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Cyber Situational Awareness Market Estimated Massive Growth Forecast $152,656 Million by 2027
Cyber Situational Awareness Market
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Digital technologies have become integral to daily life, from mobile devices to advanced applications like edge computing, which enhances data processing speed and supports IoT and cloud computing growth. These technologies boost efficiency and reduce costs but also increase cyber risks. Cybercrime cost the global economy over $1 trillion in 2019, with data breaches exposing millions of records through methods like phishing and malware. As these threats rise, the demand for cyber situational awareness solutions is growing, driven by the need to address emerging security challenges.
Surge in level of cybercrimes, rise in demand for IoT and BYOD devices, and significant increase in electronic data fuel the growth of the global cyber situational awareness market. However, lack of sensitive data sharing hinders the market growth. On the other hand, rise of the e-commerce industry presents new opportunities in the next few years.
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Impact of Covid-19 Pandemic on Cyber Situational Awareness Market:
1. Network forensic solutions became as one of the major solutions during the Covid-19 pandemic. In addition, the adoption of the bring-your-own-devices (BYOD) policy and the emergence of remote computing presented the need for technologies that can be used and scaled rapidly without need for any additional infrastructure.
2. the cyber situational awareness sector has had a positive impact. The Indian cybersecurity services industry is estimated to generate nearly $7.6 billion in 2022, according to the report published by Nasscom-Data Security Council of India.
3. Furthermore, Israel's cybersecurity startups raised nearly $2.9 billion in funding in over 100 transactions and registered a funding growth of nearly 70% in 2020.
The report describes the global cyber situational awareness market based on component, solution type, deployment model, organization size, industry vertical, and region.
By component, the solution segment accounted for the largest market share in 2019, contributing to more than three-fifths of the total market share, and is expected to maintain its leadership status during the forecast period. However, the services segment is projected to witness the largest CAGR of 24.1% from 2020 to 2027.
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By industry vertical, the BFSI segment held the highest market share in 2019, accounting for around one-fifth of the global cyber situational awareness market, and will maintain its dominance in terms of revenue during the forecast period. However, the healthcare segment is expected to portray the highest CAGR of 28.4% from 2020 to 2027.
By region, North America contributed to the largest market share in 2019, accounting for nearly two-fifths of the total market share, and will maintain its lead position by 2027. However, Asia-Pacific is expected to maintain the highest CAGR of 25.7% during the forecast period.
Enterprises in Asia-Pacific are increasingly adopting managed security services to protect their network from complex and frequent cyber threats. Attacks on network infrastructure of companies from outsiders are increasing day by day, which creates concerns about safety of confidential data. Cost of managing network security and keeping professional security experts is very high, thus stimulating enterprises to outsource the task of security.
In Asia-Pacific, the financial sector has witnessed a rapid adoption of technology in user/data interaction and learning types of AI software technologies. User/data interaction software technologies include natural language processing, question and answer (Q&A) processing, facial recognition, natural language generation, video and image analytics, and speech recognition. In terms of deployment, public cloud model for AI software continues to accelerate at a CAGR of 40.5%, and is estimated to overtake on-premise deployments by 2024.
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Some of the key players profiled in the report include Cyware, Darktrace, and Firemon LLC, Honeywell technologies, IBM Corporation, MarkLogic Corporation, Palo Alto Networks, SAS and Verint systems. This study includes cyber situational awareness market trends, cyber situational awareness market analysis, and future estimations to determine imminent investment pockets.
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