Future cyber security threats and challenges: Are you ready for what's coming?

The software segment by component is likely to show remarkable revenue growth in the global cyber security market during 2017-2025

The software component segment in the global cyber security market was valued at more than US$ 20 Bn in 2016 and is expected to reach a market valuation in excess of US$ 53 Bn by 2025 end. Revenue generated from the software segment is expected to expand at a CAGR of 11.7% over the forecast period. The software segment in the global cyber security market is expected to create incremental dollar opportunity of more than US$ 31 Bn between 2017 and 2025.

Increasing adoption of cloud computing networks and services expected to fuel the growth of the software segment in the global cyber security market

Increasing usage of cloud-based services for multiple workloads such as email services, data backups, ERP, CRM, and collaboration services is expected to drive the growth of the software segment during the period of assessment. The cost of cloud-based services is comparatively cheaper as these do not require setting up of complex IT infrastructure. However, cloud deployment increases vulnerabilities in software and makes it easily accessible by unauthorized persons. Hence many companies are adopting cyber security solutions to secure their workloads on the cloud without any risks of cyber threat. For instance, in February 2017 IBM Corporation launched Watson for cyber security, which is augmented intelligence technology designed to enhance cognitive security at operation centers.

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Enterprises are increasingly deploying cyber security products and solutions in order to protect confidential data from security impeachment. Today, cyber security has become an essential mechanism to block perilous cyber threats. In 2016, the global market for cyber security stood at US$ 76,400 Mn and projected to grow to US$ 205,810.4 Mn by 2025, reflecting a CAGR of 12% during the forecast period. The increasing application of cloud-based services in multiple workloads including data backups, Email services, ERP, CRM, and collaboration services is expected to drive the growth of global cyber security market in 2017 and beyond.

The cost of cloud-based services is comparatively cheaper, as these services require a very minimum IT infrastructure setup. However, cloud deployment increases vulnerabilities in software and often makes it easy to access. Therefore, many companies are shifting towards the adoption of cyber security solutions to secure their workloads on the cloud. In addition, robust digitization across the globe continue to create the possibility of new cyber threats, hence, compelling enterprises to opt for cyber security solutions in order to tackle unethical hacking and malignant cybercrimes.

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The rising trend of digitization is creating a potential possibility of new cyber threats, hence prompting enterprises to opt for cyber security solutions in order to ensure that hackers and other unauthorized users are unable to access critical information and data. Digitization has resulted in the emergence of multichannel integration and various other customer interfaces that are vulnerable. Hence, it is vital for enterprises to stay ahead of cyber security threats by protecting information with cyber secure IT infrastructure. As a result of the growing proliferation of digitization, the demand for cyber security solutions is growing at a relatively high rate, thereby driving the growth of the software segment in the global cyber security market.

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