Cyber Security Market Overview And Product Scope 2020 To 2027Posted by avinash on March 11th, 2020 In a computing environment security includes both physical security and cyber security. Cyber security solution offer various security solutions to aid enterprises in improving threat protection against rapidly growing cyber-attacks. Enterprises adopt cyber security products and implement solutions in order to protect their critical data from security breaches such as cyber warfare, cyber terrorism, and cyber espionage. The security of computing devices is critical and any industry that uses computing devices is vulnerable to cyber-attacks.
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Market Dynamics The growth of the cyber security market is majorly get attributed to the increasing adoption of cloud computing networks and services. The use of cloud-based services such as Email, data backups, CRM, hosted office suites, and collaboration services, which requires a cyber-security system for data protection. For instance, according to Coherent Market Insights analysis, in the year 2018, approximately half of companies across the globe has 45% to 65% of their IT systems are cloud-based, and they are planning to increase the cloud-based services, which is expected to create a lucrative opportunity for the cyber-security market.
Growing adoption of cloud computing networks and services is expected to drive growth of the global cybersecurity market during the forecast period Increasing utilization of cloud-based services for multiple workloads such as data backups, CRM, email services, ERP, and collaboration services has increased the importance of cybersecurity in the recent past. Cloud-based services are relatively less expensive as these do not require setting up of IT infrastructure. Furthermore, cloud deployment can lead to vulnerabilities in software and makes it easily accessible by illegal users. Hence, many companies are focused on adoption of cybersecurity solutions, in order to secure their workloads on the cloud without threat of cyber-attack. For instance, in February 2017 for instance, IBM Corporation launched Watson for cybersecurity, which is augmented intelligence technology designed to enhance cognitive security at operation centers.
Market Opportunity Growing positive attitude towards cybersecurity enhancement and increasing awareness regarding cybersecurity are expected to pose lucrative business opportunity Offering security awareness training to organizations associated with preventing increasing cyber-attacks is expected to pose lucrative opportunity for market players in the near future. The prevalence of cyber-attacks increasing, owing to suspicious activities such as hacking activities and human errors by unauthorized users.
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