Covid-19 Impact on Cyber Security Market – Overview
The Global Cyber Security Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of cyber security will grow moderately over the forecast period. The market is forecasted to witness rapid but steady growth by 2027.
Covid-19 Impact on Cyber Security Market can be broadly classified into software, hardware and services. Managed security is one of the most preferred cyber security technologies, and is growing rapidly to ease operations and management in banking, telecommunications, and healthcare. Cyber security services will continue to have a higher preference than cyber security software and hardware throughout the assessment period.
The emerging BYOD trend among organizations has made devices and applications more vulnerable to malware and threats. Even though, the policy encourages employees to use mobile devices such as smartphones or tablets, this has made corporate date more vulnerable to cyber-attacks. This initiative has resulted in enterprise mobility, improving the organization productivity, however the risk associated with this model, is encouraging organization to implement effective security solution. The BYOD trend is here to stay, due to its positive impact on the overall organizations productivity, hence this trend would stimulate the growth of cyber security solutions in the coming years.
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Global Cyber Security Market: Regional Analysis
North America leads the market for global cyber security market, due to the technical advancements and early adoption in this region. Owing to the increasing cyber-crime and strict government rules against it many of the companies started to develop and deploy cyber security techniques. In Asia Pacific the market for global cyber security is anticipated to grow at a faster rate through the forecast period. The primary forces driving this growth are increased adoption of mobile and web based applications in countries like China, Japan and India.
Cyber security has become a national concern for countries like the Europe, U.S. and China. In China, for instance, implemented a new cyber security law in May 2017, which has organizations the world over concerned with data sharing and handling. The Europe, U.S. and other countries will likely see new legislation to boost security and data protection soon as well.
Global Cyber Security Market – Segmentation
The Global Cyber Security is segmented in to 5 key dynamics for the convenience of the report and enhanced understanding
- Segmentation by Solution: Comprises Identity and Access Management, Risk and compliance management, encryption, Data Loss Prevention (DLP), Unified Threat Management (UTM), Firewall, antivirus/anti-malware, Intrusion Detection System (IDS)/Intrusion Prevention System (IPS) among others
- Segmentation by Service: Comprises Design Services, Consulting Services, Risk Assessment Services, and Training Services among others
- Segmentation by Security type: Comprises Network Security, Endpoint Security, Content Security, Application Security, Industrial Control System Security and Cloud Security
- Segmentation by Deployment: Comprises of on-premise and cloud
- Segmentation by Vertical: Comprises Telecommunication, BFSI, Manufacturing, Aerospace and Defense, and Healthcare among others.
- Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World
The key players in the market of cyber security are- Cisco Corporation, Mcafee Corporation, Fortinet Inc, Trend Micro Inc, Cassidian Cybersecurity Company, Computer Science Corporation, , Booz Allen Hamilton Corporation, Kaspersky Lab, Fireeye inc, Symantec Corporation among others.
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Oct 2019 Singapore has launched a masterplan that has been unveiled to defend operational technology (OT) systems from cyber-attacks that can derail Singapore’s transport, water supply, and other critical sectors. The OT cybersecurity masterplan will strengthen defense against such cyber-attacks by increasing the talent pool and simplifying the interchange of data between the private and public sectors.
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