HYDERABAD, India, March 24, 2022 /PRNewswire/ -- Cyber security can be broadly defined as the practice of protecting electronic systems such as computer and mobile devices, networks, and data from digital attacks. With the increasing penetration of the internet and electronic devices, the number of cyberattacks has also increased. According to the 2022 Cyber Threat Report published by SonicWall, a cyber security company, there was an increase of 105% in ransomware cyberattacks in 2021. Government bodies have been the primary target for these attacks, which witnessed a 1,885% increase in ransomware attacks, followed by the healthcare industry with a 755% increase.
Can Cyber Warfare Replace Traditional Warfare?
Cyberwarfare has become the harsh reality of the 21st century and opened a whole new domain for attacks and warfare. There are multiple types of cyberattacks including Denial-of-service (DOS), propaganda, power grid disruption, sabotage, espionage, etc. Attack on the Ukrainian power grid in 2015 and 2016 are a few leading examples of such attacks. The 2015 attack had led to power outages for more than 225,000 consumers in Ukraine for 1-6 hours, while one-fifth of the Ukrainian capital, Keiv's were affected in the 2016 attack.
As it is evident from the recent crisis between Ukraine and Russia that traditional wars cannot be replaced by cyber-warfare; however, technology and cyber operations will work as an aid in conventional wars.
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Cyber Security Market Overview:
According to ReAnIn, the global cyber security market was valued at USD 170.3 billion in the year 2021 and is projected to reach USD 347.2 billion by the year 2028, registering a CAGR of 10.7% during the forecast period. Among regions, North America accounted for the highest share (~38%) followed by Europe (~29%), whereas Asia Pacific is expected to witness the highest CAGR (13.8%) over the forecast period.
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Key Highlights of the Report
- Services accounted for more than 50% of market share in the global cyber security market, and is expected to retain their dominance throughout the forecast period (2022-2028); Need to safeguard critical infrastructure and monitor threats in real-time is expected to drive the growth of this market
- The COVID-19 pandemic has compelled the majority of the companies to opt for work from home, which in turn made the working environment more vulnerable to cyber-attacks. Hence, companies had to invest a significant amount in cyber security solutions to avoid data theft during the pandemic.
- In November 2021, the US government signed the infrastructure bill into law, which includes nearly USD 2 billion for cybersecurity to make their system safer and more resilient to the impacts of cyber-attacks.
Market Segmentation:
ReAnIn has segmented the global cyber security market by:
- Component
- Solution
- Services
- Type
- Solution
- Application Security
- Cloud Security
- Consumer Security Software
- Data Security
- Identity Access Management
- Infrastructure Protection
- Integrated Risk Management
- Network Security Equipment
- Other Solution Types
- Services
- Professional
- Managed
- Deployment Mode
- On-premise
- Cloud
- End-User
- Aerospace and Defense
- Banking, Financial Services and Insurance (BFSI)
- Energy and Utilities
- Government
- Healthcare
- IT and Telecommunication
- Manufacturing
- Retail
- Other End-user Industries
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Competitive Landscape
The global cyber security market is highly fragmented as global players face stiff competition from regional players. Prominent players in this market include Accenture Plc, AlgoSec, Amazon Web Services, AVG Technologies, BluVector, Inc., Check Point Software Technologies Ltd, Cisco Systems Inc., Cyber Ark Software Ltd, FireEye Inc., Fortinet Inc, IBM Corporation, Imperva Inc., Juniper Network, McAfee Corp., Micro Focus, Palo Alto Networks Inc., Proofpoint Inc., Rapid7 Inc., SonicWall, Sophos Plc, Symantec Corporation and Trend Micro Inc.
About ReAnIn
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