The global cybersecurity market was valued at USD 118.78 billion in 2018, and is expected to reach USD 267.73 billion by 2024, registering a CAGR of 14.5%, during the period of 2019

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Nov 11, 2019, 14:00 ET

NEW YORK, Nov. 11, 2019 /PRNewswire/ --

Market Overview
The global cybersecurity market was valued at USD 118.78 billion in 2018, and is expected to reach USD 267.73 billion by 2024, registering a CAGR of 14.5%, during the period of 2019-2024. The rise in trend for IoT, BYOD, AI and machine learning in cybersecurity is increasing. For instance, machine learning provides advantages in outlier detection, much to the benefit of cybersecurity. Machines can handle billions of security events in a single day, providing clarity around a system's activity and flagging anything unusual for human review. ??????

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- Rapidly increasing cybersecurity incidents and regulations requiring their reporting is driving the cybersecurity market. A recent survey conducted in 2018 by Data connectors, a leading provider of cybersecurity conferences to understand the occurrence of cybersecurity breaches indicated that about 43% of businesses have fallen prey to cybersecurity breach in the last one year, globally. CSO Online predicts that the ransomware attacks could quadruple by 2020, with the healthcare industry being attacked more than most other industries. This instances shows that there is a high need for cybersecurity to prevent cybercrime.
- Adoption of M2M/IoT connections demands strengthened in cybersecurity in enterprises. This is driving the market as the emerging business models and applications are coupled with the reducing device costs, which have been instrumental in driving the adoption of IoT, and consequently, the number of connected devices, such as connected cars, machines, meters, wearables, and consumer electronics. On the other hand, several other smart city projects and initiatives are ongoing, and by 2025, it is expected that there may be around 30 global smart cities and 50% of these may be located in North America and Europe, which will demand high cybersecurity for prevention.
- High reliance on traditional authentication methods and low preparedness is challenging the market to grow. In a market scenario, where security professionals are recommending identity-management solutions, such as facial recognition and biometric identification, most of the companies in the region (over 80%) still use usernames and passwords as the exclusive means of logging in. These findings indicate that many of the enterprises in the region can face wide range of cyber threats and data breach incidents in environments for their customers, employees, and sensitive intellectual property

Scope of the Report
Cybersecurity solutions help an organization to monitor, detect, report, and counter cyber threats to maintain data confidentiality. The adoption of cybersecurity solutions is expected to grow with the increasing penetration of internet among the developing and developed countries and the need for security solutions has been marked highly by private financial and banking services sectors, along with healthcare, and aerospace defense sector.

Key Market Trends
Aerospace and Defense Segment is Expected to Witness a Significant Growth

- Airplane navigation and guidance systems can be highly susceptible to cyber-attacks, which can have widespread ramifications. Hence, the computers and networks for all the ground and air-borne operations need strong security infrastructure. The increasing adoption of machine-to-machine technologies (M2M) in the aerospace domain and the focus of the governments on cybersecurity to counter cyber terrorism has driven the growth of the cybersecurity market in this sector immensely for the past few years.
- Drones are being increasingly used by rogue elements to get critical data. Owing to their low cost and ease of use, drones can deliver a "payload" for surveillance, to capture data, and disrupt networks. In a recent incident, Chinese company DJI fixed a security vulnerability its drones had. Though no amount of data was stolen, the company stated in the case of any hacking, cybercriminals could have got control of an entire fleet of drones, given the tethered nature of its apps and services.
- With increasing data breaches in military defense, United States is laying high emphasis on its military and defense sector and are investing mainly in research and development of new weaponry systems. In October 2018, the US Government Accountability Office (GAO) released a report stating that most of the weapon systems that were under development are found to have mission-critical cyber vulnerabilities. Later that month, the US government signed the law to establish the Cybersecurity and Infrastructure Security Agency (CISA) in order to enhance national defense against cyber-attacks.
- The US Aerospace Industries Association focused on promoting policies that strengthen the aerospace and defense industry. Defense companies, such as BAE Systems PLC, General Dynamics Corporation, and Finmeccanica SpA, are engaged in developing cybersecurity solutions in the defense industry, especially in developing network security solutions and software, preventing cyber-attacks on military software systems, indicating the demand for these solutions in the aerospace and defense sector.

Asia-Pacific to Account for the Largest Market Growth

- Asia-Pacific is expected to have highest market growth for cyber security solutions, over the forecast period. The strong presence of several market incumbents, coupled with recent security threats in the region, are expected to drive the adoption of these solutions further.
- India has experienced a rapid increase in cyber crimes registration, with the country ranking fifth in terms of the overall DNS hijacks. Also according to Gemalto, India accounts for 37% of the global breaches in terms of records compromised or stolen. Also the increasing number of malware and ransomware attacks in the country is also a significant factor driving the adoption of cybersecurity solutions. According to the 2019 Internet Security Threat Report by Symantec, the use of malicious PowerScripts increased by 1,000%, and ransomware infections of enterprises increased by 12%, in 2018.
- Moreover, South Korea is becoming one of the prime targets for cyber-attacks, due to the country's increasing number of connected devices, advanced use of mobile devices, and significant intellectual property. In January 2019, according to the National Police Agency report, cybercrimes increased by nearly 14% in Korea in 2018 to reach about 150,000 cases. This drives the use of cybersecurity in this country.

Competitive Landscape
The cyber security market is fragmented. It is a highly competitive as market comprises several global and regional players. Innovation can bring about a sustainable, competitive advantage. New markets, such as big data or the IoT, are reshaping their security trends and the firm concentration ratio is expected to record higher growth during the forecast period. Key players are AVG Technologies, Cisco Systems Inc., IBM Corporation, etc. Recent developments in the market are -
- Sep 2019 - The Cisco Webex Control Hub launched extended security pack available for users and enabled the customers to protect data from accidental misuse and malicious attacks, while delivering the best user experience. It packages full-functionality Cisco Cloudlock CASB for Webex Teams with native Webex anti-malware capabilities powered by Cisco Talos ClamAV in Webex Cloud.
- Aug 2019 - Check Point Software Technologies Ltd announced the launch of a Check Point branch office security solution to transform enterprise branch office connectivity with cloud-delivered security services. As enterprises increasingly move their on-premise branch office workloads and applications to SaaS applications, they are adopting Software-Defined Wide Area Networking (SD-WAN) to intelligently route traffic to cloud services.

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