Cyber Security Market

As per the GMI Research report, the global cyber security market is projected to register an annual growth of 10.9% over the forecast period. The market growth is attributed to the accelerating incidences of cyberattacks and intensified investment in cybersecurity infrastructure.

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Cyber Security Market Dynamics

The security solutions have gained immense prominence because of the surge in cyber threats. For example, a cyber threat detection firm, FireEye, recently suffered an attack on its system, which resulted in the robbery of its red team equipment. Several solutions such as firewalls and antivirus software have grown substantially and help in impeding attacks and threats, which include malware, phishing, and trojans. Additionally, the global Cyber Security Market projects that with the increasing adoption of digitalization, most of the organizations depend on digitalized information. Organizations share a large amount of data in an internal as well as external environment and thereby increase the exposure to cybercrime through several forms of attacks. These factors have supplemented the market growth.

The internet of thing products that are facilitated with IP sensors results in vulnerabilities to the user data if not properly tested, thus expanding the need for cyber security system in the business environment. The main platform for a surge in cybercrime activities is connectivity via the use of social media, big data, cloud, and mobile services.

However, as per the Cyber Security Market Analysis, with the evolution of the coronavirus crisis, several nations have enforced precautionary measures. During the crisis, several organizations are looking for a way to enable their employees to work from home. Organisations are administering cyber security solutions to allow work from home with complete safety of their data. For instance, since January 2020, over 1700 new domains were registered as per the Checkpoint security.

On the contrary, insufficient in-house expertise, knowledge about IAM solutions, IT resources, and low security budget among SMEs will restrain the growth of the global cyber security market size.

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