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. We value them as a research company worthy of building long-term relationships., Well done Fortune Business Insights! With the rising number of online security threats, the requirement for advanced solutions is growing exponentially. Insider threats must be taken seriously and seen as a real risk by security leaders. Identity infrastructure must be properly configured, maintained and monitored with an elevated importance. Please refine your filters to display data. This growth is due to the increasing demand for robust security and digital privacy systems across financial, insurance, and banking institutes. 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. 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. 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. As we continue to navigate a remote workforce, insider threats are becoming an elevated area of concern. 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. BFSI is expected to rise with a significant CAGR during the estimated period among all the industries. our privacy policy, By submitting, you confirm that you agree to our privacy Across the healthcare industry, internet security solutions aid in providing data protection for customer health care records. The market research report highlights leading regions across the world to offer a better understanding to the user. Cisco Systems offers an extensive range of internet security solutions based on network-related areas. Because of this, many businesses opt-out of the extra security step. This leads us to our next trend, Zero-Trust Network Access. Be prepared to improve communication and expect tougher questions from your board as a result., The reality for security today is that security leaders have too many tools. While many IT departments and companies rely on Virtual Private Networks (VPNs) to facilitate access to their corporate network, VPNs are proving inadequate. Based on our analysis, the global market had exhibited a rise of 7.7% in 2020 as compared to 2019. Please be sure to check your spam folder too. Furthermore, the increasing adoption of strategies such as mergers & partnerships among key players will boost security solutions. 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 investment by end-users and the high demand for enterprise security solutions boost the adoption of security solutions. Contact Verity IT to strengthen your security posture today! Recommended resources for Gartner clients*: Top Security and Risk Management Trends 2021, Designing Security for Remote-Work-First Enterprises, Top Tips for Communicating Security and Risk to Business Stakeholders. Identity-first security is not new, but it takes on fresh urgency as attackers begin to target identity and access management capabilities to gain silent persistence. policy. Check Point Software Technologies (Israel). The high cost of implementing and updating internet security solutions and services impedes the adoption among small and medium enterprises (SMEs). Payment Failed. 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. The large enterprise is predicted to showcase considerable growth due to increasing demand for application security services. What was once only available to executives, senior staff and sales is now mainstream. Ransomware attacks plague organizations with data theft and economic blows due to the costs of recovering from them. With hundreds of awareness and training resources and phishing simulations, youll have everything you need to prepare employees to detect, report and defeat cybercrime. All Rights Reserved. With the rising growth in the IoT market, IoT solutions are gaining popularity across various information security applications. Increasing Demand for Services by Enterprises to Boost the Growth. The Cybersecurity Market market is studied from 2020 - 2027. The global COVID-19 pandemic has been unprecedented and staggering, with security solution experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Cisco Systems, Inc., IBM Corporation, Fortinet, Inc., Proofpoint, Inc., Microsoft Corporation, Palo Alto Networks, Inc., among others, are the top players in the market. Copyright 2022. The pandemic impacted small companies and start-ups worldwide. Another trend that aids the market's growth is the increased adoption of cloud computing. Nation-state-level attackers are targeting active directory and the identity infrastructure with phenomenal success. This investment would assist in driving the overall adoption rate for IT security solutions across multiple industries that will favor the global cyber security market growth during the forecast period. Also, players in the market are developing advanced cloud-based security solutions by partnering and collaborating with other key players. They are further adopting an IoT and machine learning signature-less security system. By clicking the "Subscribe" button, you are agreeing to the The global cyber security market was valued at USD 139.77 billion in 2021. 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. These cloud computing services are designed onthe Analytics as a Service (AaaS) platform, assisting users in identifying and mitigating threats rapidly. 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. The growth is owing to the increasing demand for applications to store and secure data with enhanced security techniques. 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. Cybercriminals are hungry for passwords. This requires security options that are flexible, agile, scalable and composable those that will enable the organization to move into the future, but in a secure manner., Learn more:Your Ultimate Guide to Cybersecurity, With an increase in very public security breaches and increasingly common business disruptions due to ransomware, boards are paying more attention to cybersecurity. Lack of Experts and Budget Constraints for SMEs to Hinder the Market Growth. The most common entry vector for ransomware is phishing and organizations should realize these attacks are ramping up significantly and act accordingly. Our site uses cookies. Additionally, the Middle East & Africa (MEA) and South America regions are expected to grow considerably during the forecast period. Ransomware is one of the most common threats to any organizations data security and has continued to increase and evolve in 2021. You also have the option to opt-out of these cookies. Our sales representative will reach you shortly with the details. According to a report released by the online security firm Symantec Corporation, in 2019, India has been graded amongst the top ten countries to counter secure web gateway crimes. 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. 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. Moreover, big data and cloud technology support enterprises in learning and exploring the potential risks. | 1875 K Street NW, Washington, DC 20006. North America Cyber Security Market Size, 2020 (USD Billion), To get more information on the regional analysis of this market, Request a Free sample. 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. Rising Popularity of Cybersecurity Solutions with Enhanced Storage Capability to Drive the Market Growth. This years security and risk trends highlight ongoing but not yet widely recognized strategic shifts in the security ecosystem. Based on the deployment type, the market is allocated into a cloud and on-premise. Thank you Fortune Business Insights for your efforts and prompt response, I had a great experience working with Fortune Business Insights. Learn more about our use of cookies: cookie policy, Council of Anti-Phishing Japan Launches STOP.THINK.CONNECT. This allows the customer to shift to the cloud platform for advanced security for their workloads. Multifactor authentication usage is growing, but it is not a panacea. At what CAGR is the market projected to grow in the forecast period (2022-2029)? Hybrid work and the migration to cloud applications have solidified the trend of identity as the perimeter. For instance, in December 2019, Fortinet, Inc. completed a partnership with Google LLC to integrate its cloud security portfolio with Googles Cloud Platform. The report covered all the points and was very detailed. In the zero-trust model, there is no such thing as a trusted source. In 2018, Microsoft Corporation invested around USD 1 billion to develop advanced secured cloud operations. 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. Each is expected to have broad industry impact and significant potential for disruption. Europe is expected to grow with a notable CAGR during the forecast period. 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). 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.. The increasing number of E-commerce platforms is the key factor driving the market growth. Which is the leading segment based on deployment in the market? 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. Privacy Policy. 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 . IMPACT OF COVID-19 ON THE CYBERSECURITY MARKET, 10.1.2 Check Point Software Technologies Ltd. An Infographic Representation of Cyber Security Market, To get information on various segments, share your queries with us. 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. The cyber security market is mainly driven by the emerging online e-commerce platforms and the advent of core technologies such as the internet of things (IoT), artificial intelligence (AI), cloud security, and others. Thank you for your Purchase. 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. It further offers some drivers and restraints, helping the reader gain in-depth knowledge about the market. Privacy Policy. Increasing Adoption of Network Security Solutions by SMEs to Lead to Market Dominance. 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. "Sorry! 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. 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. North America is likely to dominate with highest cybersecurity market share during the forecast period. A threat cant be avoided if it isnt recognized and equipping your staff to identify threats on their own can significantly reduce the likelihood of a data breach. Organizations useKenna's risk-based vulnerability management system to quickly detect, prioritize, and address cyber issues by working cross-functionally. The model assumes would-be attackers are present both inside and outside the network, which leads us into our next trend insider threats. "Smart Strategies, Giving Speed to your Growth Trajectory", Region : Global | Format: PDF | Report ID: FBI101165. We use cookies to enhance your experience. Security Awareness Training empowers your employees with the knowledge and skills to stay cybersecure at work and at home. The rising number of high section security breaches drives the demand for cloud application security solutions across the region. Many of the cybersecurity trends that weve seen in the last few years have been accelerated by COVID-19 and businesses need to take these risks seriously. Players in the market, including Cisco Systems, IBM Corporation, and others, focus on developing advanced cybersecurity solutions based on cloud computing. This growth is owing to the increasing demand for end-point security solutions across various e-commerce startups, including retail and financial sectors. This acquisition enables to minimize the attack surface and the time it takes to identify and respond. Therefore, managing machine identities has become a vital part of security operations., All modern applications are made up of services that are connected by APIs. The movement to hybrid (or remote work) is a durable trend with more than 75% of knowledge workers expecting future hybrid work environments. 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. 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. Please try again later. This adoption would help the players understand uncertain activities and trials and identify and detect uncertain threats. CONNECT. It is predicted that by 2023, 60% of businesses will phase out of VPNs and transition to ZTNA. 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. By submitting, you confirm that you agree to Looking forward to work together in the future, It has been a delightful experience working with you guys. For instance, in November 2018, Z Services extended its collaboration with TitanHQ. Its important to know that insider threats arent necessarily current employees. National Cyber Security Awareness Month Kicks Off As Growing Global Coalition Urges Internet Users Everywhere To STOP. Nanakramguda Rd, Financial District, Gachibowli. The Cybersecurity Market is growing at a CAGR of 13.37% over the next 5 years. The healthcare segment is expected to experience considerable growth during the forecast period. North America holds highest share in 2021. Unfortunately, multi-factor authentication is not required and often seen as a nuisance. Key players in the market focus on launching various security solutions to secure industrial operations against severe cyber-attacks. The growing adoption of these technologies to eliminate cyber threats is driving the demand for network security solutions. Market leaders such as Cisco Systems to Focus on Expanding their Product Offerings. While its easier to believe that all cybersecurity threats come from external factors, organizations shouldnt ignore the reality threat actors could very well be lurking within their own company. Error submitting the form. The COVID-19 epidemic severely affected the overall behavior of consumers and providers. This growth is due to the rising investment by the government and private enterprises in countries such as GCC, South Africa, and others. TitanHQ offers web filtering, email filtering, and email archiving Security-as-a-Service services. This website uses cookies to improve your experience while you navigate through the website. *Note that some documents may not be available to all Gartner clients. The increasing number of online e-commerce platforms boosts market growth in countries such as the U.S. and Canada. It looks quite comprehensive and the data is exactly what I was looking for. 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. Rapid Growth of Security Solutions across Healthcare and Government Sectors to Boost Demand. For instance, in January 2021, Fortinet, Inc. launched FortiXDR, an AI-enabled, fully automated online cyber threat detection XDR solution. 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. Request a Free sample to learn more about this report. The services include third-party and cloud-native technology and IBM experience to assist enterprises in developing consistent security systems across their cloud ecosystems. 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. For most businesses, the after-effects of a targeted hack or breach can be devastating. 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. Empowering a more secure, interconnected world. Integration of Technologies such as the Internet of things (IoT), Machine Learning, and Cloud to Drive the Growth. The short-term closure of manufacturing units, job crunches, lack of resources, data breaches, and weakened supply chain has negatively affected business growth worldwide. As digital transformation progresses, there has been an explosive growth in the numbers of nonhuman entities that make up modern applications. All Rights Reserved to Mordor Intelligence. An unprotected password can lead cybercriminals straight to your bank account, credit cards or personal websites. Although lower costs are often a perceived driver of this trend, more streamlined operations and reduced risk are often more achievable., Download now:A Roadmap for Maturing Your Information Security Program. However, the demand for cybersecurity solutions in healthcare, manufacturing, and government has grown exponentially during the pandemic crisis. Sorry, No data match for your criteria. 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. Cisco Systems Inc., Check Point Software Technologies Ltd, Palo Alto Networks, Inc, Fortinet, NortonLifeLock Inc. are the major companies operating in Cybersecurity Market. Based on enterprise size, the marketplace is divided into small and medium enterprises (SMEs) and large enterprises. 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. However, consolidation is challenging and often takes years to roll out. 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. https://www.fortunebusinessinsights.com/industry-reports/cyber-security-market-101165. 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. Insider threats are users with legitimate access to company assets who use that access, whether maliciously or unintentionally, to cause harm to the business. We know where we will be getting business intelligence from in the future., Thank you for sending the market report and data. Also, in September 2018, Palo Alto Networks, Inc. financed about USD 400.7 million. We are always looking to hire talented individuals with equal and extraordinary proportions of industry All rights reserved. Key market players focus on developing internet security solutions based on artificial intelligence (AI) platforms. North America is expected to hold the highest market share. 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. The small and medium enterprise (SMEs) is projected to grow at the highest CAGR. Rising Number of E-commerce Platforms to Drive the Market Growth. By continuing to visit this site you agree to our use of cookies . Your payment is successful. Because security threats can come from both inside and outside the network, cybersecurity and compliance are at the top of everyones list of key business concerns and challenges. Asia Pacific is expected to grow exponentially during the forecast period. The tools and techniques for enterprisewide machine identity management are still emerging. The growth is owing to the increasing number of service providers and rising investments by government and foreign investors in various security projects. Factors such as the lack of professionals and experts in developing and advancing security solutions are considered key restraining factors. For instance, in December 2020, IBM Corporation launched IBM Security X-Force, a threat intelligence task force to detect cyber-attacks. Consequently, the adoption of advanced technologies in internet security is considered one of the rapidly emerging market trends. The outmoded network security solutions are not proficient enough in securing enterprises from the advanced network, cloud, and endpoint security threats. Which region is expected to grow at the highest CAGR? This has significantly impacted the demand for internet security solutions and services. 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. For instance. We also use third-party cookies that help us analyze and understand how you use this website. 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. and and The government implements advanced network security protocols to offer enhanced security measures to enterprises. Key providers install advanced IT security solutions to secure the high intimate information related to manufacturing operations and increase their productivity. Breach and attack simulation (BAS) offers continuous testing and validation of security controls, and it tests the organizations posture against external threats. 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. The on-premise segment is expected to grow considerably due to the rising demand for managed security services. 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). What was the value of the global market in 2021? 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. Numerous small and medium businesses across the globe encountered permanent and temporary shutdowns. Having too many security vendors results in complex security operations and increased security headcount., Most organizations recognize vendor consolidation as an avenue for more efficient security, with 80% executing or interested in a strategy for this. 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. 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.