Remote Working Culture Fostering The Cyber Security Market Size, Share, Growth, Trends, and Forecast by 2031

Cybersecurity solution protects unlawful or unauthorized use of electronic data, and cybersecurity services are the overarching processes to achieve security and protect against common cyber threats. Cybersecurity solutions target malware, ransomware, phishing, and distributed denial of service (DDoS) attacks through a broad array of network security measures designed to protect the network, data, and system. Many available cybersecurity solutions include advanced persistent threat, threat intelligence, security and information event management, vulnerability management, antivirus, firewall, and secure web gateway.

COVID-19 Impact

During the COVID-19 pandemic, the government and regulatory authorities mandated public and private organizations to adopt new practices for working remotely and maintaining social distance. During the COVID-19 pandemic, the digital way of doing business has become a new Business Continuity Plan (BCP) for various organizations globally. With the adoption of remote working practices, BYOD devices, work from home (WFH) trend, and internet penetration worldwide, organizations and individuals are liable toward using digital technologies, driving the need for cybersecurity solutions to minimize the risk of cyberattacks.

Key Regulations

The various standards are designed to enhance cybersecurity and contribute to risk management. For example, Federal Information Processing Standards (FIPS) 140-2 and Security Requirements for Cryptographic Modules establish standard requirements for all cryptographic-based security systems used by federal organizations to protect sensitive or valuable data. International, regional, national, industry, and government groups develop cybersecurity standards. A standards development organization's (SDO) primary mission is the development of voluntary consensus standards on an international, regional, or national basis. Some of the cybersecurity compliance standards that form a solid foundation for any cybersecurity strategies are the Federal Information Security Management Act (FISMA), DFARS (Defense Federal Acquisition Regulation Supplement), Health Insurance Portability and Accountability Act (HIPAA), ISO 22301, ISO/IEC 27001,  and NIST Cybersecurity Framework (CSF).

Regional Trends

In terms of region, North America holds a significant share, followed by Europe and the Asia Pacific (APAC) in the global cybersecurity solution market. The presence of several prominent cybersecurity solution providers in the region contributes to the market's growth. Key players such as IBM, Microsoft Corporation, Oracle Corporation, and Fortinet offer enhanced cybersecurity solutions and services to cater to the need of customers. Also, the government is taking various initiatives in countries such as the US, Canada, and Mexico to strengthen their network infrastructure to minimize the risk against cyber-attacks. For instance, The Government of Canada (GC), in the country’s Digital Operation Strategic Plan (DOSP) for 2021-2024, approves a forward-looking 3-year enterprise-wide plan to establish the strategic direction for the integrated management of service, information, data, information technology (IT) and cybersecurity. Such government initiatives contribute to the growth of the cybersecurity solution market in North America.

The cybersecurity solution market in APAC is expected to grow at the highest CAGR during the forecast period. The increased number of cyberattacks on government and critical infrastructure in APAC results in increased investment in cybersecurity technologies to strengthen threat detection and response capabilities. According to IBM X-Force Threat Intelligence Index, India reported the second-highest number of cyberattacks after Japan in APAC in 2021. Also, according to the report, finance and insurance was the top attacked industry in India (60%), followed by manufacturing and professional services.

Competition Analysis and Recent Developments

Some of the prominent players operating in the market are Fortinet; Oracle Corporation; Microsoft Corporation; Micro Focus International plc; Rapid7; NortonLifeLock Inc. (Symantec Corporation);  Trend Micro Inc.; FireEye; Check Point Software Technologies; Cisco Systems, Inc.; and International Business Machines Corporation. The companies focus on product launching strategies to stay competitive and gain a better customer base. Some of the recent developments are mentioned below:

In October 2021, Comtech Telecommunications launched a new lineup of cybersecurity products and services to support clients' threat monitoring and assessment, training, and workforce development efforts.

In November 2021, Check Point Software Technologies Ltd. launched its next-generation unified cyber security platform, Check Point R81. The new platform will deliver autonomous threat prevention designed for the entire distributed enterprise, enabling IT staff to manage the most complex and dynamic network environments quickly and efficiently.

In September 2021, Bharti Airtel Ltd. launched a suite of cybersecurity solutions for large, medium, and small businesses as they shift to digital and cloud platforms, increasing the need to protect data and information from online attacks.

In July 2021, Google Cloud announced two new security offerings—Confidential VMs and Assured Workloads—for governments to provide customers with advanced security tools to support compliance and data confidentiality.

Remote Working Culture Fostering The Cyber Security Market, and Geography (North America, Europe, Asia Pacific, and South and Central America)Report Scope