The beginning of April was considered the worst week for social media firms across the aisle, as news headlines as far as the finger can scroll were swamped with news of billions of user accounts were leaked on a hacker forum for sale.
Leaks affected social networking giants such as Facebook, popular audio drop-in app Clubhouse, and the Microsoft-owned LinkedIn. These are but a glimpse of how businesses across the world and different industries are susceptible to breaches and leaks.
One cannot argue that such data leaks caught the eyes of many, from Big Tech to your everyday consumer, prompting a deeper look into cybersecurity on every scale.
A sentiment not only expressed through feelings of worry but also backed up by numbers.
According to a recent report by Allied Market Research, the cybersecurity market is on its way to reach $304.91 Billion, Globally, by 2027 at 9.4 percent CAGR; a market that had only generated $149.67 billion in 2019.
Drivers, restraints, and opportunities
An increase in malware and phishing threats among enterprises, rise in adoption of the Internet of Things (IoT) and Bring Your Own Device (BYOD), as well as demand for cloud-based cybersecurity solutions drive the growth of the global cyber security market.
However, budgetary constraints and complexities involved in the security of devices hinder the market growth.
“On the other hand, surge in adoption of mobile device applications and platforms, requirement for strong authentication methods, and transformation of the traditional antivirus software industry present new opportunities in the coming years,” the report noted.
Impact of COVID-19 on the cybersecurity market
According to the report, the number of cyberattacks has been increased during the lockdown as many organizations adopted the work from home strategy. “The need to implement cybersecurity for addressing security issues and facilitating secured access increased considerably,” the study stressed.
Not only that, one of targets by hackers were classified as being hospital data, healthcare apps, and wearable devices – which have been increased as the volume of patient data increased. “The need to secure and authenticate data in healthcare organizations surged,” the authors advised.
It is important to note the rise in COVID-19-related phishing and ransomware attacks, which is due to the utilization of the virus as bait to lead brands astray and attack their websites and apps.
“Cybersecurity providers have been focusing on innovations and development of advanced solutions by including features such as cloud security & AI-integrated solutions to deal with new types of viruses and ransomware used by attackers,” the report said.
The solution segment to maintain its highest contribution
Based on component, the solution segment accounted for the largest market share, contributing to more than two-thirds of the total share of the global cybersecurity market in 2019, and will maintain its highest contribution in terms of revenue during the forecast period.
“This is due to rise in need for vulnerability assessment, penetration testing, and compliance with the leading federal, defense, and industry security standards,” the report said; however, it also found that the services segment is projected to witness the largest CAGR of 11.2 percent from 2020 to 2027, owing to surge in cyber-attacks on the IT infrastructure of organizations.
The on-premises segment to maintain its dominant share
According to predictions based on deployment, the on-premises segment held the largest share in 2019, contributing to more than half of the global cyber security market, and is expected to maintain its dominant share during the forecast period.
“This is due to rise in need to secure critical data and track the influx of data within the organization,” the report said. However, the cloud segment is estimated to manifest the highest CAGR of 11.2 percent from 2020 to 2027, owing to lack of capital cost and low maintenance cost.
North America to continue to lead by 2027
Based on region, North America contributed to the highest market share in 2019, accounting for nearly one-third of the total share of the global cyber security market and will continue to lead by 2027.
“This is attributed to presence of major key players, high ICT spending, and huge number of cyber-attacks on various enterprises,” the study highlighted.
However, Asia-Pacific is estimated to portray the fastest CAGR of 11 percent during the forecast period, owing to adoption of wireless & mobile devices, rise in cyber-crimes, increase in awareness regarding data security, and strict security standards & government policies.