Global Cybersecurity Market is expected to reach USD 164 Billion by 2024

by Renub Research Renub Research is a Market Research and Consulting

Cybersecurity is the term used for the protection of network based systems, including software, hardware and data from the cyber attacks. In a computing environment, security involves physical security and cybersecurity. Today, almost every organization has a robust cybersecurity infrastructure to protect themselves against unauthentic access to their computerized systems or data centres. Cybersecurity include data and information security which is intended to maintain the accessibility, reliability and confidentiality of the data or information. Global Cybersecurity Market is expected to reach USD 164 Billion by the year 2024.

Basic Elements of CyberSecurity:

A robust cybersecurity requires a proper coordination of efforts throughout the information system, which include:

•   Information Security
•   Application Security
•   Network Security
•   Cloud security
•   Mobile security
•   Business Continuity Planning/Disaster Recovery
•   Database and infrastructure security
•   Identity management
•   Data security
•   Endpoint security
•   End-User Education

One of the most challenging elements of cybersecurity is the continuously changing nature of security risks. The basic approach is to focus on the key system components and protect them against the leading known threats. Today, this basic approach seems unsatisfactory because the threats are getting more advanced and changes more often than anyone can keep up. Therefore, in order to deal with such attacks, several advisory organizations are actively promoting their more adaptive and proactive approach. Today, organizations are using an updated cybersecurity guideline in their risk assessment framework that suggests unremitting monitoring and real time assessments.

Security and Vulnerability Assessment

Security & Vulnerability Management (SVM) is a major segment of Cybersecurity. According to Renub Research study Security and Vulnerability Assessment market will be more than USD 14.7 Billion by 2024. Security & Vulnerability Management (SVM) market can be bifurcated into two parts Security Management Market and Vulnerability Assessment Market. Both these parts are further sub divided into sub categories.

Security Management market, has been further segmented into

• Security Information and Event Management Market (SIEM)
• Policy and Compliance Market
• Forensic and Incident Investigation Market

Vulnerability Assessment Market has been segmented into:

• Device Vulnerabilities Assessment market
• Application Scanners market

Importance of Cybersecurity

With the increasing number of cyber attacks around the world, the demand for cybersecurity is increasing. Every individual or organization has opted some sort of cybersecurity to protect themselves in this internet based world. However, cybersecurity is more important for organizations like government, financial, military, medical and corporate because these organizations collect process and store an infinite amount of data on their computers or other connected devices. A major portion of these data can be susceptible, including personal information, intellectual property, financial records or of other types, which any unauthentic access or exposure could have negative outcomes.

In the networking world, whether it’s an organization or an individual, everyone transmits data across the networks or the other connected devices in the course of doing businesses, and cybersecurity is the only dedicated discipline that helps in protecting their sensitive data or information and also their systems where the data is processed or stored.

Today, the number of digital spying and cyber crimes are increasing and are among the top threat to national security, passing even the terrorism. As the volume and complexity of cyber crimes grow, organizations those are specialized in protecting the data or information relating to security, financial and medical records, need to take steps to keep the sensitive businesses and personal information safe, which in result increases the demand of healthy cybersecurity framework. Further, the adoption of cloud based applications, Internet of Things (IoT) and bring your own device (BYOD) also increases the requirement of the robust cybersecurity framework, which certainly drive Global Cybersecurity Market positively over the forecast year (2018-2024).

Market Summary

Based on Products type the market has been bifurcated into Network Security, Identity and Access Management (IAM), Security & Vulnerability Management (SVM), End Point Security, Messaging Security & Web Security. Out of all the segments mentioned, Network Security has highest market.
On the basis of services, Managed Security Services covers the lion’s share. The segments covered are Integrated Solutions, Security Consulting, Managed Security Services and Educations and Training.
Industry wise the report is categorized into following segments Banking, Financial services and Insurance, Government, Retail, Information and Communication Technology (ICT), Healthcare, Manufacturing and Others. Out of all the 6 segments of industry Information and Communication Technology & Retails sector are growing rapidly.
Region wise, report provides the Cybersecurity market of North America, Europe, Asia Pacific (APAC) and Rest of World.