The information is based on a recent business intelligence report from IndustryARC, titled “Cyber Security Market: By Type (Cybersecurity software, Cybersecurity hardware, others); By Domain(Network & Endpoint Security, Internet of Things/Industrial Internet of Things Security, Threat Intelligence, Mobile Security, Behavioral Detection, Cloud Security, Deception Security and Others); By Technologies (Context Aware Behavioral Analytics, Next Generation Breach Detection, Virtual Dispersive Networking (VDN) ,others ) By Industry Vertical (Aerospace, Government, Financial Services, Healthcare, Telecommunications, Automobile, Information Technology sector and others), By Geography - Forecast (2018-2023).”
Global Cybersecurity Market Overview
Industry 4.0, commonly known as the 4th industrial revolution of human history, follows the current trend of automation and data exchange in manufacturing technologies. It comprises of cyber-physical systems, the Internet of things (IoT), cloud computing, and cognitive technologies. This aggressively boosting computer applications demand a superior level of cybersecurity. By means of millions of terabyte data generated daily, securing computer systems has become a top priority as data has become the most essential asset of every domain. According to an IndustryARC research report, the demand in the global cybersecurity market will increment at a robust CAGR of 12.6% during the forecast period 2017-2022.
Cybersecurity can be defined as detecting, protecting, and responding to potential cyber attacks. Cyber attacks are unethical attempts to damage or access a computer system. These attacks can lead to huge monetary loss, security breaches in protected systems, theft of personal identity, and most importantly theft of data. Cybersecurity helps in securing the sensitive information of a system mainly when data is being transferred through networks. The most common types of threats are malware, phishing, trojan droppers, and ransomware.
Browse 86 Market Tables, 179 Figures spread through 169 slides and an in-depth TOC on “Cyber Security Market (2018 - 2023)”
Global Cybersecurity Market Trends
Artificial Intelligence, Machine Learning, and IoT
The IoT is connecting each and every electrical device with Internet such as television, air conditioner, lights, and every other electrical product one can imagine. Because of this, the amount of data being generated has increased rapidly. This enormous amount of data needs to be protected while transferring and storing. If attackers get access to this data, the controls of these devices shall migrate to them, which could prove to be a serious threat to the people. Machine learning and AI are being adopted as a preventive measure to deal with cyber attacks owing to their capabilities of encryption. Encryption enables the companies to read and analyze any unusual pattern arising in the network, consequently, alarming them to perform required tasks to stop or minimize the damage of the attack.
The Effect of Cryptocurrency
The starting of this decade marked the introduction of cryptocurrencies. It spread widely among all the citizens of the world as it reckoned a great amount of profits at a minimal investment. These currencies runs on decentralized servers. Even though decentralized, incidents of crypto jacking came up. Symantec Corporation’s reports depicted that the crypto jacking activities reached its peak in the final quarter of 2017. The firm blocked more than 8 million crypto jacking events that year, and till July 2018, around 5 million crypto jacking incidents were blocked. This showcases strong demand potential for the cybersecurity market players.
Surge in Mobile Variant Cyberattacks
The ease of money transactions through mobile has reduced human efforts. But, according to Symantec, the beginning of the year 2017 portrayed 54 percent increase in mobile malware variants. With increasing threats, the problem exacerbated by continued use of old operating systems (OS) in mobile devices, especially Android. On the other hand, OS such as iOS and BlackBerry 10 are considered much more secure.
The Widespread Adoption of Activated Smart Speakers
The huge acceptance of smart speakers such as Amazon Alexa and OK Google has increased the reach of cyber attackers by a considerable extent. Now, these attackers are capable of controlling these intelligent devices with the help of ultrasonic waves. These waves cannot be detected by humans. Using this method these attackers are taking over the domestic control and emerging as a threat to the concept of smart cities.
The Connected Automobile System
The automobile connection to the Internet has emerged as an opportunity for the attackers to affect a significant amount of population. The concept of connected cars is trending and attracting an influx of investments. However, this automotive industry shift will also open the gate of vulnerabilities, unless the cybersecurity market is well invested.
The Generous Cloud
The cloud computing is the need of the hour, Nowadays every business is based on the cloud. Cloud enables companies to scale their business according to their requirement. All the data stored in the cloud is stored at a physical server located somewhere in data centers. This data is accessed through the login credentials provided to the customer by the service provider via the Internet. The data stored in the cloud is vulnerable to various cyber attacks, as the concept of cloud computing is dependent on the World Wide Web for functioning. Security breach at any level of cloud computing can lead to a significant loss to the company as well as the service provider. Security in the cloud computing is still emerging because as of now cloud computing systems are only 60 percent secure.
Cybersecurity is one of the most prominent needs of the 21st century, with continuous advancements in Internet technology neglecting cybersecurity could do significant damage to the global computing population. Advanced innovations in this technology is driving the cybersecurity market. This market is highly profitable in the near future.
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Cyber Security Market In Fintech: By Domain (Payments and Transfers, Lending and Financing, Retail Banking, Financial Management, Insurance, Markets & Exchange, others); By End user (Banks, Insurance companies, other financial institution), By Geography - Forecast (2018-2023)
Cyber Security Market In Healthcare: By Type (Service, Solutions); By End User (Providers, Business Associates, Payers); By Geography - Forecast (2018-2022)
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