As per Adroit Market Research, the market for cyber security was valued at US$163.04 billion and is anticipated to grow to US$ 423.75 billion at a CAGR of 13.5% in 2030.
June 2023 by Adroit Market Research
Cyber security is the process of preventing unauthorized access, use, disclosure, interruption, alteration, and destruction of computer systems, networks, and digital data. It entails putting policies in place to protect information’s confidentiality, integrity, and accessibility as well as to prevent, detect, and respond to security problems. With people relying more and more on digital technology and the internet, cybersecurity has emerged as a crucial component of safeguarding people, businesses, and governments from numerous cyber threats. Hacking, malware, phishing, ransomware, social engineering, and other nefarious practices are some examples of these risks.
There is a high need for reliable cybersecurity solutions because of the growth of cyber threats, including sophisticated assaults like ransomware, data breaches, and advanced persistent threats (APTs). Businesses across a wide range of sectors are spending more money on cybersecurity solutions to safeguard their sensitive data and systems.
High-profile data breaches and cybersecurity disasters have increased public awareness of the value of cybersecurity. Organizations and people are investing in cybersecurity solutions to safeguard their digital assets and personal information as they become more aware of the possible hazards. To deal with the evolving threat landscape, both governments and businesses are boosting their spending on cybersecurity. This covers expenditures on security personnel, services, hardware, and software. A significant amount of venture capital financing has also been provided to entrepreneurs in the cybersecurity sector, spurring innovation and future market expansion.
Innovative security software and solutions that can efficiently identify, prevent, and mitigate cyber-attacks are in high demand. Companies that create cutting-edge technology, such as sophisticated threat detection systems, endpoint security, data encryption, and safe access controls, have opportunities. To improve their capacity for cyber defense, many organizations are outsourcing their security activities to managed security service providers (MSSPs). MSSPs provide 24/7 monitoring, incident response, vulnerability analysis, and compliance management services. Businesses that can offer complete and trustworthy managed security services have a lot of opportunities.
Organizations need an excellent incident response and digital forensics skills to reduce the impact of security issues and look into breaches as cyber threats become more complex. Organizations might benefit from the assistance of businesses that offer incident response services, digital forensics, and threat intelligence. Dedicated cybersecurity resources and skills are frequently lacking in SMEs. Offering customized and reasonably priced cybersecurity solutions and services, especially those for small and medium-sized organizations, is becoming more and more of a market potential.
Internet of Things (IoT) device proliferation has created new security difficulties. It is essential to secure linked devices, networks, and data in IoT ecosystems. IoT security solutions, such as device authentication, secure firmware upgrades, and real-time monitoring, are in high demand. This potential may be taken advantage of by businesses that specialize in IoT security. Businesses that provide services and solutions to assist organizations maintain compliance will benefit from the increased attention on data privacy and compliance laws, such as GDPR and CCPA. In order to traverse the complicated regulatory environments, this also comprises consultancy services, privacy effect analyses, and data protection technology.
Due to its substantial technological industry, broad digital infrastructure, and strict regulatory framework, North America has historically been a key market for cyber security. Particularly in the United States, the market for cyber security is well-established and new security solutions are used often. Numerous well-known cyber security businesses are based in the area, which also acts as a centre for innovation and study in the area.
Among the cyber security options provided by IBM Security are threat intelligence, identity and access management, and data security. They’ve put money into creating security products that use AI, including Watson for Cyber Security, which uses AI to analyse a tonne of security data and spot possible dangers. Likewise, network security, cloud security, and endpoint security are just a few of the many cyber security solutions offered by Cisco Systems. Additionally, they have made important strides in the fields of threat intelligence and security analytics. Technologies like Secure, a unified security platform that combines several security solutions and offers centralized visibility and management, are part of Cisco’s security offering.