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Cybersecurity Market Recent Industry Trends And Developments
2. As the world relies more on technology, cybersecurity plays a crucial role in protecting the digital data of governments and various business.
3. Different forms of cybercrimes, such as phishing and hacking have increased rapidly, especially after the increasing use of internet during the COVID-19 quarantine phase, which has led to business interruptions and financial losses around the world.
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Global Cybersecurity Market: Key Drivers and Restraints
1. Increase in the frequency and sophistication of cyber-attacks is one of the major factors driving the growth of the cybersecurity market.
2. The growing need for advanced cybersecurity among small and large enterprises is likely to be a major triggering factor for the market in the coming years.
3. The occurrence of massive cyber-attacks across the world is gradually increasing. Cyber terrorists attack endpoints, data, networks, and other IT infrastructure that leads to huge financial losses to enterprises, individuals, and governments. This in turn is expected to accelerate the growth of the cybersecurity market.
4. Leveraging artificial intelligence, machine learning, and Blockchain technologies for cyber defense is projected to create an opportunity for the cybersecurity market.
5. However, use of pirated and open source cybersecurity solutions are expected to hamper the growth of the market.
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North America to Account for Major Share of the Global Cybersecurity Market
1. In terms of region, the global cybersecurity market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
2. North America is anticipated to lead the global cybersecurity market, due to adoption of advanced internet security solutions by enterprises. In addition, the significant adoption of internet services and importance of cyberspace in the digital world are the major factors accelerating the growth of the cybersecurity market across the region. Extensive adoption of cybersecurity by several industries, and technological developments across these industries are some of the other key factors anticipated to boost the growth of the market in North America.
3. The cybersecurity market in Asia Pacific is expected to garner significant share due to increasing complexities faced by enterprises in implementing network security, coupled with compliance mandates, workforce mobility, and growing cyber-attacks. This in turn is expected to fuel the growth of the cybersecurity market across the Asia Pacific region.
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Key Players Operating in the Global Cybersecurity Market
Local, regional, and international players are present in the cybersecurity market. The market is highly consolidated, with top manufacturers accounting for approximately 25%-30% share. Key players operating in the global cybersecurity market are:
1. BAE Systems Plc
2. Check Point Software Technologies Ltd.
3. Cisco Systems Inc.
4. FireEye Inc.
5. Fortinet Inc.
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