The cyber security market size is expected to advance at a CAGR of 9.4% during 2022–2030, to reach USD 352.5 billion by 2030.
This is due to the presence of a large number of cyber security providers, high IT spending, early adoption of advanced security technologies by organizations, rise in malware and phishing threats, increase in demand for cloud-based cyber security solutions, and high utilization of internet services. In addition, the increasing need to protect the sensitive data of customers among enterprises from the rising number of malware attacks is a key reason for the adoption of cyber security solutions globally.
The market players are focusing on launching new security solutions and services and incorporating new features in the existing security solutions, to provide support to enterprises to improve security.
Connected medical devices offer technologies to manage chronic conditions, improve outcomes, and reduce the overall cost of healthcare. These also result in reducing the number of doctor visits, less response time, and shorten hospitalization duration. Though connectivity offers tremendous benefits to healthcare professionals and patients, it also possesses a high risk of cyberattacks.
Moreover, healthcare cyber security is a major concern and it has witnessed a steady growth in data breaches in the last few years. Furthermore, cybercriminals use medical data to sell fake identities and conduct identity theft, as medical information also includes financial details, such as credit and debit card details, insurance details, SSNs, banking details, addresses, and medical history.
Earlier, the healthcare industry was slow to respond and lagged behind other industries in terms of cyber security. However, in the last 2–3 years, the cyber security budget in the industry has grown manifold, as new technologies are being incorporated to make healthcare networks secure from cyberattacks. The rising need to protect stored patient data in the cloud and on-premises from hackers and malicious insiders opens up a plethora of opportunities for cyber security solutions providers in the healthcare industry.
The APAC market is expected to generate revenue of USD 80 billion in 2030 due to the increasing traffic on websites, vast adoption of cloud computing services, deployment of big data analytics in business functions, growth in the e-commerce industry, surge in the number of initiatives by governments, and high need to secure customer data.
Additionally, the rising number of data breaches, increasing utilization of connected devices, rapid shift toward digital transformation, and growing awareness about cyber security in countries, such as India, Singapore, and Malaysia, are also supporting the market growth.
According to a report, a large number of organizations spend 5–10% of their IT spending on cyber security in China, India, and Hong Kong. The adoption of cyber security solutions by the BFSI sector in the region would provide ample opportunities for market players.
For instance, in January 2020, an initiative by the Government of India, in partnership with the Ministry of Electronics & IT and Data Security Council of India (DSCI), launched the Cyber Security Grand Challenge, which aims to increase focus toward product innovation related to the launch of advanced cyber security solutions by start-up companies, through the combined prize award money of USD 32 million. Thus, such kind of initiatives is projected to boost the growth of cyber security companies, resulting in the introduction of advanced solutions in the market.
The most-significant cyber security market players are Cisco Systems Inc., Check Point Software Technologies Ltd., Fortinet Inc., Juniper Networks Inc., Palo Alto Networks Inc., FireEye Inc., The International Business Machines Corporation, McAfee LLC, Trend Micro Inc., and Broadcom Inc.