Rising Cyber Security Incidents is Pushing Growth in the Global Cyber Security Market

Inkwood Research estimates that the Global Cyber Security Market is projected to register a CAGR of 10.34% in terms of revenue during the forecasting years of 2021-2028.

"Browse 67 Market Data Tables and 58 Figures spread over 170 Pages, along with an in-depth TOC on the Global Cyber Security Market Forecast 2021-2028."

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Cyber security is the safeguarding of internet-connected systems like software, hardware, and data from cyber-threats. It is utilized by enterprises and individuals for protection against unauthorized access to computerized systems and data centers. The implementation of cyber security is aimed at securing the data stored on servers, networks, mobile devices, and computers, from attackers. There are several types of cybersecurity threats, such as social engineering, ransomware, phishing, and malware.

Growing Cyber Security Incidents & Regulations Propels Market Growth

Cybercrime has continued to evolve as a serious threat for organizations, individuals, and society, at large. The global adoption of the internet and the payment-linked online services attract profit-oriented criminals for cyber-attacks. The National Crime Agency of the United Kingdom states that cybercrime has become prominent over all the traditional crimes. Hence, several regulations have been formulated. Every year, the official statistics on the most common type of cybersecurity breaches are published by the Department of Digital, Culture, Media, and Sports (DCMS) in the Cyber Security Breaches Survey report.

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Data Security and Privacy Service Offering is the Dominant Application

Confidential data can be present on a variety of computing devices, moving through a class of network access points like wireless, VPN, and wireline. The entire processing of data entails a substantial threat of data recovery, data leaks, and data loss. Data Loss Prevention (DLP) is becoming an integral part of an organization's ability to manage and protect confidential information. The security and privacy services encompass comprehensive and clear security strategies in compliance with local and state regulations for mitigating security incidents. The key functionalities of the security and privacy service solutions include analytics and forensics, malware analysis, infrastructure valuation, and investigation, and rapid response. The increasing security incidents result in loss of data and IT assets, including damaged brand equity, thereby encouraging industries like BFSI, education institutions, and healthcare to implement incident management solutions.

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North America to harbor the Largest Market Share by 2028

There is increasing competition among cloud-based service providers in North America. This has resulted in key players offering more security for data, through greater outreach and quick access, thereby driving the market growth of the region. Also, the increasing usage of web, cloud, and mobile, rising dependence on social media platforms and the internet, and digitization, supplement the market growth. Moreover, cloud-based activities are on the rise in the region. For instance, almost 33% of organizations are taking a 'cloud-first' approach in Canada.

The competitive rivalry of the market is characterized by moderate/high product differentiation and the rising levels of product penetration. The firm-concentration ratio is estimated to record higher growth during the forecast period. This is evaluated to be a lucrative growth opportunity for many software firms. IBM Corporation, Dell Technologies, AVG Technologies, Intel Corporation, Cisco Systems Inc, etc. are among the major companies operating in the market.

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