According to a report by Fortune Business Insights, titled “Cyber Security Market Size, Share & Industry Analysis”, the global cyber security market value is expected to reach USD 281.74 billion by 2027, from its current standing at USD 112.01 billion.
The report also contains an in-depth analysis of the various factors and dynamics that will shape the market during the forecast period.
Growing Adoption of Internet of Things (IoT) to Boost the Market
With the exponential increase in use of connected devices, rising smartphone and internet penetration, and growing electronic transactions, there is a pressing need for cyber security solutions all over the world. This need has gotten accentuated with the fast-developing AI and IoT technologies.
IoT, for instance, is increasingly being viewed as making critical information vulnerable to cyberattacks and can bring down vital infrastructure such as telecommunications and power. The 2016 Mirai Bot attack exposed the fragility of IoT technology as the malware has been specifically designed to breach the security walls of IoT connected devices. This will aid the expansion of the global cyber security market size in the forecast period.
Increasing Reliance on Artificial Intelligence (AI) Solutions to Enhance Market Potential
According to a study by Capgemini, 21% of the companies surveyed reported that they experienced security breaches as their businesses grew. The survey also found out that two-third of the companies believe that implementation of AI will strengthen their security infrastructure. AI technologies are expected to be further augmented by advancements in Machine Learning (ML). This bodes well for the global cyber security market as application AI software gains popularity in the private and public sectors.
High Dependency on Connectivity to Fuel the Market in North America
Among regions, North America is expected to hold the largest portion in the global cyber security market share owing to the rise in the number of security breaches in the upper corporate tranches and growing dependency on the internet. Furthermore, development of e-commerce platforms is pushing up the demand for cyber security solutions.
Steadily climbing number of internet users in India will propel the market in Asia-Pacific in the forecast period. Additionally, India is expected to witness rising prevalence of cyberattacks in the near future, which is good news for the global cyber security market.
The primary drivers in the market in Europe are proliferation of information and technology (ICT) in the fields of aerospace and defense along with rising investment in cyber security measures by public and private sectors in the region.
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