According to Stratistics MRC, the “Global Cybersecurity Market” is accounted for $152.71 billion in 2018 and is expected to reach $430.33 billion by 2027 growing at a CAGR of 12.2% during the forecast period. Some of the key factors propelling the market growth are increasing acceptance of Internet of Things, technological advancements, and high demand for cloud solutions. However, insufficient number of expert workforce is the restraining factor for the growth of the market.
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Cybersecurity solutions assist an organization to monitor, detect, report, and counter cyber threats to maintain data confidentiality. Cybersecurity refers to a combination of various technologies and processes which are designed to shield networks, devices, and data from attack or unauthorized access. Cybersecurity is the shield of computer systems and networks from the stealing the data or damage to their hardware, software, or electronic data, as well as from the disruption or misdirection of the services afford by them.
Opportunity: The consistent advancement in Machine learning and blockchain technologies for cyber defense.
Cybersecurity vendors are incorporating Artificial Intelligence (AI) and machine learning concepts into their solutions for addressing critical threats related to the hyper-connected workplace, with faster threat detection, mitigation, and response capabilities. The advancements in technologies, such as AI and machine learning, are turning the tides against cybercriminals. AI and machine learning-based cybersecurity solutions analyze a huge amount of data from the past threat records and identify new threats to save enterprise networks from infiltration attempts. AI and machine learning techniques play an integral role when it comes to identifying and safeguarding against the advanced security threats. The cyber threats are increasing in number day by day, and conventional security solutions are incapable of detecting malware, ransomware, and other sophisticated cyber threats. Hence, cybersecurity professionals are leveraging AI and machine learning technologies for responding to the evolving cyber threats faced by individuals, businesses, and governments. Additionally, vendors are also looking into leveraging modern day concepts such as blockchain into fortifying the capabilities of their cybersecurity solutions and services, thus offering better protection and remediation for the enterprises.
Driver: Develop in the frequency and superiority of cyber attacks.
The instances of massive cyber attacks globally are gradually increasing. Cyber terrorists attack endpoints, networks, data and other IT infrastructure that lead to a large financial losses to the individuals, enterprises and governments. The primary motive behind cyber-criminals includes political rivalry , financial gain, harm reputation, international rivalry and radical religious group interest. The majority of cyber attacks are for financial gain. Ransomware, such as WannaCry, Petya, NotPetya, and BadRabbit, are some of the significant ransomware, which have affected enterprises and government organizations on a large scale. In March 2018, SamSam ransomware cyber-attack was triggered in the city of Atlanta, US. This type of ransomware is deployed on the computer system using brute-force attacks to guesstimate weak passwords and encrypt files. The consequences of the ransomware included inaccessibility to multiple municipal services, data leakage, and financial loss.
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Depending on solution, encryption segment is expected to grow at the significant market share during the forecast period due to rapidly accepted by various enterprises, because of its easy, flexible, affordable, and scalable features. It also provides the highest level of data security and dependability. Encryption is a cybersecurity determine that protect private and personal data through the use of different codes that scramble the data and make it impossible for intruders to read. In spite of a data breach, encryption make certain that an institution’s private data is safe, even when attackers get past the firewall.
Asia Pacific region is anticipated to hold considerable market share during the forecast period:
By geography, the Asia Pacific region is anticipated to hold considerable market share during the forecast period due to strong presence of several market incumbents, coupled with recent security threats in the region, are expected to drive the adoption of these solutions further. Also the increasing number of malware and ransomware attacks in the countries like India. According to the 2019 Internet Security Threat Report by Symantec, the use of malicious PowerScripts increased by 1,000%, and ransomware infections of enterprises increased by 12%, in 2018.
Some of the key players in Cybersecurity market include Intel Corporation, IBM, Microsoft, Google, McAfee LLC, Cisco, Sophos Ltd, Check Point Software Technologies Ltd, FireEye Inc, Trend Micro Incorporated, Imperva, Symantec Corporation, Micro Focus, and Rapid7.
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Microsoft: In May 2019, Microsoft partnered with Citrix to deliver cloud solutions for a secure digital workspace. Best-in-class security, scalability, management and performance of enterprise software and online services.Commitment to production standards, organizational compliance and new cloud computing development . Deep integration with Microsoft server and desktop operating systems and management tools.
Google: In January 2020, Google partnered with IBM to start offering IBM’s server ecosystem to cloud customers in another boost to its hybrid strategy. Partners of IBM will now be capable to offer its Power Systems as a service on Google Cloud using the latter's marketplace for integrated billing. Meanwhile, Google Cloud partners will also have an added tool in their arsenal as they can offer customers an on-ramp for their existing legacy infrastructure and workloads, especially those not easily migrated to the cloud.
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