Cyber Security Market to Benefit from Increasing Application of AI and IoT Technologies
August 24, 2020 at 08:34 AM EDT
Pune, Aug. 24, 2020 (GLOBE NEWSWIRE) -- The global cyber security market value is expected to reach USD 281.74 billion by 2027, from its current standing at USD 112.01 billion. According to the report by Fortune Business Insights, titled “Cyber Security Market Size, Share & Industry Analysis, By Solution (Network Security, Cloud Application Security, End-point Security, Secure Web Gateway, Internet Security and Others), By Deployment Type (Cloud and On Premise), By Enterprise Size (Small & Medium Enterprise and Large Enterprise), By End-Use (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities and Others) and Region Forecast, 2020-2027” The report also contains an in-depth analysis of the various factors and dynamics that will shape the market during the forecast period.
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Rapidly rising e-commerce activities will be the key driver for the global cyber security market growth during the forecast period. E-commerce giants such as Amazon are fast diversifying their businesses and product offerings and ecosystem of connected devices is getting wider and bigger. For example, in 2017, Amazon reportedly shipped more than 5 billion products globally. According to the OECD’s Creditor Reporting System, funds to the tune of USD 6.6 billion were disbursed to promote cross-border electronic connectivity between 2006 and 2016. Thus, as more people shop and transact online, the global cyber security market revenue is set to get fueled in the forecast period.
Growing Adoption of Internet of Things (IoT) to Boost the Market
Cyber security refers to the protection of virtually or digitally stored data and information from external attacks in the form of hacking and phishing. With the exponential increase in use of connected devices, rising smartphone and internet penetration, and growing electronic transactions, there is a pressing need for cyber security solutions all over the world. This need has gotten accentuated with the fast-developing AI and IoT technologies. IoT, for instance, is increasingly being viewed as making critical information vulnerable to cyberattacks and can bring down vital infrastructure such as telecommunications and power. The 2016 Mirai Bot attack exposed the fragility of IoT technology as the malware has been specifically designed to breach the security walls of IoT connected devices. This will aid the expansion of the global cyber security market size in the forecast period.
Increasing Reliance on Artificial Intelligence (AI) Solutions to Enhance Market Potential
According to a study by Capgemini, 21% of the companies surveyed reported that they experienced security breaches as their businesses grew. The survey also found out that two-third of the companies believe that implementation of AI will strengthen their security infrastructure. AI technologies are expected to be further augmented by advancements in Machine Learning (ML). This bodes well for the global cyber security market as application AI software gains popularity in the private and public sectors.
High Dependency on Connectivity to Fuel the Market in North America
Among regions, North America is expected to hold the largest portion in the global cyber security market share owing to the rise in the number of security breaches in the upper corporate tranches and growing dependency on the internet. Furthermore, development of e-commerce platforms is pushing up the demand for cyber security solutions.
Steadily climbing number of internet users in India will propel the market in Asia-Pacific in the forecast period. Additionally, India is expected to witness rising prevalence of cyberattacks in the near future, which is good news for the global cyber security market.
The primary drivers in the market in Europe are proliferation of information and technology (ICT) in the fields of aerospace and defense along with rising investment in cyber security measures by public and private sectors in the region.
Creation of Innovative Products to Intensify Competition
Major players in the global cyber security market are looking to gain a competitive edge through different innovations. Strategic collaborations among players is also gaining preference.
List Of Key Players Profiled in the global Cyber Security Market:
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