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.

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What are Factors Contributing to the Surge of Cyber Security Market in Asia-Pacific (APAC) in Future?

The rising prevalence of cyber-attacks across the world is one of the biggest factors fuelling growth in the demand for cybersecurity solutions all around the world. Since the last few years, there has been a massive surge in the incidence of cyber attacks, owing to the rising internet penetration, soaring number of smartphone users, increasing trend of bring your own device (BYOD), and escalating enterprise mobility requirements i across the world. 

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Due to the increasing awareness regarding security breaches, a majority of information technology (IT) companies (95% of the companies) have significantly increased their expenditure in cybersecurity solutions. The other major factor propelling the demand for cybersecurity solutions is the increasing usage of smartphones across the world. 

Driven by the above-mentioned factors, the global cyber security market is expected to demonstrate huge growth in its revenue over the next few years. North America accounted for the largest share in the cyber security market in 2016, with nearly 9% growth rate during 2013 – 2016. A large number of IT companies are located in North America, making it a hotspot for cyber-attacks.

The modern mobile devices are equipped with a plethora of advanced features similar to personal computers such as GPS navigation, access to email, internet, and many other applications, which consequently make them extremely susceptible to cyber-attacks. 

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Moreover, the security measures in these phones like firewalls are not updated regularly, which make the sensitive information stored in these devices such as contact details and password details much more enticing to cyber adversaries, which in turn, boost the demand for cybersecurity. 

Cybersecurity provides security in areas of network, application, endpoint, wireless, and cloud. Amongst these, the adoption of cybersecurity solutions for areas of enterprise applications is expected to be the highest in the coming years. This is mainly attributed to the rising demand for protecting enterprise data and applications from highly complex cyber attacks.

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Cyber security Market Regional Revenue, Trends, Opportunities and Future Prospects

The cyber security market is predicted to grow substantially in the coming years due to the strict government regulation for data privacy, surging incidence of cyber-attacks, and increased utilization of mobile devices. Cyber security is a comprehensive system of technologies, practices, and processes which provide security to data, software programs, computers, and IT networks from any kind of unauthorized access, damage, and attack.

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In terms of component, the market is bifurcated into service and solution, between which, solution is expected to account for the major share of the market in the near future.When security type is taken into consideration, the cyber security market is divided into wireless, application, cloud, network, endpoint, and others (which include perimeter security, email security, information security, and web security).

Out of these, the application division held the largest share of the market in the past and is further predicted to dominate the market in the coming years. The reason for this is the rising requirement for protecting enterprise applications and data, increasing deployment of third-party applications, and surging complexity level of cyber-attacks.

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On the basis of industry, the cyber security market is categorized into manufacturing, IT & telecom, retail, healthcare, banking, financial services, & insurance (BFSI), government and public utilities, aerospace & defense, and others (which include hospitality, education, and automotive). Among these, the aerospace & defense category dominated the market in the past and is further predicted to account for the major share of the market in the near future. The BFSI category is projected to advance at the fastest pace in the near future.

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