Cybersecurity solutions help organizations detect, monitor, report, and counter cyber threats to maintain data confidentiality. The adoption of cybersecurity solutions is expected to grow in line with the rising internet penetration among developing and developed countries. The need for cybersecurity has increased as every system in today's world is connected to the internet, making data more accessible to cybercriminals.
The Global Cyber Security Market size was valued at USD 183.34 billion in 2020 and is predicted to reach USD 539.78 billion by 2030, with a CAGR of 11.6% from 2021-2030.
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The cyber security market is expected to continue its growth post-pandemic due to the hybrid working trend that is anticipated to stay over the future. Several employees are expected to continue working from home or remote premises with the increasing BYOD trend. According to data published by Nine2FiveJobSearch.com, before the pandemic, 29% of the U.S. workforce had an option of working from home on a part-time basis, which increased to 50% of the workforce working from home in 2020. The risk of cyber-attacks is expected to grow with the emerging BYOD and hybrid working trend, which is expected to drive the adoption of cyber security solutions and fuel market growth.
Cyber security companies are engaged in developing security solutions with AI that helps organizations automate their IT security. Such solutions enable automated threat detection and remediation, allowing IT professionals to reduce the efforts and time required to track malicious activities, techniques, and tactics. These solutions offer real-time monitoring and identification of new threats while also responding autonomously. This helps the security teams analyze the filtered breach information and detect and remediate cyber-attacks faster, thereby reducing security incident costs.
Some of the major key players in the cyber security market are: IBM Corporation, FireEye Inc., ProofPoint, Inc., Symantec Corporation, Cisco Systems, Inc., Check Point Software Technologies Ltd, Imperva Inc., Palo Alto Networks Inc., AVG Technologies NV and Dell Technologies Inc. among others.
Recent Development:
· In May 2022, Cisco launched a new product named Cloud Controls Framework (CCF). The Cisco CCF is a comprehensive framework aggregating international and national security compliance and certification standards. It enables teams to ensure that cloud goods and services fulfil security and privacy standards through a streamlined and rationalized compliance and risk management strategy, saving considerable costs.
· In April 2022, Palo Alto Networks launched a new product named Okyo Garde Enterprise Edition. It reduces the possibility of lateral migration by protecting the business network from the employee's personal network at home. It also helps in protecting the unmanaged work equipment at homes, such as printers, VoIP phones, and hardware prototypes.
· In February 2022, IBM launched a product named IBM Security X-Force Threat Intelligence Index. It helps clients understand emerging threats and quickly make informed security decisions combined with IBM security operations telemetry, research, incident response investigations, commercial data, and open sources. It unveiled various insights regarding the threat landscape in Asia.
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