cyberthreats. Due to the interconnectedness of supply networks, supply chain security has come under scrutiny, along with third-party cybersecurity measures. The steps to be taken for locating, minimising, and recovering from security breaches are outlined in robust incident response plans. Effective ransomware mitigation techniques, such as robust backup strategies, are required due to the increase in ransomware assaults.
Major Highlights in the Cyber Security Market:
In today’s digital landscape, the cybersecurity market is characterised by a number of key features that emphasise its importance. The ever-increasing cyber dangers, which highlight the urgent need for effective cybersecurity measures across industries and sectors, are what are driving the market’s importance in the first place.
While bringing potential for innovation, quick technology improvements also bring new attack vectors, needing ongoing monitoring and adaptability. Furthermore, to protect sensitive data, the expanding regulatory environment—exemplified by laws like GDPR and HIPAA—requires stringent compliance and all-encompassing cybersecurity policies.
Cloud Security has risen to the top of the list of cybersecurity concerns as a result of the growing use of cloud computing. In virtualized environments, organisations look for solutions that guarantee data integrity, confidentiality, and compliance.
The cybersecurity landscape is changing as a result of the integration of AI and machine learning. By examining large databases, spotting anomalies, and automating reactions to new threats, these technologies improve threat detection and response.
By never assuming trust, whether within or outside the network perimeter, zero trust architecture improves security by moving away from perimeter-based security and towards continuous identity verification.
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Competitive overview:
The cyber security market is led by some of the globally established players such as IBM, Cisco, Check Point, Trellix, Trend Micro and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions, and product developments to increase their market presence.
IBM is a computer, technology, and IT consulting corporation. The company offers cyber security solutions, including IAM, cloud security, application security, network projection, intelligence and operations, data protection, and endpoint security. It also offers cyber security services, including data security services, security intelligence and operations, consulting, secure engineering and application security, and security strategy risk and compliance. IBM’s security division offers next-generation security threat intelligence solutions and services in the cybersecurity market. The company offers its services to various industries including supply chain, financial services, automotive, real estate, food safety, identity, and international trade. It has a global reach in North America, Europe, Middle East and Africa, Asia Pacific, and Latin America.
Apart from large vendors, some SMEs, and start-ups such as DataVisor, RevBits, WiJungle, BluVector, Aristi Labs, Imperva, Securden, Algosec, Cynet, and Nozomi Networks are also evolving in the cyber security market. The primary goals of RevBits cyber security are the creation of cutting-edge security software and unmatched cyber incident services. It offers cyber security products and services dedicated to producing cutting-edge security software and unequaled cyber incident services. The company’s software solutions protect organizations in the following areas: endpoint security, next-generation anti-phish and privileged access management. All solutions may be managed through a unified dashboard interface, the RevBits Cyber Intelligence Platform. This single sign-on environment allows administrators to customize their management dashboard and delivers cross-platform alert notifications.
According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onwards, companies are expected to follow organic growth strategies to provide cyber security solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.
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