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1.1 Study Assumptions and Market Definition, 5.1 Current Market Scenario and Evolution of Cybersecurity-related Practices, 5.2.1 Rapidly Increasing Cybersecurity Incidents and Regulations Regarding their Reporting, 5.2.2 Growing M2M/IoT Connections' Demand for Strengthened Cybersecurity in Enterprises, 5.3.1 Lack of Cybersecurity Professionals, 5.3.2 High Reliance on Traditional Authentication Methods and Low Preparedness, 5.5 Industry Attractiveness - Porter's Five Forces Analysis, 6. Please refine your filters to display data. Cisco Systems Inc., Check Point Software Technologies Ltd, Palo Alto Networks, Inc, Fortinet, NortonLifeLock Inc. are the major companies operating in Cybersecurity Market. The growth is significantly driven by the increasing number of internet security projects and related investments by major companies in the U.K., Germany, Spain, France, Italy, and others. As digital transformation progresses, there has been an explosive growth in the numbers of nonhuman entities that make up modern applications. The market has been segmented into five major regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. In addition, cybersecurity teams are being asked to secure countless forms of digital transformation and other new technologies. Here, we analyze the emerging threat landscape thats come as a result and what cybersecurity trends pose the most risk in 2021 and beyond. This allows the customer to shift to the cloud platform for advanced security for their workloads. This website uses cookies to improve your experience while you navigate through the website. Gartner found in the 2020 CISO Effectiveness Survey that 78% of CISOs have 16 or more tools in their cybersecurity vendor portfolio; 12% have 46 or more. ", We use cookies for a better user experience. Privacy Policy. Which region is expected to hold the highest market share? Integration of Technologies such as the Internet of things (IoT), Machine Learning, and Cloud to Drive the Growth. The growing investment by end-users and the high demand for enterprise security solutions boost the adoption of security solutions. In 2018, Microsoft Corporation invested around USD 1 billion to develop advanced secured cloud operations. Contact Verity IT to strengthen your security posture today! Based on deployment, the public cloud segment is expected to be the leading segment in the market. The high cost of implementing and updating internet security solutions and services impedes the adoption among small and medium enterprises (SMEs). But opting out of some of these cookies may have an effect on your browsing experience. Because of this, many businesses opt-out of the extra security step. This partnership is aimed to provide security features such as compliance in the protection-as-a-service model, internet threat protection, and enriched business productivity. North America Cyber Security Market Size, 2020 (USD Billion), To get more information on the regional analysis of this market, Request a Free sample. Rising Number of E-commerce Platforms to Drive the Market Growth. For instance, in December 2019, Fortinet, Inc. completed a partnership with Google LLC to integrate its cloud security portfolio with Googles Cloud Platform. Based on the deployment type, the market is allocated into a cloud and on-premise. Rapid Growth of Security Solutions across Healthcare and Government Sectors to Boost Demand. Based on our analysis, the global market had exhibited a rise of 7.7% in 2020 as compared to 2019. IMPACT OF COVID-19 ON THE CYBERSECURITY MARKET, 10.1.2 Check Point Software Technologies Ltd. The Cybersecurity Market market is studied from 2020 - 2027. Europe is expected to grow with a notable CAGR during the forecast period. North America (Component; Deployment Type; Enterprise Size; Industry; and Country), South America (Component; Deployment Type; Enterprise Size; Industry and Country), Europe (Component; Deployment Type; Enterprise Size; Industry and Country), The Middle East & Africa (Component; Deployment Type; Enterprise Size; Industry and Country), Asia Pacific (Component; Deployment Type; Enterprise Size; Industry and Country), Granular Research on Specified Regions or Segments, Companies Profiled based on User Requirement, Broader Insights Pertaining to a Specific Segment or Region, Breaking Down Competitive Landscape as per Your Requirement, Other Specific Requirement on Customization. The zero-trust approach has four principles: Good zero-trust platforms integrate security functions into nearly invisible tooling so that users have no choice but to operate in a more secure fashion. Cybersecurity Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 20 Financial Services and Investment Intelligence, Latin America Cybersecurity Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027), Healthcare Cyber Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027), IAM Security Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027), Cybersecurity Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027), Aviation Cyber Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027), France Cybersecurity Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027). From a security perspective, this requires a total reboot of policies and tools to better mitigate risks., A new market is emerging to help organizations validate their security posture. By clicking the "Subscribe" button, you are agreeing to the This growth is owing to the increasing demand for end-point security solutions across various e-commerce startups, including retail and financial sectors. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. Gartner Terms of Use They recognize it as a huge risk to enterprises and are forming dedicated committees that focus on cybersecurity matters, often led by a board member with security experience (such as a former chief information security officer [CISO]) or a third-party consultant., This means that CISOs can expect increased scrutiny and expectations, alongside an increase in support and resources. Hybrid work and the migration to cloud applications have solidified the trend of identity as the perimeter. Privacy Policy. According to Fortune Business Insights, the global size market is projected to reach USD 376.32 billion by 2029. For instance, in December 2020, IBM Corporation launched IBM Security X-Force, a threat intelligence task force to detect cyber-attacks. For instance. We also use third-party cookies that help us analyze and understand how you use this website. "Sorry! Organizations who come to terms with the fact that security is no longer an option will better withstand the cybersecurity challenges they now face. Explore the latest: Top Cybersecurity Trends. policy. According to the 2021 Gartner CIO Survey, 64% of employees are now able to work from home, and two-fifths actually are working from home. Misused credentials are now the top technique used in breaches. Empowering a more secure, interconnected world. For instance, in October 2018, IBM Corporation acquired Red Hat, Inc. With this acquisition, IBM Corporation developed and catered to security solutions across a wide range of industries worldwide. This is just one of our top 8 security and risk trends, many of which are driven by recent events such as security breaches and the ongoing COVID-19 pandemic. You also have the option to opt-out of these cookies. The report was very accurate and as per my requirements. and Cybersecurity mesh, identity-first security, security-savvy board of directors and privacy-enhancing computation all make the list. In the zero-trust model, there is no such thing as a trusted source. Which is the leading segment based on deployment in the market? The market is projected to grow from USD 155.83 billion in 2022 to USD 376.32 billion by 2029, exhibiting a CAGR of 13.4% during the forecast period. What was once only available to executives, senior staff and sales is now mainstream. In April 2022, Imperva launched Imperva Serverless Protection, a new product built to secure organizations from vulnerabilities created by misconfigured apps and code-level security risks in serverless computing environments. While many IT departments and companies rely on Virtual Private Networks (VPNs) to facilitate access to their corporate network, VPNs are proving inadequate. The service segment is expected to grow at a considerable CAGR during the forecast period owing to the rising demand for consultancy, updating, and maintenance services by large and medium enterprises. As we continue to navigate a remote workforce, insider threats are becoming an elevated area of concern. It is predicted that by 2023, 60% of businesses will phase out of VPNs and transition to ZTNA. The Cybersecurity Market is growing at a CAGR of 13.37% over the next 5 years. The large enterprise is predicted to showcase considerable growth due to increasing demand for application security services. The increasing adoption of end-point security hardware, software, and access management tools among various industries such as IT & telecom, financial institutions, and others is expected to favor the segment's growth. I appreciate the timeliness and responsiveness of you and your team., The global cyber security market is projected to grow from USD 155.83 billion in 2022 to USD 376.32 billion by 2029, exhibiting a CAGR of 13.4%, 2020 Fortune Business Insights . Consequently, the adoption of advanced technologies in internet security is considered one of the rapidly emerging market trends. 2022Gartner, Inc. and/or its affiliates. May 2021 Cisco Systems, Inc. acquired Kenna Security, Inc., a cybersecurity company. Sorry, No data match for your criteria. Learn more about our use of cookies: cookie policy, Council of Anti-Phishing Japan Launches STOP.THINK.CONNECT. For instance, in January 2021, Fortinet, Inc. launched FortiXDR, an AI-enabled, fully automated online cyber threat detection XDR solution. This adoption would help the players understand uncertain activities and trials and identify and detect uncertain threats. The increasing number of E-commerce platforms is the key factor driving the market growth. With hundreds of awareness and training resources and phishing simulations, youll have everything you need to prepare employees to detect, report and defeat cybercrime. Designed with the developer and security team in mind, the new product is easily deployed as an AWS Lambda layer and protects functions without changing code. BFSI is expected to rise with a significant CAGR during the estimated period among all the industries. Very satisfied with the overall report as it has helped me to build strategies for my business, This is regarding the recent report I bought from Fortune Business insights. All Rights Reserved to Mordor Intelligence. Insider threats are users with legitimate access to company assets who use that access, whether maliciously or unintentionally, to cause harm to the business. *Note that some documents may not be available to all Gartner clients. For most businesses, the after-effects of a targeted hack or breach can be devastating. However, an enterprisewide strategy for managing machine identities, certificates and secrets will enable your organization to better secure its digital transformation., Download now: The Top 3 Strategic Priorities for Security and Risk Management. In 2021, the market value stood at USD 139.77 billion. The cloud segment is expected to hold the highest CAGR during the forecast period. Lack of Experts and Budget Constraints for SMEs to Hinder the Market Growth. This has significantly impacted the demand for internet security solutions and services. However, the demand for cybersecurity solutions in healthcare, manufacturing, and government has grown exponentially during the pandemic crisis. The governments of countries such as India, Germany, France, Israel, Brazil, among others, are investing in internet security solutions to secure their huge volume of confidential data and information. While this can be a difficult pill to swallow, the data doesnt lie 15% to 25% of security breach incidents are caused by trusted business partners. They can also be former employees, contractors or partners who have access to an organizations systems or sensitive information. This years security and risk trends highlight ongoing but not yet widely recognized strategic shifts in the security ecosystem. Organizations useKenna's risk-based vulnerability management system to quickly detect, prioritize, and address cyber issues by working cross-functionally. Key players in the global market, such as Cisco Systems, Inc., are focused on advancing its network capabilities by adopting emerging technologies such as machine learning and advanced analytics. It also offers specialized assessments and highlights the risks to high-value assets like confidential data. These cloud computing services are designed onthe Analytics as a Service (AaaS) platform, assisting users in identifying and mitigating threats rapidly. Looking forward to work together on similar projects, We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. Verity IT high-recommends multi-factor authentication to every one of their clients! At what CAGR is the market projected to grow in the forecast period (2022-2029)? Our sales representative will reach you shortly with the details. The Report will be delivered with in 24-72 hours. Cisco Systems, Inc., IBM Corporation, Fortinet, Inc., Proofpoint, Inc., Microsoft Corporation, Palo Alto Networks, Inc., among others, are the top players in the market. Global providers in the market, such as Palo Alto Networks, Inc., Microsoft Corporation, IBM Corporation, and others, are investing in developing advanced network security solutions. The COVID-19 pandemic has accelerated the journey to zero-trust platforms as virtually the worlds entire workforce was shoved outside a defined network perimeter. Increasing Adoption of Network Security Solutions by SMEs to Lead to Market Dominance. Download now:How to Create a Resilient, Scalable and Agile Cybersecurity Strategy, Over the past two years, the typical enterprise has been turned inside out, says Peter Firstbrook, VP Analyst at Gartner. Numerous small and medium businesses across the globe encountered permanent and temporary shutdowns. Asia Pacific is expected to grow exponentially during the forecast period. By clicking the "Continue" button, you are agreeing to the Cybersecurity Awareness Campaign with National Public-Private Coalition, National Cyber Security Alliance Encourages Digital Citizens to Better Understand How to Manage Their Privacy, One-Month Countdown to National Cyber Security Awareness Month Begins, As National Cyber Security Awareness Month Approaches, Internet Users Are Reminded Why Being Cyber Smart is Critical to Our Lives. Each is expected to have broad industry impact and significant potential for disruption. THINK. The report covered all the points and was very detailed. Gartner Terms of Use Moreover, big data and cloud technology support enterprises in learning and exploring the potential risks. All Rights Reserved. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive, Please pass on our sincere thanks to the whole team at Fortune Business Insights. The company also launched the Global Phishing Campaign across six countries. Based on industry, the market is segmented into BFSI, IT and telecommunications, retail, government, manufacturing, travel and transportation, healthcare, energy and utilities, and others. All rights reserved. Remarkable job and great efforts by your research team. remote work model in response to the COVID-19 pandemic, Ransomware is one of the most common threats to any organizations data, The most common entry vector for ransomware is phishing, insider threats are becoming an elevated area of concern, While STRONG passwords remain a standard for cybersecurity best practices, Security Awareness Training empowers your employees, Online Gaming Safety Tips for Adults, Kids, & Parents, Why Data Privacy is Necessary in Todays World, Request a Cybersecurity Awareness Month Speaker, No user should be trusted by default since they could be compromised, VPN and firewalls cant do it alone since they just guard the perimeter, Identity and device authentication should take place throughout the network rather than just on the perimeter, Micro-segmentation helps minimize damage from hackers by creating interior walls. With the rising number of online security threats, the requirement for advanced solutions is growing exponentially. MFA involves the use of two or more separate factors in authorizing users to access secure data, forcing people to use more than one device to confirm their identity. As the new normal of hybrid work takes shape, all organizations will need an always-connected defensive posture and clarity on what business risks remote users elevate to remain secure.. The growing adoption of these technologies to eliminate cyber threats is driving the demand for network security solutions. What was the value of the global market in 2021? Additionally, the Middle East & Africa (MEA) and South America regions are expected to grow considerably during the forecast period. An example of MFA in action is having a one-time passcode sent to two or more devices (like your cell phone and personal email). Dont be fooled into believing that creating a longer, more complex password will somehow make you safer online. For instance, in September 2020, Askul Corp. adopted the advanced network security solution Shadankun, developed by Cyber Security Cloud, Inc., in their business unit to secure their assets from cyber threats. By continuing to visit this site you agree to our use of cookies . All rights reserved. Thank you Fortune Business Insights for your efforts and prompt response, I had a great experience working with Fortune Business Insights. Cybercriminals are hungry for passwords. Also, players in the market are developing advanced cloud-based security solutions by partnering and collaborating with other key players. The pandemic impacted small companies and start-ups worldwide. South America is expected to grow at the highest CAGR during the forecast period, We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Furthermore, the report provides insights into the latest cyber security market trends, overview and analyzes technologies that are being deployed at a rapid pace at the global level. This technology is rapidly transforming from academic research to real projects delivering real value, enabling new forms of computing and sharing with reduced risk of data breaches. The government implements advanced network security protocols to offer enhanced security measures to enterprises. While STRONG passwords remain a standard for cybersecurity best practices, more companies are starting to adopt multi-factor authentication (MFA) as an additional defense against data breaches and cyberattacks. BAS provides training to enable security organizations to mature., Privacy-enhancing computation techniques that protect data while its being used as opposed to while its at rest or in motion enable secure data processing, sharing, cross-border transfers and analytics, even in untrusted environments.. Please check with your bank for further details. "Smart Strategies, Giving Speed to your Growth Trajectory", Region : Global | Format: PDF | Report ID: FBI101165. Component; Deployment Type; Enterprise Size; Industry and Region, (Component; Deployment Type; Enterprise Size; Industry and Region). Please be sure to check your spam folder too. How much will the cyber security market be worth in 2029? For instance, according to the European Cyber Security Organization report, in 2020, the government in the U.K. financed around USD 2.30 billion to execute various network and internet security projects in defense and research. Its important to know that insider threats arent necessarily current employees. Players in the market, including Cisco Systems, IBM Corporation, and others, focus on developing advanced cybersecurity solutions based on cloud computing. These cookies will be stored in your browser only with your consent. The increasing number of online e-commerce platforms boosts market growth in countries such as the U.S. and Canada. CONNECT. North America holds highest share in 2021. They are further adopting an IoT and machine learning signature-less security system. ANALYSIS OF MAJOR SECURITY BREACHES AT A GLOBAL AND REGIONAL LEVEL, 7. Cloud application security solutions help banks, insurance, and financial organizations secure extremely confidential data incorporated with real-time intelligence against insistent cyber-attacks. The most common entry vector for ransomware is phishing and organizations should realize these attacks are ramping up significantly and act accordingly. North America is likely to dominate with highest cybersecurity market share during the forecast period. This leads us to our next trend, Zero-Trust Network Access. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Thank you for your Purchase. In this market report scope, we have included component solutions and services offered by companies including IBM Corporation, Microsoft Corporation, Palo Alto Network, Inc., Broadcom, Inc., and others. An influx of new threats, technologies and business models have emerged in the cybersecurity space as the world shifted to a more remote work model in response to the COVID-19 pandemic. So, why not quickly boost the safety of your online accounts with multi-factor authentication? The global cyber security market was valued at USD 139.77 billion in 2021. The market research report highlights leading regions across the world to offer a better understanding to the user. Critical Capabilities: Analyze Products & Services, Digital IQ: Power of My Brand Positioning, Magic Quadrant: Market Analysis of Competitive Players, Product Decisions: Power Your Product Strategy, Cost Optimization: Drive Growth and Efficiency, Strategic Planning: Turn Strategy into Action, Connect with Peers on Your Mission-Critical Priorities, Peer Insights: Guide Decisions with Peer-Driven Insights, Sourcing, Procurement and Vendor Management, 5 Data and Analytics Actions For Your Data-Driven Enterprise, How to Create a Resilient, Scalable and Agile Cybersecurity Strategy, A Roadmap for Maturing Your Information Security Program, The Top 3 Strategic Priorities for Security and Risk Management, Macedonia, The Former Yugoslav Republic of, Saint Helena, Ascension and Tristan da Cunha, South Georgia and the South Sandwich Islands, Marketing at a Technology/Service Provider. Which region is expected to grow at the highest CAGR? This growth is due to the rising investment by the government and private enterprises in countries such as GCC, South Africa, and others. Your payment is successful. Copyright 2022. The rising number of high section security breaches drives the demand for cloud application security solutions across the region. As cybersecurity and regulatory compliance become the top two biggest concerns of corporate boards, some are adding cybersecurity experts specifically to scrutinize security and risk issues. Key market players focus on developing internet security solutions based on artificial intelligence (AI) platforms. In 2021 and beyond, companies must give more consideration to the possibility of insider threats and data theft at the hands of their own employees. Countries like India, China, and Korea are expected to grow with an excellent CAGR during the forecast period. Across the healthcare industry, internet security solutions aid in providing data protection for customer health care records. The healthcare segment is expected to experience considerable growth during the forecast period. Identity infrastructure must be properly configured, maintained and monitored with an elevated importance. expertise, problem solving ability and inclination. Furthermore, the increasing adoption of strategies such as mergers & partnerships among key players will boost security solutions. As companies continue to navigate the new challenges of cybersecurity in 2021, approaching their security strategies with a sense of urgency will separate those who are equipped to reduce overall risk and those who will remain vulnerable to the increasing attacks we face today. The on-premise segment is expected to grow considerably due to the rising demand for managed security services. The rising number of e-commerce platforms and advancements in technologies such as artificial intelligence, cloud, and blockchain has augmented internet security solutions in a connected network infrastructure. The tools and techniques for enterprisewide machine identity management are still emerging. To know how our report can help streamline your business, Speak to Analyst, Rising Demand for Robust Security and Digital Privacy Systems across BFSI Industry to Boost the Market Growth. Nation-state-level attackers are targeting active directory and the identity infrastructure with phenomenal success. This growth is due to the increasing demand for robust security and digital privacy systems across financial, insurance, and banking institutes. The fact that the technology landscape is constantly changing isnt a new revelation, but its certainly been taken to a new level in the last year. The increasing adoption of enterprise security solutions from manufacturing, banking, financial services, and insurance (BFSI) and healthcare is expected to drive market growth in the forthcoming years. In 2020, ransomware attacks were more expensive than the average data breach, costing $4.4 million on average. Factors such as the lack of professionals and experts in developing and advancing security solutions are considered key restraining factors. The cybersecurity mesh is a modern conceptual approach to security architecture that enables the distributed enterprise to deploy and extend security where its most needed., When COVID-19 accelerated digital business, it also accelerated the trend wherein many digital assets and individuals are increasingly located outside of the traditional enterprise infrastructure. The COVID-19 epidemic severely affected the overall behavior of consumers and providers. The model assumes would-be attackers are present both inside and outside the network, which leads us into our next trend insider threats. The offerings are superior threat protection, web, unified threat management, network and data center security, access and policy, email security, advisory, integration, and managed services. Each of these services need to be authenticated and monitored as attackers can use your suppliers API access to critical data to their advantage. Based on the component, the market is divided into solutions and services. The small and medium enterprise (SMEs) is projected to grow at the highest CAGR. The outmoded network security solutions are not proficient enough in securing enterprises from the advanced network, cloud, and endpoint security threats. The growing demand for solutions is anticipated to gain traction with cumulative investments from Germany, France, India, Spain, South Korea, Italy, Canada, Qatar, and others. Based on enterprise size, the marketplace is divided into small and medium enterprises (SMEs) and large enterprises. Error submitting the form. We are always looking to hire talented individuals with equal and extraordinary proportions of industry The short-term closure of manufacturing units, job crunches, lack of resources, data breaches, and weakened supply chain has negatively affected business growth worldwide. Identity is a key lateral movement technique across air-gapped networks. Ransomware attacks plague organizations with data theft and economic blows due to the costs of recovering from them.