Cyber Security Market Future Technological Trends and Business Opportunities 2023- IBM, CISCO, DELL TECHNOLOGIES, RAPID7, INTEL SECURITY, CHECK POINT SOFTWARE TECHNOLOGIES

The global cyber security market was valued at USD 103.84 billion in 2017 and is expected to reach a value of USD 242.57 billion by 2023 at a CAGR of 15.19% over the forecast period of 2018u20132023.

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Cyber threats are internet-based attempts to damage or disrupt information systems and hack critical information using spyware, malware, and phishing. Cybersecurity solutions help an organization to monitor, detect, report, and counter cyber threats to maintain data confidentiality.
The adoption of cybersecurity solutions is expected to grow with the increasing penetration of internet among developing and developed countries. Also, the expanding wireless network for mobile devices has increased data vulnerability making cybersecurity an integral part of every single organization across the world.

Key Developments in the Market

May 2017: IBM launched new incident response capabilities, which are part of its resilient security portfolio, to enable companies to address the new General Data Protection Regulation (GDPR). These capabilities are designed to help clients rehearse, prepare for, and manage the new regulations. GDPR is one of the biggest changes in data privacy.

The major players include –
IBM CORPORATION, CISCO SYSTEMS, INC., DELL TECHNOLOGIES, INC., RAPID7, INC., INTEL SECURITY, CHECK POINT SOFTWARE TECHNOLOGIES LTD, SYMANTEC CORPORATION, and TREND MICRO, INC., amongst others.

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Aerospace and Defense Industry to Stay on Top

Airplane navigation and guidance systems can be highly susceptible to cyber-attacks, which can have widespread ramifications. Hence, the computers and networks for all the ground and air-borne operations need strong security infrastructure. The increasing adoption of Machine-to-Machine Technologies (M2M) in the aerospace domain and the focus of the governments on cybersecurity to counter cyber terrorism has driven the growth of the cybersecurity market in this sector immensely, in the past four years.
The Aerospace Industries Association (AIA) has long focused on promoting policies that strengthen the aerospace and defense industry and convening the crucial conversations on these same policies and issues with key stakeholders from across the public and private sectors. Defense companies, such as BAE Systems PLC, General Dynamics Corporation, Finmeccanica S.p.A., are engaged in developing cybersecurity solutions in the defense industry, especially in developing network security solutions and software, to prevent cyber-attacks on military software systems, proving the increasing demand from the sector.

North America Holds the Largest Share

North America is expected to retain its position as the largest market for cybersecurity solutions, over the forecast period. The strong presence of several market incumbents, coupled with recent security threats in the region, are expected to drive the adoption of these solutions further. According to the recent annual budget plans of Trump government, the United States government has earmarked more than USD 19 billion for cybersecurity-related initiatives. This was majorly due to the increasing number of cyber-attacks in the nation.
The total number of cybersecurity incidents reported by federal agencies in the United States have drastically increased from 5,503 in 2006, to 77,183 in 2015. In 2016, the United States businesses sector was estimated to have recorded the highest number of data breaches ever, constituting about 45% of the total data breach incidents reported in the country, followed by medical/healthcare sector at 35%, and education sector at 10%. Such high levels of data breach activities are forcing the North American countries to strengthen their security systems, allowing huge opportunities to the cybersecurity market.

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