HYDERABAD, India, June 21, 2019 /PRNewswire/ -- Data security is one of the major challenges being faced by the telecom sector. To overcome this, the sector is implementing various regulations to safeguard data breaches. Additionally, the major players providing cyber security services are focusing on implementing advanced quantum computing solutions to escalate the level of security.
The Cyber Security Market is set to exhibit robust growth with a broad range of applications in the aerospace, telecom, and healthcare sector. The telecom sector is estimated to grow at a CAGR of 10% during the forecast period 2019-2025. The GSM Association (GSMA) predicted that quantum computing will be a destabilizer for the telecom sector, making Public Key Infrastructure (PKI) obsolete in the near future. Telecommunication companies have to implement quantum-safe cryptography algorithms to mitigate cyber-attacks. In order to control cyber-attacks, the European Union (EU) has introduced many regulations such as the Network and Information Security Directive (NISD) and the General Data Protection Regulations (GDPR). NISD is yet to be implemented which require core digital infrastructure operators and certain digital service providers to ensure that their network and information systems meet minimum standards of cybersecurity. These regulations are implemented to achieve and maintain high-level network security, and ensure obligatory reporting during any incidents.
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The aerospace industry is estimated to grow at a CAGR of 29% during 2019-2025. Aerospace industry usually observe Cyber-attacks in navigation and guidance systems with irrevocable effects. To overcome this, the industry is planning to invest more on infrastructure security, which include cybersecurity. Increasing investments on infrastructure security will drive the market in the future.
North America witnessed major cyber security breaches due to wide adoption of various technologies and high usage of data in region. However, financial stability of the region allow organizations to focus more on cybersecurity. Increasing investment in cyber security across various organizations are collectively responsible for driving the North America cyber security market growth, which held the major share of nearly 40% of the global market in 2018.
Cyber Security Market Growth Drivers:
Implementation of Zero Trust cloud security solutions:
In 2019, introduction of zero trust cloud security model is one of the most significant trends in the enterprise market. It facilitates cloud deployments, and calculates the risk generated from different sources. In case of risk detected, multi-authentication processes are required in a manner of answering a security question or receiving SMS code. Various vendors present in the market are offering zero trust cloud security solutions at high-scale.
Increasing use of Cloud Computing:
According to World Bank perception towards cloud computing resonates with the findings by the information technology company Cisco concluded that by the end of 2019, 83% of all global data center traffic will come from cloud services. This is anticipated to bring a revolutionary change in the data sector with many organizations investing on cloud services. The increasing investment in Cybersecurity will be an integral part of all cloud services for data protection which will further flourish the cyber security market.
R&D Investment and Initiative, Funding:
In March 2019, CyberX, the IIoT and industrial control system (ICS) security company raised $18m in a strategic funding round led by Qualcomm Ventures LLC and Inven Capital. The funding round attracted a total funding of $48m, led by existing investors Norwest Venture Partners, Glilot Capital Partners, Flint Capital, and OurCrowd. The company will use these funds to expand its IIoT threat intelligence capabilities.
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The Major Players in the Market
The major players in the cyber security market are NTT Security, NGC Group Inc., Secure Link Inc., Cisco Systems Inc., Symantec Corporation, Palo Alto Networks Inc., Check Point Software Technologies Ltd., Microsoft Corporation and other.
Cyber security solution developers are majorly focusing on acquisition strategy to expand their cybersecurity portfolios. In October 2018, Bitdefender acquired behavioral and network security analytics organization RedSocks for an undisclosed amount. The acquisition aligns with Bitdefender's goal to expand its cybersecurity portfolio.
The introduction of quantum computing in telecom sector and changing regulatory landscape in telecom sector will drive the cybersecurity market. Increasing adoption of cyber security by various industries, and increasing focus on R&D is boosting the investments to expand the IIoT threat intelligence capabilities. The key players operating in the market are actively participating in acquisitions to strengthen their portfolio and increase the market penetration. Low market entry barriers result into gradual increase in number of startups with innovative solutions thereby shifting the market dynamics.
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