IAM Category Dominated Cyber Security Market

The technique of protecting electronic systems, computers, networks, mobile devices, servers, and data against hostile intrusions is known as cyber security. It is often referred to as electronic information security or information technology security.

By 2030, it is predicted that the cyber security industry would be worth USD 352.5 billion, as per P&S Intelligence. This is primarily due to an increase in cyberattacks, rising cloud computing technology spending, surging cloud encryption solution adoption, surging BYOD acceptance, and snowballing adoption of big data analytics, computer vision, ML, and IoT. 

Cyber Security Industry Demand Forecast to 2030

Healthcare organizations, music labels, and financial institutions have all using blockchain technology. Peer-to-peer blockchain can save costs and boost productivity without a central middleman, but it is dangerous. Device vulnerabilities might result from things like bad encryption, hashing, inadequate cyber security, and poorly designed applications.

Fraudulent transactions, data breaches, and illegal financial transfers are all possible outcomes of a corrupted blockchain. Blockchain technology, which has a sophisticated architecture, is the most secure method of storing and exchanging information online.

Demand for Identity and Access Management Solutions Is Booming

The IAM category held the biggest share, or around 20%, of solutions types in 2022. This is mostly due to the rise in demand for complete user access control within enterprises, security of sensitive data, safe cooperation with outside stakeholders, and automation of repetitive processes to save costs associated with IT. 

As a result, leading companies are introducing cloud-based IAM solutions to meet the increasing demand and increase their market share.

The risk and compliance management category, on the other hand, is predicted to develop at the quickest rate, with a CAGR of almost 15%. This may be attributed to enterprises putting a greater emphasis on user access control visibility, complying with laws, and rising knowledge of controlling and anticipating possible risks to prevent financial losses.

Additionally, the managed category had the greatest proportion of the worldwide market for cyber security services in 2022, at almost 30%. This is because managed services are in high demand among SMEs due to their numerous advantages, such as reduced IT expenses and increased productivity. 

Large enterprises are also quickly embracing managed services to save operating expenses and increase their worldwide reach with dependable and consistent services.

Growing Cybersecurity Usage for Connected IoT Ecosystem

A huge potential exists thanks to the IoT for consumers, businesses, and IT companies. The capabilities of IoT solutions are still largely untapped by most businesses. To combat the dangers of cyberattacks related to their IoT equipment, IoT users and software developers want to employ a variety of existing and future technological solutions.

Tech firms and the creators of such solutions must take the initiative to safeguard their products and create a more secure IoT ecosystem.

Companies carefully assess the reliability of their qualified partners and outside vendors, and they make investments in integrating data privacy and cyber security into the linked ecosystem. 

To reach their objectives that are necessary for the linked ecosystem, businesses are also thinking about a variety of techniques that might provide the possibility for constructing, investing, and forming alliances.