There has been a significant increase in the number as well as sophistication of cyber attacks all over the globe. Presently, hackers are targeting almost everything which connects to the Internet and from where information can be extracted. 2013 is considered as the historic year in terms of cyber attacks, which were carried out. During this year, majority of the attacks were on the social media platforms. These attacks were conducted to steal user’s vital information and data and were not only limited to government organizations and enterprises but also small and medium-size businesses. Leakage of vital documents from NSA in the U.S., compromised accounts on Facebook, Evernote, Twitter, and Drupal websites, and stealing information from Federal Reserve Bank employees were few of the major attacks which were carried out during that year. Hackers are also targeting Supervisory Control and Data Acquisition (SCADA) and industrial control networks used in the energy sector. Stuxnet virus has not only affected the energy sector in the U.S. but has also affected the politically unstable regions in the Middle East. All these attacks have compelled the governments as well as private organizations to rethink on their cyber security capabilities.
Increasing mobile phone usage, growing number of Internet connections, online transactions, and migration from legacy systems to cloud computing have created gaps in the security systems. Legacy systems and security solutions are proving incapable and inefficient to provide security to these disruptive technologies. Growth in spamming, information thefts, hacking of government servers, and attacks on financial institutions and common public have increased, which in turn are responsible for worsening the security issues and concerns for the enterprises as well as the government organizations. Companies have now started investing resources to develop robust security solutions and services to control the growth of cyber attacks.
Following are few among the major trends in the following market:
- Increasing interest of venture capitalists in cyber security technologies along with the growth in investments from various regions has made cyber security space hot in the recent years. Venture-backed companies such as AVG Technologies, Centrify, Courion, and AirWatch along with various others are gaining traction and are expected to increase their share of market in the coming years.
- Increasing demand and trust for cloud-based security solutions are pushing more organizations to come up with unique as well as specialized offerings, able to cater a specific use case but in the most effective manner possible and gets delivered via cloud. Companies such as Authentify, Nuance, and Okta along with various others are coming up with efficient as well as effective cloud-based solutions for specific applications such as password reset, authentication, and so on. The trend is expected to continue in the coming years and such companies are expected to attract increased number of customers in their portfolio.
The cyber security market is gaining traction due to the increasing cyber attacks on mostly all the verticals and end consumers. Government organizations from most of the countries are implementing security standards and are investing heavily in securing the critical infrastructures. There has been an increase in the security spending which is pushing the market for cyber security. Major companies such as McAfee, IBM, Lockheed Martin, Cisco, Symantec, Trend Micro, and Northrop Grumman are developing solutions and services to tackle the growing issue of cyber attacks. Many small vendors with dedicated security solutions have also emerged into the market, thus making this market more competitive. It has been forecasted that the market for cyber security would grow from $95.60 billion in 2014 to 155.74 billion by 2019. It is expected that this market would grow at a fast pace in North America followed by Europe, Asia-Pacific, and Middle East.
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