Press release
Cyber Situational Awareness Market Outlook: World Approaching Demand & Growth Prospect 2027
Cyber Situational Awareness Market
The increasing integration of digital technologies into everyday life-from smartphones to advanced security applications-has driven widespread adoption across industries. A prime example is edge computing, which has seen rapid commercial growth due to its ability to reduce latency in data processing. This technology also boosts demand for related fields like the Internet of Things (IoT) and cloud computing, with the edge computing market expected to reach $16.5 billion by 2022.
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While digital technologies enhance operational efficiency and reduce costs, they also introduce new vulnerabilities. According to McAfee, cybercrime cost the global economy over $1 trillion in 2019, equating to more than 1% of global GDP. The Interstate Technology and Regulatory Council (ITRC) reported that in 2019 alone, 577 data breaches resulted in 15.3 million records being exposed, primarily through hacking techniques like phishing, ransomware, malware, and skimming.
As cyber threats evolve, the demand for cyber situational awareness (CSA) continues to grow. CSA tools enable organizations to understand potential cyber risks, assess real-time threats, and make informed decisions to protect digital assets.
Key Players:
Prominent companies in the cyber situational awareness market include Cyware, Darktrace, Firemon LLC, Honeywell Technologies, IBM Corporation, MarkLogic Corporation, Palo Alto Networks, SAS, and Verint Systems.
This report provides insights into market trends, competitive analysis, and future forecasts, identifying key opportunities for investment and growth in the cyber situational awareness industry.
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Key Market Insights:
1. In 2019, the solutions segment dominated the cyber situational awareness market and is expected to retain its lead. These solutions provide real-time insights, help prioritize resources for critical threats, and offer strategic views by analyzing attack patterns and trends.
2. The services segment, however, is projected to grow at the highest rate. These services assist in deploying and optimizing IT systems, making them essential for organizations aiming for smooth integration and effective functioning of cybersecurity platforms.
3. Network forensics was the leading solution type in 2019 and is anticipated to maintain its dominance due to the rise of cloud adoption and an increase in cyber threats such as Distributed Denial-of-Service (DDoS) attacks. Notably, DDoS incidents surged by 50% in Q3 2020 compared to the previous year, spurred further by the increase in remote work due to the COVID-19 pandemic.
Impact of COVID-19:
The pandemic significantly accelerated the market's growth trajectory beyond pre-COVID projections. The rise in remote work led to widespread adoption of cloud-based systems, broadening the threat landscape. Security teams faced increased challenges due to a virtual workforce and higher frequency of cyberattacks. For example, HIPAA regulations around telehealth were relaxed to enable communication through less secure platforms, increasing the need for vigilant monitoring and breach detection at both physical and digital access points.
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As a result, 70% of organizations have ramped up investments in cybersecurity, highlighting the urgent need for robust situational awareness solutions.
Market Segment Highlights:
1. Component: The solutions segment led in 2019, but services are expected to experience the fastest growth.
2. Solution Type: Network forensics held the largest share in 2019. However, intrusion detection systems are projected to grow most rapidly.
3. Deployment Type: On-premise solutions dominated in 2019, while hybrid deployment models are set to grow fastest.
4. Industry Verticals: The Banking, Financial Services, and Insurance (BFSI) sector held the largest market share, but the healthcare industry is poised for the highest growth.
5. Region: North America led the global market in 2019, though Asia-Pacific is expected to see the highest growth in coming years.
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