The global cyber security market is anticipated to witness remarkable growth in the coming years owing to rising data security concerns across the globe. Increasing cases of cyber threats among organizations are likely to impel demand for advanced data protection. Cyber threats are internet-based attempts to disrupt or damage information systems and hack sensitive data using malware, spyware, and phishing. Cyber security solutions can help organizations to detect, monitor, report, and prevent data breaches by network intruders.
Increasing use of wireless internet networks in organizations is expected to provide vulnerable entry points to intruders from where they can enter the network and get access to confidential information. Implementation of advanced data security solutions in these organizations can easily prevent such attacks and protect crucial information. In addition, advent of digital technologies like internet of things is likely to generate huge amount of data, which need advanced protection from hackers. Hackers can easily intrude an unsecured network and access the information they require. This, in turn, can impel demand for secured wireless or wired networks in organizations. Moreover, emergence of autonomous vehicles equipped with technologically superior computing systems is expected to offer artificial intelligence based security systems. Access to vulnerabilities in driverless vehicles can allow hackers to get control of the vehicle, which can be extremely dangerous and life threatening. Increasing R&D activities by automobile manufacturers to develop secured self-driving vehicles can stimulate market growth in the coming years.
Lack of cyber security professionals to design proactive strategic plan can be a major challenge for the market. Increasing use of open source or pirated solutions among low budget organizations to protect data can hamper market growth in the coming years. However, advent of machine learning, artificial intelligence, and blockchain technology can create lucrative opportunities for the market. In addition, growing adoption of cloud based security solutions among small and medium enterprises can propel market growth.
The market can be segmented on the basis of type, solution, service, and application. Based on type, the market can be categorized into cloud, network, wireless network, end-point, and application. In terms of solution, the market can be classified into intrusion prevention system, vulnerability management, unified threat management, enterprise risk and compliance, and managed security. In terms of services, the market can be bifurcated into managed and professional. Retail, healthcare, BFSI, information technology (IT) & telecom, automotive, and defense are the key applications of cyber security.
North America is expected to dominate the market in the coming years owing to increasing number of cyber-attacks. In the United States, corporate offices face maximum number of security breaches, followed by healthcare facilities and educational institutes. Such activities are expected to impel demand for advanced data protection systems in the country. Presence of major market players in the region offering innovative products and services can gain traction among consumers. For instance, Hewlett Packard Enterprise (HPE) launched its new cloud data protection for businesses to increase their operational efficiency. StoreOnce system is the next generation data protection product designed by HPE that offers simpler and fast provisioning of new data protection storage to consumers.
The market in Asia Pacific is anticipated to expand significantly in the coming years owing to rapid growth of digitization. Increasing use of high speed internet and portable devices in developing countries, such as China and India, is likely to increase demand for data protection. Supportive government regulations for the development of credible cyber security policies to prevent data breach activities by network intruders are likely to boost growth of the market in the region. Increasing investments by companies to develop advanced data protection systems for corporates can augment regional market growth. For instance, QBE Insurance Group invested in Zeguro, a cyber-risk management firm, to develop an advanced cyber security system for small and medium enterprises (SMEs). This new platform is expected to allow consumers to automate their data protection. In addition, it enables users to find possible vulnerabilities in their network and resolve them efficiently.
Some of the leading companies operating in the cyber security market are Intel, IBM Corporation, Symantec Corporation, Hewlett Packard Enterprise, and Checkpoint Software Technologies Ltd.
Research Support Specialist, USA