In the contemporary era, there has been an alarming surge in cyberattacks globally. With the advancements of technology and heavy reliance of civilization on computers, attackers have become much more sophisticated. This has resulted in some major security breaches and thefts. One such major incident took place recently in the United States.
According to the US Treasury, a group of Chinese state-sponsored hackers broke into the US Treasury Department’s systems, accessing employee workstations and some unclassified documents. Although China has denied any involvement in this ‘major cybersecurity incident, the investigation has revealed that the attack was carried out by China-based Advanced Persistent Threat (APT) actor. These complex cyberattacks underscore the need for robust cybersecurity measures, creating growth avenues for the cyber security market.
CMI Research: Key Global Cyber Security Market Insights
According to Coherent Market Insights (CMI), the global cyber security industry is set to grow at a CAGR of 12.3% during the forecast period. The industry valuation is anticipated to reach US$ 554.83 billion by 2031.
Today, employing cyber security solutions is not just a technological necessity but a cornerstone in safeguarding sensitive data. As cyberwarfare intensifies, nations are increasingly deploying advanced cyber security solutions, both on-premise and cloud-based ones, to counter cyberattacks. This, in turn, is expected to create revenue generation streams for cyber security providers like Accenture, Fortinet, AWS, and Cisco.
Analyst Opinion: Role of Rising Cyber Incidents in Cyber Security Market Growth
“Increasing incidence of cyberattacks is prompting both private and government enterprises to employ advanced cyber security solutions. This will play a key role in shaping the course of the global cyber security industry during the forthcoming period,” says a senior analyst at CMI.”
Amid growing threat of cyberattacks, businesses are prioritizing investments in novel security solutions and services. As a result, sales in the global cyber security market are expected to rise sharply in the coming years, making it a highly lucrative business.
Governments across the world are also enforcing stringent regulations to combat cyberattacks. These regulations require organizations to implement robust security measures. This will create remunerative growth opportunities for cyber security solution providers.
Conclusion: Business Takeaways
The future of cyber security industry looks bright as processes in businesses become more digitized and cyber threats become more sophisticated. Organizations that invest in advanced security will be better positioned to protect their critical infrastructure and operations from cyberattacks.
The rising interconnectivity of IT and OT networks will further create cybersecurity challenges for industrial organizations to manage. As a result, businesses are expected to use more advanced security solutions to reduce complexity and close security gaps.
Top vendors will need to develop innovative security solutions like anomaly detection, network segmentation, and vulnerability management for business environments. These new capabilities will aim to take cyber security to the next level.
