According to the report published by Allied Market Research, the global cyber situational awareness market garnered $31.43 billion in 2019, and is estimated to generate $152.65 billion by 2027, portraying a CAGR of 22.6% from 2020 to 2027. The report provides an extensive analysis of changing market dynamics, key segments, value chain, top investment pockets, regional landscape, and competitive scenario.
Digital technologies have gained an immense space within every aspect of day-to-day routine starting from simple mobile devices used for communication to complex software and electronics adopted in high-security-based applications. For instance, one of the recent technologies, termed as “edge computing,” has gained a huge traction within the commercial sector as it reduces the overall latency in acquiring data from respective servers. Furthermore, edge computing is also estimated to increase the demand for various parallel technologies such as Internet of Things (IoT) and cloud computing.
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Surge in level of cybercrimes, rise in demand for IoT and BYOD devices, and significant increase in electronic data fuel the growth of the global cyber situational awareness market. However, lack of sensitive data sharing hinders the market growth. On the other hand, rise of the e-commerce industry presents new opportunities in the next few years.
Enterprises in Asia-Pacific are increasingly adopting managed security services to protect their network from complex and frequent cyber threats. Attacks on network infrastructure of companies from outsiders are increasing day by day, which creates concerns about safety of confidential data. Cost of managing network security and keeping professional security experts is very high, thus stimulating enterprises to outsource the task of security.
In Asia-Pacific, the financial sector has witnessed a rapid adoption of technology in user/data interaction and learning types of AI software technologies. User/data interaction software technologies include natural language processing, question and answer (Q&A) processing, facial recognition, natural language generation, video and image analytics, and speech recognition. In terms of deployment, public cloud model for AI software continues to accelerate at a CAGR of 40.5%, and is estimated to overtake on-premise deployments by 2024.
Impact of Covid-19 Pandemic on Cyber Situational Awareness Market:
- Network forensic solutions became as one of the major solutions during the Covid-19 pandemic. In addition, the adoption of bring-your-own-devices (BYOD) policy and emergence of remote computing presented the need for technologies that can be used and scaled rapidly without need for any additional infrastructure.
- There has been a positive impact on the cyber situational awareness sector. The Indian cybersecurity services industry is estimated to generate nearly $7.6 billion in 2022, according to the report published by Nasscom-Data Security Council of India.
- Furthermore, Israel’s cybersecurity startups raised nearly $2.9 billion in funding in over 100 transactions and registered the funding growth of nearly 70% in 2020.
Cyber Situational Awareness Market Segmental Review:
The report offers a detailed segmentation of the global cyber situational awareness market based on component, solution type, deployment model, organization size, industry vertical, and region.
By component, the solution segment accounted for the largest market share in 2019, contributing to more than three-fifths of the total market share, and is expected to maintain its leadership status during the forecast period. However, the services segment is projected to witness the largest CAGR of 24.1% from 2020 to 2027.
By industry vertical, the BFSI segment held the highest market share in 2019, accounting for around one-fifth of the global cyber situational awareness market, and will maintain its dominance in terms of revenue during the forecast period. However, the healthcare segment is expected to portray the highest CAGR of 28.4% from 2020 to 2027.
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By region, North America contributed to the largest market share in 2019, accounting for nearly two-fifths of the total market share, and will maintain its lead position by 2027. However, Asia-Pacific is expected to maintain the highest CAGR of 25.7% during the forecast period.
By solution type, the network forensics segment dominated the market in 2019, and is expected to maintain its dominance in the upcoming years. Cloud networks have gained a rapid traction within both private and public industries. Though this scenario poses major advantages, in terms of system efficiency and cost, but risk of cyber threats has also increased, which creates an immense demand for analyzing network infrastructure and monitoring its respective issues.
One of the major issues within the current conditions is rapid increase in DDoS (Distributed Denial of Services) attacks. DDoS attacks have been steadily increasing in frequency over past few years, and third quarter of 2020 witnessed around 50% increase compared to 2019. When the coronavirus pandemic forced online working, attacks witnessed a huge spike. Thus, all these scenarios have mandated the need for effective cyber situational awareness systems.
In 2019, the global cyber situational awareness market share was dominated by the solution segment, and is expected to maintain its dominance in the upcoming years as solutions also help in prioritizing resources to focus on critical challenges/issues or changes that can impact an organization, geography, and technology negatively, with real-time insights. It also provides strategic view by analyzing incidents to identify threats, recognize trends in their activities, and malicious objectives to offer strategic understanding of events or situations in cyberspace, so that operational teams can take actions quickly.
However, the services segment is expected to witness highest growth, owing to reduce time and costs associated with optimization of systems in the initial phase of deployment. As services help to deploy and integrate distinct IT solutions in an enterprise ecosystem, they work as an important part of an organization. There has been an increase in adoption of services among end users over time, as it ensures effective functioning of software and platforms throughout the process. Increase in adoption of this software and platforms is expected to boost demand for these services.
Leading players of the global cyber situational awareness market analyzed in the research include Cyware, Firemon LLC, Darktrace, IBM Corporation, Honeywell technologies, Palo Alto Networks, MarkLogic Corporation, SAS, and Verint Systems.
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