The cybersecurity market will be driven by rising demand for cyber protection as well as advanced network infrastructure security across enterprises.
By Saloni Walimbe, Content Writer at Global Market Insights, Inc.
According to Global Market Insights, Cyber Security Market is expected to exceed USD 400 billion by 2026. The rising demand for cyber protection as well as advanced network infrastructure security across enterprises is set to drive the cybersecurity market in the forthcoming timeframe.
Furthermore, rising internet penetration and technological advancement are leading enterprises to move to cloud-based business models. The established enterprises are investing majorly in cybersecurity solutions since widespread digitization throughout enterprises is prone to information breach and cyber threats.
The organizations are also establishing infrastructure and network security solutions which include internet protocols and firewalls. This further allows them to prevent possible monetary as well as non-monetary losses like data storage devices and interconnected servers.
The demand for products related to infrastructure protection is anticipated to grow substantially through 2020-2026. Several organizations are adopting the BYOD work practice at a larger level in order to boost business productivity and to provide flexibility to the employees. They are also adopting endpoint protection in order to stop any unauthenticated access and vulnerabilities to enterprise data resources by mobile devices. Subsequently, owing to the huge penetration of cloud services, enterprises are further adopting cloud security solutions.
Since the cloud business infrastructure is vulnerable to cyber risks, cloud security solutions allow the company to maintain efficient network operations by following set rules. They tend to manage the total network security and also prevent unauthenticated alterations over the network.
The adoption of cybersecurity solutions across SMEs is likely to grow over 15% CAGR through 2020-2026. The increasing number of cyber-attacks over small & medium enterprises along with rising monetary losses have further led to increasing adoption of cutting-edge security solutions.
Furthermore, these enterprises have also embraced the BYOD guidelines to lessen the capital expenditure as well as enhance the productivities of employees. They are also making substantial investments in advanced security solutions in order to secure their data, majorly because they are prone to data breaches and cyber threats.
Cybersecurity products & services demand is increasing in the IT and Telecommunication organizations owing to the demand for protection of personal sensitive data. The companies are adopting security solutions in efforts to protect their virtual information systems, servers, and data centers. This further helps them to alleviate cyber risks and also sense vulnerabilities at an early stage, thereby protecting from live attacks. In addition to this, the introduction of strict regulations from government authorities is impelling the cybersecurity market growth.
The European cybersecurity market is likely to grow at a CAGR of over 15% by the end of the forecast timespan. Several enterprises functioning in banking sectors are increasingly adopting technologically advanced cybersecurity solutions. Private corporates and government enterprises have registered an increasing number of cyberattacks. Additionally, private corporates and government authorities are also making collective efforts to stop such vulnerabilities.
Citing an instance, the European Central Bank collaborated with the members of the Euro Cyber Resilience Board. The two together introduced the Cyber Information and Intelligence Sharing initiative, which focuses on detecting and preventing cyberattacks as well as enhancing the cybersecurity throughout financial institutions.
The competitive landscape of the global cybersecurity market is inclusive of players such as Google LLC, Nokia Networks, Oracle Corporation, IBM Corporation, Microsoft Corporation, Amazon Web Services, and others.
About the Author
Saloni Walimbe,An avid reader since childhood, Saloni is currently following her passion for content creation by penning down insightful articles relating to global industry trends, business, and trade & finance. With an MBA-Marketing qualification under her belt, she has spent two years as a content writer in the advertising field. Aside from her professional work, she is an ardent animal lover and enjoys movies, music, and books in her spare time.
Company Website: – https://www.gminsights.com/
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