Cybersecurity is the procedure of safeguarding the networks, systems, and programs from digital attacks. Cyber-attacks are usually focused at changing, accessing, or destroying sensitive information; extorting money from the users; or interrupting normal business procedures. As the people around the globe relies more on the technology, cybersecurity plays a crucial role in preventing the digital data of governments and countless business. Several forms of cybercrimes, such as phishing and hacking have augmented rapidly, especially after the growing use of internet during the COVID-19 quarantine phase, which has led to business interruptions and financial losses around the world.
Based on the Intrusion Detection Systems Market Report, the growth in the number of cyber-attacks throughout the pandemic kept the cybersecurity solutions’ requirement upbeat during the recent past year. The trend is anticipated to continue post-pandemic and by the forecast duration owing to countless firms implementing hybrid working and BYOD trends resulting in an augment in the number of endpoint devices and anonymous network admittance, putting the organization’s IT systems at risk.
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Although, the effective growth in number of cyber-attacks with the emergence of e-commerce platforms, arrangement of cloud solutions, and proliferation of smart devices are some of the aspects propelling the Antivirus and Antimalware Market growth. Cyber threats are projected to evolve with the augment in utilization of devices with intelligent and IoT technologies. As such, organizations are predicted to adopt and deploy improved cyber security solutions to detect, mitigate, and decreases the risk of cyber-attacks, thereby propelling market growth.
However, with the significant advancement in technology there are several Issues and Challenges in Cyber Security Market which are still pending to tackle by the key players in the market. Although, the speedy growth in malware and phishing threats among enterprises and growth in adoption of IoT and BYOD trend are driving the growth of the cyber security market. In addition, surge in mandate for cloud-based cyber security solutions positively impacts the growth of the market. However, budget constraints among organizations and complexities of device security limit the market growth. On the contrary, intensification in adoption of mobile device applications and platforms, requirement for strong authentication methods, and transformation in traditional antivirus software industry are anticipated to offer remunerative opportunities for expansion of the market during the review period.
The Asia Pacific Excluding Japan is anticipated to lead the market for cybersecurity owing to the growth in the risk of cybersecurity with an outpouring in the adoption rate of smart and connected devices. Utilization of technologies such as Artificial Intelligence and Machine Learning is anticipated to generate rewarding growth opportunities in the market.
Not only has this, government organizations around the globe are taking several steps to initiate cyber security, and are partnering with foremost technology companies for implementing safeguard the IoT solutions. These partnerships and collaborations with technology vendors for the enhancement of cyber-secure IoT applications are creating the potential growth opportunities for the cyber security market.
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Ankur Gupta, Head Marketing & Communications