The cybersecurity market was valued at EUR 156.24 billion in 2020, and it is expected to reach EUR 352.25 billion by 2026, registering a CAGR of 14.5% during 2021-2026. The trends for IoT, BYOD, AI, and machine learning in cybersecurity are increasing. For instance, machine learning provides advantages in outlier detection, much to the benefit of cybersecurity.
- Rapidly increasing cybersecurity incidents and regulations requiring their reporting are driving the cybersecurity market. According to the Center for Strategic and International Studies (CSIS) and McAfee, cybercrimes, which include damage and destruction of data, stolen money, lost property, intellectual property theft, and other areas, currently cost the world almost EUR 500 billion each year, or 0.8% of the global GDP.
- The adoption of M2M/IoT connections demands strengthened cybersecurity in enterprises. This is driving the market, as the emerging business models and applications are coupled with the reducing device costs, which have been instrumental in driving the adoption of IoT, and consequently, the number of connected devices, such as connected cars, machines, meters, wearables, and consumer electronics.
- High reliance on traditional authentication methods and low preparedness are challenging the market to grow. In a market scenario where security professionals are recommending identity-management solutions, such as facial recognition and biometric identification, most of the companies in the region (over 80%) still use usernames and passwords as the exclusive means of logging in.
- Due to the ongoing COVID-19 outbreak, countries across the world have implemented precautionary measures and many organizations are finding a way to enable their employees to work from their homes as a long-term solution. This has resulted in a rise in the adoption of video communication platforms and cybersecurity vulnerability.
The total number of security incidents detected by respondents reached 42.8 million in 2021 worldwide. That is the equivalent of 117,339 detected attacks every day. And the growing significance of cyber security in today’s world looks only set to continue as both the number of connected devices and the data that these devices generate continues to increase.
As solutions become increasingly complex, the cyber security industry is responding. Service providers who are able to complement vendor’s ‘off-the-shelf’ products with proprietary and/or bespoke customer service are taking the lead.
That is why CYBER1 is a strong player regarding vendor distribution services across multiple regions, offering products from suppliers like McAfee, Palo Alto, CyberArk, Microsoft, Checkpoint, Okta and Rapid7.