The cyber security industry generated ROI of around $139 billion in 2021 and is set to gain income of almost $210 billion in 2028.
The cyber security market is forecast to register growth of nearly 10 per cent between 2022 and 2028 and will gain traction due a rise in cyber-attacks aimed at damaging or stealing key information along with stalling business processes, according to study by Zion Market Research.
Deployment of cyber security tools has become need of an hour for every small and big firm. Increase in infiltration of network infrastructure targets and surge in malware attacks as well as cyber wars have resulted in growing demand for strong cyber security. Strict data protection law enforcement by various firms and evolution of disruptive online systems prone to cyber-attacks has boosted market growth.
Growth of cloud security segment in ensuing years is owing to rising acceptance of cloud-based security solutions by firms. Moreover, data leaks related to cloud services will further prompt segmental growth. Apart from this, increase in malware infiltration risks and data breach issues linked with use of cloud services will proliferate size of cloud security segment over years ahead. Additionally, massive requirement of increasing filtering of web traffic accessing media contents will proliferate expansion of cloud security segment in ensuing years.
Rapid expansion of identity and access management (IAM) segment over ensuing years is due to humungous need of determining employee activities. Moreover, immense requirement of tracking & automating many of end-user related security activities has contributed substantially towards acceptance of IAM solutions in big & small organizations. Reportedly, a prominent increase in proportion of inside security threats & necessity of complying with security legislations & measures such as password management will drive segmental surge.
Segmental surge over forecasting time interval is due to massive cyber threats & cyber-attacks on government organizations & public utilities. Apart from this, new technologies, supply chain, and encrypted tools used by government agencies are also susceptible to cyber-attacks and hence has resulted in large-scale use of Cyber security systems in government organisations.
Rapid surge in growth of Cyber security market in Asia Pacific over coming years is likely to be due to massive usage of Cyber security systems in energy, finance, telecom, and technology sectors. In addition to this, rise in spending on security services has opened new vistas of growth for Cyber security industry in Asia Pacific. Presence of key participants in countries such as Japan, Taiwan, China, South Korea, and Singapore has resulted in massive sales of Cyber security solutions to western world, thereby augmenting earnings of Cyber security market in region.
The market experienced a slight dip in 2020 due to the closure of several organisations during the first and second quarters of 2020. However, the market started recovering by the end of the second quarter owing to several firms deploying security solutions with the implementation of remote working culture. Employees used personal devices for business work while connecting through private Wi-Fi or anonymous networks, putting the company’s security at risk. As such, organizations adopted cyber security solutions to manage and secure the increased number of endpoint devices while also getting protection from network threats.