In a recent published report, Kenneth Research has updated the Market report for Cyber Security Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Cyber Security Market Products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The basic premise of making fast money or transgressing into competitive warfare to a more grave espionage has initiated the malaise called cyber attacks. Cyber attacks could target anyone be it an MNC or even Small and Medium Enterprise (SME). In all the cases, the certainty in such exercises is that companies fall prey to such attacks and are subjected to a high degree of reputational risk in addition to financial losses incurred due to data leakage. Moreover, as technological advancements render heightened adoption of smartphones or other such devices that induce greater internet connectivity, risks associated with cyber domain loom large translating into more cyber attacks. What renders it to be more insidious is that these attacks do not follow any common pattern or motive and thereby becomes more dangerous not only in terms of information security for companies but also for national security as a whole. As more and more cyber attacks get recorded across the world, cyber security solutions are poised for further growth.
The report begins with the introduction of concept of cyber security along with a brief snapshot of the objectives as well as the efforts required to secure systems in the cyber space. It then goes on to describe a work model of cyber security in terms of the defense mechanism it follows. The report then moves towards providing a brief overview of the global cyber security market with the global as well as Asia Pacific market size and growth along with a competitive landscape. This is collaborated with snapshots and some facts associated with global cyber security arena. Then the report goes on to describing the Indian market along with its market size and growth. It gets followed by a brief detailing about the different types of cyber attacks witnessed across the cyber space. This gets immediately succeeded by a value chain analysis that speaks about the individual components that summarize the process of providing security solutions. Next in line is an elaborated discussion on the types of cyber security and brief descriptions added with it. Then next section speaks about the best practices followed in the market in terms of cyber security solutions. It then discusses about the market scenario in SMEs and associated growth opportunity in the said sector.
Brief descriptions of the drivers that help the sector to prosper include increased wired and wireless usage, rapid computerization, presence of smart handheld devices, growth of e-commerce, growth in cloud computing and rise in cyber attacks. Increase in the usage of internet both in the wired as well as wireless forms make for a potential driver for the cyber security market in India. As broadband penetration intensifies and Wi-Fi hotspots develop across the country, systems are more prone to cyber attacks thereby demanding protection in terms of cyber security. As computerization grows enormously in the country both in personal as well as industrial category, cyber security derives growth as cyber threats hover above. Higher adoption of smart handheld devices like smartphones also call for security measures as companies indulge in providing tablet PCs to their employees and information breach always remains a possibility. A significant stimulant in this aspect is the growth of e-commerce which entails online transactions and related information that are more vulnerable to attacks thereby calling forth security measures. Cloud computing which enables access to data, applications, storage by getting a server connected to the internet to users from anywhere in the world, has also emerged as a potential area wherein need for security measures stem from the fact that increased access means higher chances of attacks. Finally, as companies rely on tonnes of data generated domestically and globally, any kind of assault proves to be disastrous to their functioning which is seen in the rise of cyber attacks over the years, thus requiring preventive measures taken rendering growth to the sector. While these factors can be termed as growth drivers there are certain factors that act as impediments to the sector including availability of pirated software and lack of interest in updating software.
This is followed by a section that speaks about the Government participation in the sector which caters to Government initiatives, CERT-In and cyber laws.
The next section deals with the vendor opportunities for cyber security solutions and discusses key sectors like BFSI, Manufacturing, IT and Telecommunication, Healthcare, Retail and Energies & Utilities.
The major trends identified in the sector include cyber security players foray into mobile security, cyber security body designed for power sector by Indian Government, adoption of virtualization, India looking at building national cyber security architecture and training institutes design courses on cyber security. The section ends with a Porter’s Five Forces analysis of the sector.
The competition section offers a competitive landscape of the players by providing their financials and key financial ratios. It also provides basic information regarding the organizations. Key financial parameters constitute the financial performances of the players which are followed by business highlights.
The report concludes with a section on strategic recommendations which comprises an analysis of the growth strategies of the cyber security market in India.
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Cyber Security Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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