Executive Summary
The global cybersecurity market size is expected to grow from USD 209.39 billion in 2021 to USD 360.44 billion by 2027 at a CAGR of 9.5%.
Impact of COVID-19 on Global Cybersecurity Market
The coronavirus epidemic has created new challenges for businesses as they become accustomed to the working model when homework has become a 'new norm'. Companies are accelerating their digital transformation, and cybersecurity is now a major problem. Reputation, efficiency, legitimacy, and compliance can be significant if online security risks are ignored. Restrictions imposed on governments in response to the coronavirus epidemic have encouraged workers to work from home, and to stay home. As a result, technology has become increasingly important in our operations and in our lives. Despite this growing demand for technology, it is noteworthy that many organizations do not yet provide a 'safe online' workplace. Where business meetings were usually held in person, many now occur almost entirely.
Driver: Increasing frequency and sophistication level of target–based cyber attacks
In addition to the more complex attacks, the terrifying characters show clear strategic preferences, with significant changes to verification and ransomware harvesting, as well as increased focus on Internet of Things (IoT) devices. Given the escalation of attacks in the past year, it is even more important than ever that governments and businesses take steps to establish new online traffic laws: that all organizations invest in people and technology to help stop attacks; and that people focus on the basics, which include the regular use of security updates, comprehensive backup policies and, in particular, enable multi-factor authentication (MFA). Industry experts say that enabling MFA alone could prevent the most successful attacks.
Restraint: Budget constraints among small- and medium-sized enterprises
The investment record for small and medium enterprises (SMEs) IT security is not strong, with SMEs failing to develop online security prevention strategies in the past, and not much has changed. SMEs often extend IT security obligations to other roles, rather than appointing a specific department or job position for online security. SMBs host at least part of their IT infrastructure in the cloud, which helps to improve network infrastructure, processes, and maintenance. However, many of them do not even create a firewall in their public cloud, making a huge vector dangerous.
Opportunity: Evolution of IoT security
IoT security is a technology component focused on protecting connected devices and networks over the Internet of Things (IoT). IoT involves adding an Internet connection to a system of related computer systems, machinery and digital devices, objects, animals, and/or people. Each "item" is provided with a unique identifier and the ability to automatically transfer data over the network. Allowing devices to connect to the Internet exposes them to serious risk if they are not properly protected. The number of high-profile incidents in which a common IoT device was used to enter and attack a large network has drawn attention to the need for IoT security. It is important to ensure the security of networks with IoT devices connected to them. IoT security, including a variety of strategies, strategies, agreements, and actions aimed at reducing the growing IoT risk of modern businesses.
Challenge: Design and implementation challenges in deploying vast cybersecurity solutions
The modern cybersecurity model is touted as the safest protection against emerging, anonymous threats. Unlike simple perimeter security, modern cybersecurity does not assume that people within the organization are automatically safe. Instead, it requires every user, internally and externally, to be authorized before any access can be granted. While modern cybersecurity models offer significant advantages, they are not perfect. Making cybersecurity as effective as possible begins with understanding the built-in risk factors.
Cloud-based deployment type to hold the larger share during the forecast period
Traditional security solutions designed with local networks in mind are a workable tool when it comes to dull native security. However, security tools and policies that focus exclusively on a single provider cloud are not limited to a world where almost every company relies on multiple cloud platforms. That is why one of the most important aspects of cloud protection is the growing importance of solutions built with multiple cloud protection in mind. A multi-cloud protection strategy enables business operations to spread across cloud areas and change rapidly. Multi-cloud security solutions reduce or eliminate “point solutions” that integrate security in one place, which increases flexibility, and layer automation and intelligence in security across all platforms. As a result, with cloud-based security solutions, businesses are better equipped to protect themselves from modern threats.
BFSI vertical to account for the largest share during the forecast period
A large number of financial institutions have reported an increase in cyber attacks over the past 12 months, which is a staggering 13% increase compared to 2019. Fraud was one of the major contributors to the rise of cybercrime-related cybercrime by 2020. Connected systems make it much easier. so that attackers can steal the details of a portable card with complex online attacks. New attack vectors include Point-of-Sale systems or credit card readers that can provide access to stolen EMV data. This is then used to steal financial or financial data from customers, but can only be successful if banks fail to verify CVV.
Asia Pacific to grow with the highest CAGR during the forecast period
Many emerging countries in the region, such as India, China, Singapore, and Japan, are facing growing security-related cybersecurity issues. India has experienced a rapid increase in cybercrime, with the country ranked fifth in terms of total DNS hijackings. And, according to Gemalto, India commits 37% of international violations based on records created at risk or stolen. Microsoft blamed the Chinese cyber-espionage group for attacking the mail server software in March 2021. Microsoft's Threat Intelligence Center said the attack was caused by Hafnium, a group that is being tested for government support and operating outside China. In India, Maharashtra's cybersecurity cell has noted an increase in the activity of Chinese-backed hackers who have targeted several sectors in India. Although the horrific Chinese actors are notorious for cybercrime worldwide, the recent rise in hijackers' actions comes as a result of tensions in the Galwan Valley on the Indo-China border. The cell also reported 40,300 cyber attacks in just five days in June 2020. In addition, according to a report by the British Bankers' Association (BBA), as of March 2021, 30% of cyber attacks came from China. In June 2020, as a result of the online attack, Infosys announced to provide customer-oriented security services worldwide from its seven cyber security centers in Pune, Hyderabad, Bengaluru, Mysuru, Indianapolis (US), and Bucharest. (in Romania).
Key Players
The major players operating in the global cybersecurity market are Check Point (Israel), FireEye (US), Trend Micro (Japan), Rapid7 (US), NortonLifeLock (US), Micro Focus (UK), Microsoft (US), Amazon Web Services (US), Cisco (US), Oracle (US), IBM (US),Fortinet (US), Palo Alto Networks (US), Accenture (Ireland), Qualys (US), McAfee (US), RSA Security (US), Forcepoint (US), Imperva (US), Proofpoint (US), Splunk (US), Sophos PLC (UK), SonicWall (US), F-secure (Finland), F5 (US), Juniper Network (US), CyberArk (US), AlgoSec (US), SentinelOne (US), DataVisor (US), Wi-Jungle (India), BluVector (US), Aristi Labs (India), RevBits (US), and Securden (US).
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