According to analysts at Vantage Market Research, the Cyber Security market is expected to reach USD 305.69 Billion by 2028, growing at a CAGR of 9.2% between 2021 and 2028. Increasing use of crypto for payments, rising phishing attempts, increasing use of service models are driving the market for Cyber Security.
- The solutions segment is projected to expand over 8.1% CAGR over the forecast period owing to the need to safeguard infrastructure across utilities, government, and other sectors from the threat of cyber-attacks.
- The Identity & Access Management segment held a market share of more than 19.89% in 2020. The growing need of tracking the activity of employees and giving privileges to some employees to view programs and applications is contributing to the endorsement of Identity & Access Management solutions. Additionally, the need to automate and track different user-related incidents related to security is contributing to the endorsement of Identity & Access Management solutions across associations. The growth in the insider attacks threat coupled with the need to naturally meet IAM policies and compliance requirements, like password management or privilege management, are anticipated to propel the segment growth over the forecast period.
- North America is expected to expand at a CAGR of over 10.1% between 2021 and 2028. The region is known for cyber-attacks and infiltration. Rising spending on security services and solutions by SMEs and large enterprises in the region is anticipated to fuel the regional market. Furthermore, the rising stringency of security policies and standards and data privacy is contributing to the market growth in the region.
Some of the key players in the Cyber Security market are Booz Allen Hamilton, Panda Security, Thales, NetCentrics, Airbus DS Communication, ManTech International Corporation, General Dynamics Corporation, Northrop Grumman Corporation, Camber Corporation, CACI International, KeyW Holding Corporation, Checkpoint Software Technologies Ltd., Salient CRGT, Lockheed Martin Corporation, BAE Systems, Digital Management, among others. The market is comprised of a high degree of competition due to the presence of numerous key players. Manufacturers are focusing on opting for various inorganic growth strategies such as acquisitions, mergers, and geographical expansion to leverage their market share and gain a competitive advantage.
Increasing damage and threat are driving the market for cyber security. If a company system is infected, it can lead to bankruptcy. Companies should be dedicated and prepare a cybersecurity plan for malware, to protect against ransomware. Since cyber-attack is challenging to fight and detect, various mechanisms for protection must be used. The most significant protection is the sensitization and training of employees. Those who have knowledge about ransomware, that it exists, and how it proceeds, can catch such attacks. Since the inbox of one’s email is the classic entry for malware, a spam filter that is good should quarantine or at least block all executable zip files, attachments, and MS Office documents.
Increasing cases of phishing are driving the market. Phishing emails can be targeted in many different ways. Sometimes they aren't addressed at all; mails are sent to billions of potential victims, the attempt is to conspire them into logging in to hoax versions of popular sites. Iron scales have determined the popular brands that the attackers use in their attempts of phishing.
Asia Pacific is poised to record a substantial CAGR, enterprises from sectors, such as energy, finance, telecom, and technology, in the Asia Pacific, are targets of persistent advanced threat actors. Generally, attacks are ubiquitous amongst Southeast Asian countries.