In recent years, the utilization of cyber security solutions has significantly increased, due to the burgeoning incidence of data breaches. These occur due to improper configuration of networks, complex access permissions, weak passwords, and malware attacks. Moreover, the surging focus of organizations on shifting their database to the cloud platform has also amplified the frequency of data breaches. Cyber security solutions have become an antidote for such cyber threats, as they help in detecting vulnerabilities at an early stage, preventing unauthorized access to information, and analyzing and detecting threats in real time.
Moreover, high penetration of advanced mobile devices will also drive the cyber security market at 12.6% CAGR during 2020â€“2030. The market stood at $119.9 billion in 2019 and it is projected to reach $433.6 billion by 2030. Advanced devices like personal computers (PCs) and smartphones are increasingly penetrating the masses, as they provide access to the internet, emails, and global positioning system (GPS) navigation. The growing usage of such electronics gives rise to mobile botnets, which lead to the loss of information. This can be avoided through cyber security solutions.
Additionally, the rising preference for bring-your-own-device (BYOD) policy at workplaces will boost the adoption of cyber security solutions, globally. The BYOD policy amplifies productivity and increases employee satisfaction. However, this policy attracts a major challenge of cyber threats, thereby, making corporate data vulnerable to cyberattacks. The devices of employees do not have advanced security features to alleviate the risks involved. Moreover, inability of information technology (IT) department to fully evaluate and approve each and every device intensifies the possibility of cyberattacks.
The use case segment of the cyber security market is classified into security monitoring, data exfiltration, threat hunting, network traffic analysis, and incident response. The threat hunting category will register the fastest growth throughout the forecast period. This can be due to the escalating emphasis of business entities on leveraging state-of-the-art technologies to detect and investigate advanced threats and offer quick response to any potential attack. Some of the advantages provided by threat hunting solutions include enhanced speed for threat and response management system (TRMS), early threat detection, and reduced inspection time to secure the network infrastructure.
Globally, the North American cyber security market generated the highest revenue in 2019, due to the rapid implementation of data center services, presence of several cloud service providers, extensive focus on leveraging advanced data analytics tools, and rapid shift toward multi-cloud environment. Moreover, increasing focus on the adoption of electronic health record (EHR) systems and rising utilization of mobile application services are boosting the demand for cyber security solutions. Besides, introduction of new security solutions and integration of new features in existing solutions by market players have also boosted the market growth.
According to P&S Intelligence, Asia-Pacific (APAC) will showcase the fastest growth in the adoption of cyber security solutions in the near future. This can be attributed to the surging adoption of cloud computing services, soaring need to secure customersâ€™ data, rising deployment of big data analytics, expanding e-commerce sector, and accelerating traffic on websites. Moreover, the mounting cases of data breaches, escalating awareness regarding cyber security, and growing penetration of connected devices will fuel the adoption of cyber security solutions in the coming years in the region.
Thus, the accelerating cases of data breach, growing prevalence of BYOD policy, and rising adoption of mobile devices will fuel the requirement for cyber security solutions in the coming years.