Double-Digit Growth in Global Cyber Security Market

• The rising need amongst enterprises for adopting to cybersecurity solutions is a key factor promoting growth.
• Increased focus on cyber security is further supporting market growth.
• Asia-Pacific is anticipated to hold largest market share owing to the presence of several market incumbents and the rising security threats  observed in the region.

Federal Trade Commission, in one of its statistics stated that identity theft complaints registered in the US reached 444,602 cases in the year 2018 from 398,952 cases in the year 2016. Additionally, the report also stated that registered fraud complaints reached 1,427,563 cases in the year 2018 from 1,226,402 cases in the year 2016.

The statistics portray the rising incidences of cyber attacks in the growing era of technological advancements. Enterprises from both public and private sector are adopting to various technological platforms, for instance, cloud-computing in healthcare industry, artificial intelligence in healthcare,artificial intelligence in food and beverages, and others. With the shifting trends for digitalization, the organizations are also generating a lot of sensitive information which remain prone to cyber-attacks. Owing to such a factor, there is a rising need amongst the enterprises for adopting to cybersecurity solutions, which is considered as the key factor promoting the growth of the global cyber security market.

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Additionally, increased focus on cyber security and growing financial and economic loss borne by enterprises on account of the rising number of data breaches and hacking activities, all of these factors are anticipated to support positively towards the growth of the market.

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The global cyber security market is anticipated to record a CAGR of around 11.21% during the forecast period, i.e. 2019-2027. The market is segmented by industry vertical into aerospace & defense, government, BFSI, IT & telecom, healthcare, retail, manufacturing, energy & utilities, and others. Among these segments, healthcare segment is anticipated to hold the largest market share on the back of increasing incidence of medical frauds occurring from theft of patient health records, medical identity fraud and others in the healthcare organizations, as well as the growing healthcare cybersecurity market, which is anticipated to achieve a CAGR of around 16% over the forecast period (2019-2027).

Geographically, the global cyber security market is is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, Asia-Pacific is anticipated to hold largest market share owing to the presence of several market incumbents and the rising security threats  observed in the region.

National Police Agency, Japan, in one of its statistics stated that number of unexpected connection attempts to the sensors in Japan reached 2752.8 count/IP address/day in the year 2018 from 491.6 count/IP address/day in the year 2014. Additionally, CERT India, in one of its statistics stated that number of security incidents handled by the team reached 2,08,456 incidences in the year 2018 from 53,081 incidences in the year 2017.

However, concerns for enterprises who still depend on traditional authentication methods, which lacks the modern security updates of identity-management solutions, such as, facial recognition and biometric identification, is estimated to act as a barrier to the growth of the global cyber security market.