Data security is one of the major challenges being faced by the telecom sector, and to overcome this, the sector is implementing various regulations to safeguard data breaches, according to a new report from market research company IndustryARC.
Additionally, the major players providing cybersecurity services are focusing on implementing advanced quantum computing solutions to escalate the level of security.
The cybersecurity 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 destabiliser 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.
The aerospace industry is estimated to grow at a CAGR of 29% during 2019-2025.
Aerospace industry usually observes cyber attacks in navigation and guidance systems with irrevocable effects.
To overcome this, the industry is planning to invest more in infrastructure security, which includes cybersecurity. Increasing investments in infrastructure security will drive the market in the future.
North America witnessed major cybersecurity breaches due to the wide adoption of various technologies and high usage of data in the region.
However, the financial stability of the region allows organisations to focus more on cybersecurity.
Increasing investment in cybersecurity across various organisations 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.Cybersecurity market growth drivers Implementation of Zero Trust cloud security solutions
In 2019, the 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 organisations investing in 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 and Inven Capital.
The funding round attracted 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.
The major players in the market
The major players in the cybersecurity market are NTT Security, NGC Group, Secure Link, Cisco Systems, Symantec, Palo Alto Networks, Check Point Software Technologies, Microsoft and more.
Cybersecurity solution developers are majorly focusing on acquisition strategy to expand their cybersecurity portfolios.
In October 2018, Bitdefender acquired behavioural and network security analytics organisation RedSocks for an undisclosed amount. The acquisition aligns with Bitdefender's goal to expand its cybersecurity portfolio.
The introduction of quantum computing in the telecom sector and changing the regulatory landscape in the telecom sector will drive the cybersecurity market.
Increasing adoption of cybersecurity 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 market penetration.
Low market entry barriers result in a gradual increase in the number of startups with innovative solutions thereby shifting the market dynamics.