Gearing Up for an AI-driven Cybersecurity Market
What is the Definition of Cybersecurity?
The concept of cyber security began with a research project, wherein a curious science techie going by the name of Robert Thomas, came up with a theory indicating the possibilities for a computer program to travel across different networks. Although this concept was initialized for research purposes, it has been widely misused. As several data breaches and network hacks followed, engineers would soon realize the potential risks of network breaches and several engineers came forward with cyber security software that would help mitigate the risks associated by cyber hacks. Even then, hackers were able to invade private network systems through alternates. As biometric authentication took center stage, cyber security software evolved significantly.
The internet has simplified operations of software-integrated business activities. With benefits such as seamless communication channels, fast data transfer, and the shift from on premise data storage to cloud, internet has trumped all its alternate counterparts. Like all communication modes, the cloud-integrated software come with several risks. Among these risks, data breaches have been identified as the most lethal mode of invasion. At the cost of retaining sensitive data, companies pay hefty ransom. Cybersecurity software have been developed to avoid such circumstances.
Due to the vast software adoption and a subsequent for cybersecurity services, the overall investment in the development of cybersecurity services and software has risen drastically in the few years. As per a study by Fortune Business Insights, the global cybersecurity market is likely to rise at a high compound annual growth rate (CAGR) in the forthcoming years. The report on cybersecurity, titled “Cybersecurity Market Size, Share and Global Trend By Component (Solutions & Services), By Security Type (Network Security, Endpoint Security, Application Security, Cloud Security & Others), By Deployment (Cloud & On-Premise), By Organization Size (Small and Medium Enterprises (SMEs) & Large Enterprises), By Vertical (Banking, Financial Services, and others), and Geography Forecast till 2026,” provides a detailed analysis of key areas in the global market pertaining to product types, areas of investment, regional demographics, product applications, and the latest industry trends. Fortune Business Insights further states in its report that the overall cybersecurity market growth will be backed by factors such as high demand for cybersecurity services, excellent applications of cybersecurity, and the need for software security in several industry verticals.
What are the Reasons Behind Cybercrime?
The IT infrastructure has evolved completely since the turn of the 21st century. The rise of IT sector has been driven by global giants such as Google, Infosys, Apple, TCS, IBM, and several others. The resurgence of the IT industry from the recession days has been unprecedented. An increase in the number of IT companies will naturally involve more documentation and an overall rise in the need for software usage. Gone are the days when people. From employee records, finance management, software development, and other major corporate business models are centered around computer software. The internet revolution has, in most ways, acted as the backbone to the global IT infrastructure.
What Are the Primary Aspects of the Cybersecurity Market?
The global cybersecurity market size holds a massive potential due to the escalating demand for the product. To understand the recent market trends, Fortune Business Insights provides a brief assessment of the market for the year 2018. The report provides a thorough analysis of how cybersecurity companies have evolved in recent years and includes several factors that have accounted for a significant cybersecurity market growth. The data provided in the report is derived by our team of highly skilled analysts who possess bags of industry experience.
The report provides segmentation of the global cybersecurity market based on the following factors:
- Security Type
- Organization Size
- Industry Vertical
For a better understanding, the report highlights the leading areas from all segments. For instance, the components segment includes two key areas, namely solutions and services. From each of these sub-segments, Fortune Business Insights label major product types and encompasses several companies that have been providing these services in recent years. Additionally, the report on cybersecurity market will describe the potential held by certain companies and also discusses a few companies that are likely to showcase stagnancy on all marketing stands.
Identify New Business Opportunities Through our Extensive Research Techniques
The key to a quality market report is held by an efficient research methodology. The report on cybersecurity market provides insights into the latest market trends and areas of potential for investors and business alike. The cybersecurity market size holds massive potential for small scale enterprises (SMEs) as well as medium enterprises, especially in the forthcoming years. To understand the latest industry trends, it is essential to adopt a continual research method. Fortune Business Insights does just that, and our report on cybersecurity will help you gain a competitive edge in the overall market. A few of the key areas of the report that depict our standout research techniques include:
The escalating demand for cybersecurity has given to rise to an overall increase in the number of companies that are operating in the global cybersecurity market. The report will help you gain a better perspective of some of the medium-scale businesses that are not necessarily in the limelight but certainly hold a huge potential in the coming years. This approach will help users identify the companies that are likely to exhibit significant cybersecurity market growth in the coming years and keep away from companies that are likely to witness a downfall.
Syndicated Market Research
Recent advancements in the field cybersecurity have been noteworthy. Incorporation of technologies such as artificial intelligence and the internet of things have provided an elevated growth platform. There are new products in the market almost every day and it is seemingly difficult to stay in sync with the onslaught of technologies that are continually greeting the market. Through syndicated researches, the report on cybersecurity market analyzes some of the noteworthy technological advancements of recent times and highlights a few of the major product launches in the industry.
Through the Eyes of Users: Customer Research is Essential
Cybersecurity is an integral part of almost all major business in the world. Cybersecurity helps build a strong retailer-customer relationship. As security is one of the primary concerns for any end-user, be it an established business or a start-up. In a market with fierce competition, it becomes even more important to understand the needs and demand of the customer and act accordingly. The applications of cybersecurity differ based on the organizations and areas of operation. Through our extended customer research, stay in touch with the products that have witnessed the highest demand in recent years.
The report includes data accumulated through a combination of various primary and secondary research methods. Fortune Business Insights sets out forecast values for the cybersecurity market size for a fixed period of 2019-2026. Forecast values include key figures that showcase market behavior in the coming yeas such as the overall cybersecurity market size for start and end of the forecast period, along with the market CAGR in the same period.
What are the Leading Cybersecurity Software?
The adoption of advanced technologies has helped the companies generate a substantial cybersecurity market revenue in recent years. The use of artificial intelligence has benefited the companies on a global scale and help acquire wider end user coverage. The companies operating in this market are adopting some exceptional business strategies. Increased focus on strategizing through concepts such as AI has opened the doors for rapid cybersecurity market growth. A few of the noteworthy company developments made by key market players are listed below.
Symantec’s Comprehensive Cloud Security Introduced with Reduced Cost
In July 2019, Symantec, one of the prominent cybersecurity companies, announced the launch of a new product in the field of cybersecurity. The company’s cloud-integrated security approach is making headlines across the industry, and this time, the company aims to gain an ever wider end user coverage. The company launched a new cloud access security solution, which will help companies secure their cloud administration and internet usage. Symantec’s latest product comes with a reduced overall operational cost and at the same time, an increased operational efficacy.
Check Point Software Breaks Ground with ‘AI-driven Malware Detection’
In June 2019, Check Point Software announced the launch of a new malware detection engine for enhancing the overall security of cloud-integrated services. The artificial intelligence-driven. The company’s latest product had the ability to scan malware variant through an excellent machine-driven database that can detect malware and threats efficiently. Fortune Business Insights has identified this product as one of the major highlights in the market.
Besides these companies, Fortune Business Insights labels a few of the other companies in the market that have made their fortunes in the market through standout business strategies. The high demand for cybersecurity software has opened the doors for rapid growth for the companies operating in the global cybersecurity market. In a bid to establish a strong brand presence, companies are adopting newer concepts that cater to modern industry standards. The report provides a brief analysis of various companies operating in the market and forecasts the companies that are likely to emerge dominant in the global market in the forthcoming years.
Besides Check Point Software and Symantec, a few of the other companies that have constituted an increase in the cybersecurity market size are FireEye, Inc., Cisco Systems, Inc., Trend Micro Incorporated, McAfee, LLC, Microsoft Corporation, Networks, Inc., RSA Security LLC, Amazon Web Services, Inc., Oracle Corporation, Fortinet, Inc., CyberArk Software Ltd, F-Secure, Palo Alto Networks, Inc., and Imperva.
How Much Does Cybercrime Cost The US Per Year?
Over-the-top R&D Spending to Favor Cybersecurity Market in North America
The growing industrialization across several sub-regions of North America has opened the doors for rapid advancements for companies operating in this region. An increase in the number of companies operating in the market will have a direct impact on the market in North America. Through extensive research and predictive analysis, Fortune Business Insights states that the market in North America is likely to witness the highest growth in the coming years. The increased spending in the research and development of efficient cybersecurity software and services will favor the growth of the regional market. The increased efforts from the US government to stop cloud-based attacks and data breaching, coupled with a high budget allocation will constitute an increase in the regional cybersecurity market size. Additionally, the growing awareness regarding data protection and attempts to tackle data breaches and hacks will aid the growth of the market in North America.
Europe to Follow North America in Terms of Market Growth
The increased efforts from the government as well as private organizations will aid the growth of the market in Europe. Fortune Business Insights has predicted that the cybersecurity market size in Europe will emerge second-most dominant in the global market. The increasing number of mergers and acquisitions, coupled with growing alliances to combat cybercrimes will aid the growth of the market in Europe.
How Much Is Cybercrime Worth?
Cybercrime is said to have incurred losses of over $500 Billion till date. As open source cyber security building platforms are few and far between, most of the genuine cyber security software are, in all fairness, a paid entity. Although companies are distributing free limited versions to market their product, the conversion rate from free to paid service adoption is unsurprisingly less. As a result, cyber security firms and companies are finding it difficult to expand. The integration of cloud has simply added to the risk factor involved in network infrastructures. Cyber threats exist in several industries across the world, ranging from broadcast and video on demand providers to IT companies and banking sector. Despite the advancements in building network infrastructures, hackers tend to eventually find a way through. Even broadcasting giants such as Netflix fell prey to cybercrime, which was depicted by the infamous ‘The Dark Overload’ hack in 2017. In the wake of major cyber threats, several companies have shaken hands on sharing data to learn and minimize cybercrimes. Several cloud companies in the cybersecurity market are collaborating with cyber security firms, insurance companies are being approached by cybersecurity companies and the list goes on. IT giants such as IBM and Cisco have announced cloud-based platforms to handle and eliminate cybercrimes.
As companies are realizing that collaboration holds the key to tackle cyber-attacks, several unions have been formed. The National Cyber Security Alliance is among the leading firms in the world that operates extensively in a bid to tackle cyber-crimes. As collaborations have emerged at the forefront of cyber hack mitigation, the cyber security space has witnessed several company mergers in recent years. In one of the largest mergers of recent times, IBM Security joined hands with McAfee to enhance its network security. With several mergers and acquisitions on the horizon, it is safe to say that cyber security threats may soon be extinguished in the coming years.
Which Country Has the Highest Cybercrime Rate?
An organization’s transparency in handling operations decides its brand and market image. A company typically functions based on the regulations vested by the board of authorities. Not all employees and organizations feel the need to openly disclose stolen data. Not only this, many incidents are not reported in time and this certainly does no good for people involved in studying the patterns of cyber hacks. Ultimately, the work culture in a company can decide the measure of a data breach, meaning that less stringent rules in maintaining confidentiality will be seen as a window of opportunity for several hackers. With respect to ongoing trends and wok cultures, China is said to have witnessed the highest cybercrime rate in recent years.
How Big Is the Cybersecurity Market?
The increasing number of cybersecurity vendors has emerged in favor of the companies operating in the market. As per research, the global cybersecurity market size was USD 131 billion in 2018. As cyber security companies have identified the potential of minimizing risks through stringent work culture, many companies have initiated cyber security training programs in companies across several industries. A few of the globally renowned companies vested in providing cyber security services include Symantec, McAfee, Forcepoint, and Centrify. Most recently, Blackberry made its name heard in the cyber security space with its AI-integrated ‘predictive security.’
What does the Future Hold for Cybersecurity Market?
Artificial Intelligence has played a huge role in the advancement of cybersecurity software vendors across the world. AI and cybersecurity go hand-in-hand. Artificial intelligence enables predicative analysis of cyber threats and attacks, which helps in predicting fraudulent activities. As a result, there has been an increased adoption for AI-integrated software has contributed hugely to the cybersecurity market growth. Artificial intelligence has been promptly described as a primary reason behind the industrial revolution, and its influence on cybersecurity is commendable. Artificial Intelligence has opened up a huge potential for the companies operating in the market. Recent advancements in the field of AI have showcased a promising future for the global cybersecurity market.
In addition to a huge adoption of AI, machine learning will also play a major part in the development of cybersecurity software in the forthcoming years. Fortune Business Insights has predicted that the companies adopting a combination of AI and machine learning are likely to fare better than others. In order to tackle cyber threats, it is essential to get to the core of the problem and study patterns of threat and data breaches. Predictive analysis will do no harm to the companies operating in the market. The adaptive security approach for cybersecurity will certainly enable increased product efficacy. The report highlights key areas of the market and identifies the areas that hold the highest potential. Fortune Business Insights predicts that the global cybersecurity market size will increase at a considerable rate in the forthcoming years, owing to recent technological advancements.
What will the projected cost of cybercrime be in 2021?
Cyber-attacks are something that all major companies have to deal with. In recent years, it has become increasingly clear that initiating cyber-security programs at an early stage will benefit the overall business of the company itself. Besides cyber security training programs, collaborations across several industries have proven fruitful on the quest to limit cyber-attacks. Altogether, company collaborations have positively influenced cybersecurity market and it won’t be long until cyber-attacks will be deemed as a thing of the past. Based on extensive research, cybercrime is projected to cost over 5 trillion dollars by the end of 2021.
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