According to a new research report on the cyber security industry to 2027 from Marketsandmarkets, the global cyber security market is expected to grow from an estimated value of USD 173.5 billion in 2022 to 266.2 billion USD by 2027, at a compound annual growth rate of 8.9% over that time. Some factors, cited by the researchers, that are driving market growth include an increased rate of target-based cyber attacks causing operational disruptions, Cybersecurity Mesh Architecture (CSMA) approaches are becoming more popular, and the rising demand for cyber-savvy board members.
Cloud deployment takes off
The cyber security market’s fastest growing subsegment is cloud deployment. Organisations may save money by using cloud-based cyber security solutions since they don’t need to invest in expensive hardware, software, storage, or technical staff. They give businesses more IT security, speed, and scalability. Through SaaS-based security services, cloud-based systems provide a single approach to protecting company applications. These platforms are useful for businesses with limited funds for security investments. As this delivery method satisfies IT security requirements, demand for cloud-based cyber security solutions is rising quickly. Large corporations and SMEs are switching from conventional on-premises cyber security solutions to cloud-based ones as more cloud-deployed applications. As cloud cyber security solutions are simple to maintain and update, the cloud deployment mode is expanding. Additionally, using cloud-based security solutions may free up resources for organisations to concentrate on their core operational functions rather than continually investing in capital infrastructure for IT security. Therefore, the cloud segment has the highest CAGR during the forecasted period.
A need to secure mobile apps
One of the elements that are anticipated to influence the market growth of the application security sector is the rising number of mobile devices. With the rise in mobile devices, the need to protect apps has grown significantly in importance for enterprises as the use of mobile applications has increased. Attackers frequently target business-sensitive apps because they include data about important organisational resources and procedures. Many firms prioritise network security above application security, which leaves them vulnerable to attacks and creates a security gap. Mobile application security guarantees business process visibility and transparency, as well as the confidentiality of data, moved across mobile applications. Online application security includes identifying the complete perimeter of a web application, scanning it for vulnerabilities, and protecting it against attacks like SQL injections, cross-site scripting, DoS attacks, and other critical suspicious behaviours. With an increment in advanced cyber attacks on APIs, organisations worldwide are adopting application security solutions, thereby driving market growth.
Expanding threat landscape in Asia Pacific
Asia Pacific countries include the economies of China, India, Japan, Malaysia, Singapore, among others. Due to the region’s expanding threat landscape, there are more expenditures being made on cyber security solutions. Security and fraud issues have become more prevalent in the Asia Pacific because of the growth of AI, IoT, and big data. E-commerce, finance, and other online services are supported by the region’s broad internet use, making it vulnerable to cyber attacks. Particularly in regions like China, Japan, and Indonesia, local companies and startups have emerged as significant participants, battling with US multinational corporations. The adoption of cyber security solutions has been motivated by the fact that the SMEs in the area are experiencing cyber attacks, including 74% of SMEs in India and New Zealand, 33% in Indonesia and South Korea, and 37% in Japan. To safeguard their extremely sensitive data, organisations are increasingly using cyber security solutions. Additionally, the cyber security industry is seeing rapid development opportunities in the area because of efficient government laws and technology improvements. Thus, the Asia Pacific region is predicted to grow at the highest CAGR in the forecasted period according to the analysts.
Some of the key players in this market and named in the report include global conglomerates such as IBM, Cisco, Trend Micro, AWS, Nortonlifelock, Oracle, Juniper Networks, Splunk, Microsoft, Palo Alto and Cyberark.
Source: SECURITY WORLD MARKET