Cyber Crisis Management Market to Witness Widespread Expansion By 2031, Finds TMR
Cyber Crisis Management Market to Witness Widespread Expansion By 2031, Finds TMR
Published by TMR Research Insights
Posted on October 4, 2021
Cyber crisis management is a set of strategies, which helps to minimize the threats and reduce the impact of cyber-attacks on company operations by storing and securing the data on a cloud-based cybersecurity system.
In today’s technological world, organizations need to adopt a cyber crisis management system to avoid predictable loss of cost and time after a cyber-breach.
The increasing adoption of advanced technology such as AI and IoT in various sectors creates various opportunities to provide security solutions to enterprises, which helps to expand the cyber crisis management market over the next few years.
Global Cyber Crisis Management Market: Key Drivers
A rise in mobile threat issues due to the invention of various applications creates the risk of cyber-attacks for companies, leading to increase in demand for cyber crisis management to handle the cyber crisis of company operations.
Adoption of cyber crisis management is expected to increase during the forecast period to detect cyber incidents and to protect the network and data in business operations.
In the aerospace sector, the chances of cyber-attacks have increased due to extensive technological investments, which affects the cybersecurity of companies, and is a factor fuelling the demand for cyber crisis management.
However, the operations of cyber crisis management are complex in nature, which restrains the adoption of cyber crisis management.
The cyber crisis management process consumes more time and this also impacts the growth of the market.
The cyber crisis management market has ample opportunities in SMEs, due to increase in number of cyber-attacks.
The market also has substantial opportunities in the BFSI segment, to prevent cyber-attacks during mobile banking operations.
Impact of COVID-19 on the Global Cyber Crisis Management Market
Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Companies adopting the work from home work culture is the new normal.
Digital transformation and cyber security of companies have become the most important factors due to COVID-19, which affects the remote working environment of an organization.
Companies need to provide a cyber-safe environment to every working individual. Hence, it is concluded that COVID-19 has a positive impact on the cyber crisis management market.
North America to Hold Major Share of the Global Cyber Crisis Management Market
In terms of region, the global cyber crisis management market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America is likely to be the largest market for cyber crisis management during the forecast period. The need for cyber security increases as a result of increase in investment in the IT & telecommunication sector in the US and Canada, which leads to the high adoption of cyber crisis management in the North America region
The financial stability of enterprises in Asia Pacific and Europe encourages them to invest in cybersecurity to secure the data of company operations, which drives the demand for cyber crisis management in APAC and Europe.
Rapid digitization in UAE and Saudi Arabia opened more gateways for cyberattacks, which triggered the adoption of cyber crisis management in the MEA region.
Global Cyber Crisis Management Market: Competition Landscape
Several players in cyber crisis management have a strong presence in the market with rapid technological advancements.
In July 2019, White Hat Security, a key player in the cyber crisis management market, was acquired by NTT security, which meets modern security needs of IT infrastructures of enterprises and operates other business applications.
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
Cyber crisis management is a set of strategies, which helps to minimize the threats and reduce the impact of cyber-attacks on company operations by storing and securing the data on a cloud-based cybersecurity system.
In today’s technological world, organizations need to adopt a cyber crisis management system to avoid predictable loss of cost and time after a cyber-breach.
The increasing adoption of advanced technology such as AI and IoT in various sectors creates various opportunities to provide security solutions to enterprises, which helps to expand the cyber crisis management market over the next few years.
Global Cyber Crisis Management Market: Key Drivers
A rise in mobile threat issues due to the invention of various applications creates the risk of cyber-attacks for companies, leading to increase in demand for cyber crisis management to handle the cyber crisis of company operations.
Adoption of cyber crisis management is expected to increase during the forecast period to detect cyber incidents and to protect the network and data in business operations.
In the aerospace sector, the chances of cyber-attacks have increased due to extensive technological investments, which affects the cybersecurity of companies, and is a factor fuelling the demand for cyber crisis management.
However, the operations of cyber crisis management are complex in nature, which restrains the adoption of cyber crisis management.
The cyber crisis management process consumes more time and this also impacts the growth of the market.
The cyber crisis management market has ample opportunities in SMEs, due to increase in number of cyber-attacks.
The market also has substantial opportunities in the BFSI segment, to prevent cyber-attacks during mobile banking operations.
Impact of COVID-19 on the Global Cyber Crisis Management Market
Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Companies adopting the work from home work culture is the new normal.
Digital transformation and cyber security of companies have become the most important factors due to COVID-19, which affects the remote working environment of an organization.
Companies need to provide a cyber-safe environment to every working individual. Hence, it is concluded that COVID-19 has a positive impact on the cyber crisis management market.
North America to Hold Major Share of the Global Cyber Crisis Management Market
In terms of region, the global cyber crisis management market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America is likely to be the largest market for cyber crisis management during the forecast period. The need for cyber security increases as a result of increase in investment in the IT & telecommunication sector in the US and Canada, which leads to the high adoption of cyber crisis management in the North America region
The financial stability of enterprises in Asia Pacific and Europe encourages them to invest in cybersecurity to secure the data of company operations, which drives the demand for cyber crisis management in APAC and Europe.
Rapid digitization in UAE and Saudi Arabia opened more gateways for cyberattacks, which triggered the adoption of cyber crisis management in the MEA region.
Global Cyber Crisis Management Market: Competition Landscape
Several players in cyber crisis management have a strong presence in the market with rapid technological advancements.
In July 2019, White Hat Security, a key player in the cyber crisis management market, was acquired by NTT security, which meets modern security needs of IT infrastructures of enterprises and operates other business applications.
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
