Cyber Security Market Size and By Region – Global Opportunities & Forecast, 2020-2027
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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clients in making effective investment and business decisions.
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