CyberSecurity Market Scenario:
The cybersecurity market 2020 can gain considerable grounds by acquiring a strong valuation of USD 199.98 billion by 2025-end, reveals Market Research Future (MRFR). The market is on track to achieve a decent growth rate of 10.5% between 2018 and 2025 (assessment period), despite the COVID-19 impact. We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
Even as the COVID-19 outbreak has been a debilitating event for the world, it has emerged as an opportunity for cybercriminals. Reports confirm that since February 2020, IBM X-Force has noted a whopping 4,300 percent surge in coronavirus-themed threats and spam. While organizations are focusing on challenges associated with remote working, lockdown and restrictions on travelling, financial crunch, and ensuring the resiliency of supply chains, the focus on cybersecurity has somewhat weakened in the bargain. The key challenge as of now is to secure the remote working models and facilitate uninterrupted flow of business operations and functions, while protecting the organization from CyberSecurity Market attackers who are looking to benefit from the increased IT vulnerability.
In the fight against the pandemic and in the race to find a COVID-19 breakthrough, healthcare professionals are increasingly using phones, chat, telemedicine portals and email for remote diagnoses and counseling. The digital infrastructure is now being extensively used to obtain essential protective supplies for healthcare workers and more. However, the growing digitization across healthcare and various industries following the SARS-CoV-2 outbreak has also brought along with it a broad range of risks. This situation calls for advanced real-time risk and 24/7 surveillance analysis at both digital and physical entry points, for which the enterprises are continuously adopting the most advanced cybersecurity solutions and services.
The outbreak of the novel coronavirus has boosted the consumer engagement in numerous cloud services, such as cloud PBX, cloud ERP, connected mobility solutions and cloud video streaming. This has been a favorable aspect for the cybersecurity market for obvious reasons. Apart from this, most of the leading contenders are opting for new product development, partnerships and acquisition as their growth strategies to boost their market position, expand their customer base and also meet with the evolving demands of different verticals.
For instance, in June 2020, IBM acquired Spanugo, a leading cloud cybersecurity solutions provider in the United States. This acquisition boosts IBM’s capability to cater to the cybersecurity demands of clients belonging to extremely regulated industries, as the Spanugo software helps the capabilities of the IBM public cloud solutions and services.
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Leading Market Players:
The leading market players listed in the report include IBM Corporation (US), Imperva (US), Rapid7, Inc. (US), Trend Micro, Inc. (Japan), SecureWorks, Inc. (Dell Technologies) (US), FireEye Inc. (US), BAE Systems (UK), HP Enterprise (US), Carbon Black, Inc. (US), Sophos Ltd. (UK), Cisco Systems, Inc. (US), Symantec Corporation (US), Akamai Technologies (US), Intel Corporation (US), EMC RSA (US), and more.
The cybersecurity Industry can be considered for component, organization size, deployment, security type and vertical.
• The categories on the basis of component include solutions as well as services.
• The ranges depending on the organization size could be SMEs/small and medium sized enterprises as well as large enterprises.
• The key security types covered in the market study are wireless security, endpoint security, network security, cloud security, application security, and others.
• The deployment model-wise sections are cloud and on-premise.
• The verticals that use cybersecurity solutions and services include IT & telecommunication, healthcare, manufacturing, retail, BFSI, aerospace & defense, government, and more.
The cybersecurity industry has been geographically considered for Europe, North America, MEA/Middle East & Africa, South America and APAC/Asia Pacific. The North American market is in the lead, while APAC can be the fastest gaining market during the appraisal period.
Cyber threat in North America has emerged as a major issue for various enterprises and e-commerce vendors, which are based on the cloud systems. Banking and financial sectors in the region are fast adopting cybersecurity solutions, with the US at the forefront of the market. The country prioritizes cybersecurity and spends a great deal to address the cyber threats. Other countries in the region are taking similar steps to ensure national security, which can be a significant booster for the regional market.
Countries in APAC are consistently on the lookout for solutions to deal with the increasing cyber threats, compelling various enterprises across diverse industries to adopt cybersecurity services for enhanced security of their data and network. The mounting number of cyber threats has given way to numerous government regulations that require to be followed by the enterprises, or non-compliance can levy a huge fine. Therefore, stringent government policies and the growing need among companies to adhere to them have helped the APAC market for cyber security to gain high impetus in recent years.
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