LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global cyber security market to grow at a CAGR of almost 13% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global cyber security market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
With the increase in the number of attacks and threats from hackers, the need for advanced security solutions is growing rapidly. The major reason for the high growth is the introduction of cyber detection technology, which is an advanced form of cyber security that has the capability to identify and mitigate an attack from its inception through four stages, which are network level, application level, data level, and endpoint level.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global cyber security market:
- Increase in use of mobile devices
- Implementing firewall as a disruptive deception capability
- Increasing IT security budget
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Increase in use of mobile devices
With the increasing adoption of mobile devices, such as mobile phones, laptops, and tablets, the need for cyber security solutions is increasing. One of the major reasons for this is the increasing access to the Internet through such devices, which is increasing the chances of cyber threats. Furthermore, the use of mobile devices for personal and professional use is increasing the access to critical data and information, which will increase the chance of unauthorized access in case of a stolen mobile device.
Amrita Choudhury, a lead IT security research analyst at Technavio, says, “With companies expanding across regions, there is an increased need for the exchange of global data and information. The global expansion of business has given a significant rise to employees traveling worldwide. This has resulted in an increase in services offering security and access to secure networks from mobile devices.”
Implementing firewall as a disruptive deception capability
With advances in technology, vendors are introducing firewalls with advanced capabilities like intrusion prevention, blacklists, reputation feeds, and URL filtering. This helps in leveraging threat detection and provides an enhanced opportunity to protect the network. The deception responses can be generated by firewall itself or by leveraging integration with deception providers that specialize in emulating services, or by providing deception hosts designed specifically to be attacked.
“One method for implementing deception actions is by leveraging on-demand network address translation or by building on-demand generic routing encapsulation tunnels to transport connections back to deception decoy services, hosts, or other infrastructure within a deception zone. The key to successful deceptions is believability,” adds Amrita.
Increasing IT security budget
The use of websites and web applications is increasing the number of data breaches and cyberattacks in different sectors. The increasing number of websites and web applications by end-users is attracting more attackers, which is increasing the number of incidents of identity and data theft. With the high penetration of the Internet in the healthcare sector, there is an increase in online consulting and online sharing of health-related results.
To eliminate the chances of cyber threats end-users are deploying cyber security solutions. The increasing complexity of cyberattacks and the growing awareness of the security risks have compelled end-users to increase their IT spending for advanced security products.
Top vendors:
- Booz Allen Hamilton
- Lockheed Martin
- McAfee
- Symantec
- Trend Micro
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