The Cyber Security Industry Will Soon Be Worth Over $300 Billion

The worldwide spending on cyber security is increasing as it becomes more difficult to keep pace with the rise in cyber crime and and malware attacks on governments, business and healthcare.

Now, two new research reports predict that the global cyber security industry will be worth between $300- $400 billion by 2027. 

A report published by Allied Market Research says, “The cyber security market in Asia-Pacific is projected to grow at a significant rate during the forecast period, owing to increase in cyber attacks in the emerging economies such as India, China, and Japan." This reort predicts the worlwide cyber security market will be worth $305 billion by 2027. Furthermore, the research firm Global Market Insights has  published a report on the global cyber security market which says it will exceed $400 billion over the same period. 

These reports include in-depth analysis of other segments such as identity & access management, infrastructure security, governance, risk & compliance, unified vulnerability management service offering.

Cyber security is becoming a strategic imperative for all organisations, owing to increased focus on preventing information in the wake of high-profile data thefts and breaches. “The rise in government initiatives such as Smart Cities, Digital India, and Digital Locker demand the need for superior security of both critical infrastructure and sensitive information, thus propelling the need for cyber security services,” says the Allied Market Research report.

It is the increase in malware and phishing threats among enterprises, the rise in demand for cloud-based cyber security solutions and a surge in adoption of IoT and BYOD trends that drives the growth of the global cyber security industry. 

The growing demand for security solutions across enterprises to protect financial transactions and highly sensitive information from unauthenticated access and vulnerabilities is contributing to market growth. The global cyber security market size was $153.16 billion in 2020. The global impact of COVID-19 has been significant, with cyber security actually observing a slight negative impact on demand across all regions amid the pandemic. 

The cyber security market landscape is characterised by the increasing adoption of security software and solutions across various industry verticals to address the growing threat caused by cyber attacks. 

Different forms of cyber crime, especially hacking and phishing, have increased rapidly and this has led to business interruptions and financial losses around the world. In April 2021, security firm McAfee reported a 240% increase in cyber crime detection in Q4 2020 compared to Q3 2020. The need for strong authentication methods, increase in adoption of mobile device applications and platforms, and transformation in traditional antivirus software industry are expected to open lucrative opportunities for cyber security technology firms.  

The global cyber security industry can be analysed across various regions, principally, North America, Europe, Asia-Pacific, and LAMEA.

• The market across Asia-Pacific is projected to manifest the highest CAGR during the forecast period.

• The market across North America is estimated to hold the largest share during the forecast period.

The two reports segment the global cyber security market on the basis of component, solutions offered, deployment type, user type, and industry vertical and the analysis suggests that demand for cyber security solutions in healthcare, manufacturing, and government has grown exponentially during the pandemic crisis.

Key players in the market focus on launching various security solutions to secure industrial operations against severe cyber attacks. 

• The Services segment is expected to showcase the highest CAGR from 2020 to 2027.

• The Solutions segment is anticipated to maintain its dominance in terms of revenue generated during the forecast period.

Most corporate networks are not designed keeping cyber security uppermost in mind and upgrading to the cyber security model to meet the future challenge requires an in-depth network analysis of network hardware, services, and traffic.

Re-modeling networks using the cyber security model requires an accurate and clear understanding of every user, device, application, and resources. IT teams in many organisations are under pressure  to rethink on their network security to transform from the network perimeter-based approach into user-based and application-based security model, although redesigning and redeploying web- and mobile-based applications is often both exhausting and time consuming. 

Allied Market Research:   Fortune:    GMInsights:    MarketsandMarkets:    GlobeNewswire:   Ein News:   

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