Growing implementation of advanced technologies such as the Internet of Things across dissimilar industries such as automotive makes cybersecurity extremely significant. Different cloud-based security solutions are prevalent in the market, positively propelling the revenue generation in the Cyber Security Identity and Access Management Market.
These solutions are extremely demanded for their benefits such as handling multiple workloads such as encryption, data backup, and web security against cyber threats that entails the ransomware and web exploits. The absenteeism of IT infrastructure makes these cloud-based solutions an extremely cost-effective product that is even reasonable by the small scale and medium scale companies. Vulnerabilities of dissimilar segments such as financial institutions utilizing the blockchain technology increases the requirement for these security services.
The Asia Pacific Excluding Japan is projected to lead the market for cybersecurity due to the growth in the risk of cybersecurity with a surge in the implementation rate of smart and connected devices. Utilization of technologies such as Artificial Intelligence and Machine Learning is predicted to create lucrative growth opportunities in the market.
The significant increment in number of cyber-attacks with the emergence of e-commerce platforms, distribution of cloud solutions, and proliferation of smart devices are some of the aspects driving the Cyber Security Market Revenue. Cyber threats are projected to evolve with the increase in utilization of devices with intelligent and IoT technologies. The major factors boosting the Cybersecurity market include growing frequency and sophistication of target-based cyber-attacks, augmenting the demand for the cybersecurity mesh, and growing mandate for cyber-savvy boards. As such, organizations are projected to adopt and deploy improved cyber security solutions to detect, mitigate, and diminish the risk of cyber-attacks, thereby boosting cyber security market growth forecast.
Based on the Cyber Security Market Research Reports at Ken Research, the future of European Cyber Security market looks auspicious as certain major aspects like growth in Mobile as well as Internet utilization and new development in end users and the countless laws and directives which are introduced delivers the good growth opportunities. The Cyber security market is estimated to grow at a single digit 5 year CAGR of around 9% till 2023 backed by a momentous development in the cyber threat landscape owing to emerging threats and greater rewards for the attackers. Europe is prone to cyber-attacks and the government now focuses to safeguard the citizens’ data. It has passed several laws and legislations to enhance the cyber security and decrease the cyber threats like GDPR Regulations and the NIS Directive which focuses at standardizing the market and delivering the cyber security to everyone.
The growing adoption of hand-held devices, applications, and flexible platforms has accomplished to transform the prevailing antivirus software into more effective solutions. To encounter the security standards and regulations of the industries, the data securities protocols have augmented their complexity during recent years. Such aspects are boosting the growth of Global Cyber Security market requirement.
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Ankur Gupta, Head Marketing & Communications