As per the research, the global cyber security market is expected to reach $1,65,146.5 million by 2023. Cyber security refers to a comprehensive system of technologies, processes and practices that provides security to IT networks, computers, software programs, and data from potential cyberattacks or any other kind of damages to the system. The cybersecurity solutions are in demand from various industries including aerospace & defence, government & public utilities, banking financial services & insurance (BFSI), IT & telecom, healthcare, retail and manufacturing.
These industries deploy IT infrastructures for number of critical operational processes, owing to which they require cyber security solutions. Major factors propelling the growth of the global cyber security market include rapid expansion of advanced IT infrastructures, growing adoption of applications of internet of things (IoT) and industrial internet of things (IIoT).
Additionally, the increasing demand for cloud computing solutions from organizations and growing implementation of bring-your-own-device trend in organizations are further expected to augment the market growth. However, the increasing deployment of IT solutions by enterprises for automation and mobility of business operations leads to an increased risk of data theft and other forms of advanced cyber-attacks, that may potentially lead to the event of overall system failure.
The cybersecurity solutions therefore form an essential part of organizational system infrastructure. As per the research findings, cyber security solutions are deployed in number of industries, of which aerospace & defence industry led the global market.
The critical operational structure of aerospace & defence programs are highly vulnerable to cyber-attacks, due to which the industry makes huge investments in cyber security solutions.
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On the basis of components, market is categorized into solution and service, of which solutions contributed largest to the global cyber security market across the globe. However, the market for cyber security services is expected to grow at a faster rate.
Cyber security services are further categorized into managed and professional services. Market for managed cyber security services is anticipated to witness the higher growth as compared to professional services.
Theft of cognitive property, multiplication of mobile devices and surge in mobile workforce are some of the major factors propelling the growth of the managed security services market. The application security type is expected to render the fastest growth rate in the cyber security market during the forecast period.
The increase in demand for application security is mainly due to increased instances of security breaches majorly targeting business applications, stringent regulatory and compliance requirements, and rapid increase in use of mobile and web-based applications by organizations and individuals. Geographically, North America contributed largest revenue to the global cyber security market; however, during the forecast period, the market is expected to witness the fastest growth in Asia-Pacific, attributed to the rapid expansion of advanced IT infrastructure deployments.
Moreover, the increased implementation of 4G and 5G telecommunication networks in emerging economies, such as India and China has been majorly enforcing the adoption of IoT and IIOT applications in the region. This in turn necessitates the need for cybersecurity solutions to ensure security of devices under IoT and IIoT ecosystems, thereby driving the market growth.
The financial transaction processes are being increasingly digitized, which has led to the vulnerability of data and other critical personal information. The implication of increased adoption of IT solutions for number of processes has therefore led to a major growth in demand of cyber security solutions.
The era of digital wars among countries have begun, which may have wider implications of overall system failure in the global economies. It emphasizes the need for deployment of advanced and complex cyber security solutions into system infrastructures.
For instance, Stuxnet computer virus, which was widely believed to be an American and Israeli creation, could destroy thousands of centrifuges of Iran’s nuclear program. The cyberattacks therefore may have far reaching and potentially harmful implications for nations.
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