Major Trends in Cybersecurity Market
The cybersecurity market was valued USD 190.65 Billion in 2021 and is expected to exhibit a CAGR of 9.43% over the forecast period, as a recent market study by Quince Market Insights. Cybersecurity means IT security, it highlights safeguarding programs, computers, networks, and data from spontaneous and unlicensed access. It includes application security, network security, endpoint security, data security, identity management, infrastructure security, and cloud security. As cyber threats have increased at an alarming rate, safety solutions have been ahead traction, across the globe.
Solutions such as antivirus software and firewalls have grown in complexity and are supported to be operative at stopping attacks and threats, such as malware, phishing, and Trojans. The success of these solutions has led to the fast growth of the cybersecurity industry, as executing technical defenses has become a standard best practice in each enterprise.
The services component category dominated the cyber security market, accounting for nearly major share of total revenue. The category is expected to maintain its dominance. Businesses are turning to cyber security service providers to protect vital infrastructure in government, utilities, and other industries against assaults. Through its global delivery or Security Operation Centers, security service vendors assist in the troubleshooting of software issues and provide fast support services (SOCs). In addition, the requirement to monitor threat activities in real time and manage changes in the regulatory landscape is likely to drive segment growth throughout the forecast period.
Military cybersecurity is the technology collection based on the numerous parameters of numerous military authorities. Cybersecurity is the arrangement of numerous technologies, techniques, and parameters to avoid attacks and limit the effects of potential cyber-attacks while limiting the chances of any unauthorized admittance.
The development of the market is due to the increasing complexity of cyberattacks. The intensity and frequency of cybercrimes and scams have increased over the past few years, resulting in massive losses for industries. As instances of cybercrimes increased considerably, businesses across the globe conducted their expenditure on progressive data security technologies to support their in-house security infrastructure.
In addition, the necessity to defend critical infrastructure from advanced persistent threats (APTs) has stimulated governments worldwide to develop their cybersecurity policies, forming a pool of opportunities for industry contributors. On the other hand, financial limitations among emerging and small startups in emerging economies will limit market growth.
Conversely, acceptance of IoT security to upsurge demand in the cybersecurity market, surge in the necessity for cloud–based cybersecurity solutions among small and medium-sized enterprises (SMEs), and accretion in bring your own device (BYOD) trends led the endpoint security sector to grow further in mobile security.
Latest Trends in the Cybersecurity Market are as follow
The latest trend in the cybersecurity market is that the airplane guidance and navigation systems can be highly inclined to cyber-attacks, which can have extensive consequences. Therefore, the networks and computers for all the air-borne and ground operations require strong security infrastructure.
The surging acceptance of machine-to-machine technologies (M2M) in the aerospace sector and the focus of the governments on cybersecurity to counter cyber terrorism have focused the development of the cybersecurity market in the military cybersecurity sector hugely for the past few years.
Another emerging trend in the cybersecurity market are surging data openings in military defense, the United States highlights its military and defense segment and is capitalizing mostly in the research and developments of new weaponry systems. October 2018, U.S. government accountability office (GAO) released a new report declaring that most weapon systems under improvement are found to have mission-critical cyber vulnerabilities. After that month, the U.S. government contracted the law to launch the cybersecurity and infrastructure security agency (CISA) to improve national defense alongside cyber-attacks.
Recent Developments in the Cybersecurity Market
· July 2021 - Check Point Software Technologies (Israel) declared its funding to The Smart Factory at Wichita, which is Deloitte’s innovative industry 4.0 immersive involvement center, recognizing the requirement for cyber security as a core constituent to any smart factory; the support will permit Check Point’s client to experience the progressive manufacturing and technologies procedures in digital transformation with safety.
· June 2021 - Check Point Software Technologies (Israel), introduced its unified cloud workload shield, automated, which increases the abilities of its unified cloud-native security platform; this authorizes the security teams with tools for microservices, application programming interfaces (APIs), and automation in safety across applications through a particular interface.
Sophos PLC (U.K.), Forcepoint (U.S.), Imperva (U.S.), Juniper Network (U.S.), Proofpoint (U.S.), SonicWall (U.S.), Splunk (U.S.), CyberArk (U.S.), Qualys (U.S.), F-secure (Finland), AlgoSec (U.S.), F5 (U.S.), DataVisor (U.S.), SentinelOne (U.S.), RevBits (U.S.), BluVector (U.S.), Wi-Jungle (India), Securden (U.S.), and Aristi Labs (India).