The overwhelming quantity of digital solutions, services, and products inevitably attract fraudsters. Even if consumers, merchants, businesses, and organizations are increasingly open to embracing digital alternatives, they, however, demand that the level of security be high. A recent study conducted by Zion Market Research revealed that the number of cyber threats is acting as a powerful booster for the cyber security market.
Cyber crimes have become a common thing
If the Internet has created a myriad of opportunities, it has equally entailed various drawbacks such as cyber crimes. Fraudsters and hackers avidly use the Internet to commit various types of thefts and crimes. To date, software piracy, denial of service attack, and even cyberterrorism have impacted on individuals, businesses, and organizations.
To counter these threats and attacks and to establish rules and measures, the need for powerful cybersecurity has become more pressing than ever. Various processes and technologies are constantly being developed to safeguard data as well as devices such as computers, from cybercrime. The need for a very strong level of cybersecurity is much more vital for governments, financial organizations, military, hospitals and other industries that have to gather and store massive amounts of confidential data on computers.
Government regulations are becoming more stringent
The development of cybersecurity is knowing an exponential growth since the past few years. According to the research, the key driving factor is the growing stringency of government regulations face to the growing number of cyber threats.
In the forthcoming years, the need for integrated cyber solutions is expected to additionally boost the cyber security market growth. Various other factors such as the soaring severity of cyber crimes, and the rapid adoption of cloud computing and cloud security, data center and wireless communication, are poised to make the market grow. As individuals, businesses, organizations, and governments are demanding high-end cybersecurity products and services, fresh opportunities are equally expected to sprout. These trends are forecasted for the period up to 2021.
The cyber security market is broken down into various segments
The global cyber security market is divided into multiple segments, namely network security, cloud security, and wireless security. Network security positioned itself as the leading segment in the global cyber security market, accounting for more than 40% of the total market share in 2015. Cybersecurity solutions, on their side, are divided into various categories such as identity and access management (IAM), encryption, risk and compliance management, data loss prevention, antivirus and antimalware, and firewall. The most important sectors requiring powerful cybersecurity are aerospace, government, financial services, telecommunications, and healthcare.
Cybersecurity is still maturing in North America and Europe
According to the research, North America positioned itself as the leading market due to the stringency of government regulations as well as the growing number of cyber threats. Its cybersecurity market is also well diversified. As technological development and high awareness among the population are expanding, the market is trending towards a maturing phase. The same trend is observed in the European market. In the Asia Pacific region, the cyber security market is still flourishing, representing various opportunities for emerging markets for cyber security solutions and products. In brief, all players in the cyber security market are expected to come up with advanced and user-friendly solutions at a constant rate to grab their share of the market.
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