In today’s fast-paced and digital world, the frequency of cyber-attacks has increased in terms of volume and complexity. This is why leveraging cybersecurity practices are becoming more critical than ever. According to Cybersecurity and Infrastructure Security, cybersecurity is the art of protecting networks, devices, and data from unauthorized access or criminal use and the practice of ensuring confidentiality, integrity, and availability of information.
Cyber-attacks are often targeted at accessing, manipulating, or destroying sensitive information, extorting money from users, or interrupting business processes or research programs (like during COVID-19) by exploiting vulnerabilities. Basically, these cyber-attacks can either be data breaches aiming to steal personal data, intellectual property, trade secrets, and information relating to bids, mergers, and prices. Or it can be DoS (denial of service) attack that can disable systems and infrastructure. Mitigating threats due to cyber-attacks is the need of the hour since they not only disrupt business operations but also wreak the national economy. To counter cyber threats, conventional methods like anti-malware software installations or login audits are no longer sufficient. Hence CISOs and security experts, and researchers are turning to artificial intelligence and machine learning to augment existing cybersecurity software that can help in timely predictions, detection, and prevention.
Analytics Insight predicts that the global market of cybersecurity will grow at a CAGR of 8.1% from US$153.9 billion in 2019 to US$227.4 billion in 2023. North America with a share of 41%, is the leading region for cybersecurity worldwide. The market in the region is projected to grow at a CAGR of 8.5%, from US$63.7 billion in 2019 to US$95.6 billion in 2023. Europe with a market share of 30% is predicted to rise at a CAGR of 7.7% from US$45.5 billion in 2019 to US$65.8 billion in 2023 stands to second. With a share of 23%, the Cybersecurity market in the Asia Pacific region is forecast to rise at a CAGR of 8.4% from US$35.3 billion in 2019 to US$52.8 billion in 2023. The market in ROW with a share of 6% is predicted to surge at a CAGR of 7% from US$9.5 billion in 2019 to US$13.2 billion in 2023. At the same time, cybersecurity solutions are forecast to witness a growth percentage of 16.1%, in funding, expanding from a meager US$6.2 billion in 2019 to US$11.1 billion in 2023. Also in a bid to stave off cyber-criminals, businesses will be more eager to spend on adopting cybersecurity measures and strategies as we become more and more technologically reliant than ever before.
Apart from growing cyber threats, the key enablers of the cybersecurity landscape are increased demand for cloud cybersecurity solutions, demand for regulations like the general data protection regulation (GDPR), and new products of cybersecurity which are developed using artificial intelligence and other disruptive technologies. However, there are certain emerging bottlenecks that also need to be addressed first. These are proliferating rate of ransomware, rising IoT threats, misuse of artificial intelligence to create new forms of cyber threats, blockchain risks.