The cybersecurity market is expanding rapidly, driven by increasing cyber threats and technological adoption, with significant growth in aerospace, defence, and Asia Pacific regions.
Critically growing need for maintaining the safety, and security of information/data for confidentiality is driving demand for effective cybersecurity solutions at organisational level. An upsurge in demand for cybersecurity solutions has been significantly proliferating over the past decade as more businesses are making it a priority to continuously detect, report, counter, and monitor cyber threats to their organisational information. Adoption will continue to follow an upward trajectory with deepening Internet penetration across all corners of the world, says a new ongoing study of Fairfield Market Research. The report uncovers all the facets of global cybersecurity landscape to offer an exclusive set of actionable insights to existing, as well as potential market participants.
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Rising Adoption of Next-gen Technologies by Enterprises Pushes Cybersecurity
Escalating adoption of Internet of Things (IoT), and machine to machine (M2M communication) intensifies demand for deployment of efficient, and effective cybersecurity solutions at enterprises. In addition, growing prominence of the bring your own device (BYOD) policy across workplaces is expected to push cybersecurity adoption in future. Extensive usage of a host of connected devices, including wearables, consumer electronics, meters, machines, and cars is likely to remain another major factor necessitating critical cybersecurity measures. With several smart city projects in the pipeline worldwide, there will be mounting concerns regarding data privacy, and security, which points to a goldmine of opportunities for cybersecurity solution providers in global market.
Aerospace and Defence to Remain a High-potential Application Area
Besides significant demand anticipated from the banking and finance industry, cybersecurity market anticipates huge gains from the aerospace and defence industry as well. Healthcare industry is also likely to register noteworthy consumption of cybersecurity solutions. Prevalence of potential data breaches in military defence and aerospace makes it imperative for industry operators to have a dependable cybersecurity infrastructure. The industry will remain among the key consumer sectors generating demand for cybersecurity solutions to address mission-critical cyber vulnerabilities. Favourable government initiatives regarding adoption of cybersecurity for combating cyber terrorism will remain instrumental in determining the share of aerospace and defence industry in cybersecurity market.
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Asia Pacific Surges ahead in Terms of Market Attractiveness
The market maintains its stronghold in North America as the region houses a majority of key market players serving a variety of industrial domains. The market here further expects a strong impetus from the dynamic competition environment with a number of strategic investments, R&D ventures, and partnership deals over the deployment of advanced cybersecurity solutions.
Asia Pacific, as suggested by research, holds the maximum potential for market growth during the period of assessment. An exploding rate of registration of cybercrimes and breaches, especially in fast-developing economies like India, is projected to elevate the prospects of cybersecurity market in Asia Pacific. Adoption will also remain on a higher side to address the ever-escalating number of ransomware, and malware attacks. Considering South Korea’s wealth of intellectual property in addition to an extraordinarily growing usage of mobile devices, and widening expanse of connected technology, the country remains among the top targets of cyber attackers worldwide. Cybersecurity solution providers are thus projected to discover a hotbed of opportunities in South Korea.
Key Players in Cybersecurity Market
IBM Corporation, Cisco Systems Inc., and AVG Technologies are the global cybersecurity leaders. Although the market landscape is highly competitive, and fairly fragmented in nature, these three players continue to account for a significant share in the global revenue. Other prominent companies include Oracle, Microsoft, Trend Micro, and Fortinet.
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The article discusses the growth of the cybersecurity market, focusing on demand in aerospace and defence sectors.
Cybersecurity demand is rising due to increased cyber threats and the adoption of IoT and M2M technologies.
Asia Pacific and North America are experiencing significant growth in the cybersecurity market.
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