Counter Cyberterrorism Market Size

Counter Cyberterrorism Market Analysis

The Counter Cyberterrorism Market size is estimated at USD 32.80 billion in 2024, and is expected to reach USD 38.47 billion by 2029, growing at a CAGR of 3.26% during the forecast period (2024-2029).

The Counter Cyberterrorism market is primarily driven by the growth in fear of cyberterrorism, which can impact a nation in several ways, leading to the deployment of cybersecurity solutions to prevent such attacks. Furthermore, the fear of attacks has increased significantly in the studied period, drawing the attention of state heads to building and deploying stronger and more secure solutions.

• The digitalization of information & procedures and the increasing penetration of Internet platforms across the globe have increased the absolute risk of cyberterrorism. The increasingly interconnected world and the adoption of digital technologies and processes (IoT, cloud, mobile, big data, and artificial intelligence) in business and society have changed everyday life and revolutionized how they run. The rise in the connectivity of everything brings greater security, compliance, and data protection challenges and increases the absolute risk of cyberterrorism. Cybercriminals are also working on new methodologies to get through organizations’ security and access everything from IP to individual customer information. This enhances the need for effective measures, thus driving the counter-cyberterrorism market.
• With the rise of next-generation features like application identification & control, firewall technology is evolving to become more flexible and secure. Moreover, the increase in firewalls is driven by the rising compliance guidelines and regulations to prevent external and internal threats. Also, due to the surge in real internal threats, users are now deploying firewalls in their internal networks, especially between switches, trust boundaries, and back-end servers. The market studied is anticipated to be driven by increasing cyberterrorism and the rapid rise in data theft.
• In the Digital Defense Report (2022) by Microsoft, the organization identified the most common goals of major nation-state cyberattacks as espionage, disruption, and destruction. The most common methods were reconnaissance, credential harvesting, malware, and VPN exploitation. Tried and tested methods like large-scale spear-phishing campaigns are also valuable tools to hackers. According to the report, around 80% of nation-state-targeted attacks were on governments, NGOs, and think tanks. Attackers can utilize the connections between the NGO community & government organizations to understand national policy plans and intentions.
• Moreover, attacks on key infrastructures, such as power utilities, water treatment services, and health and emergency systems, are becoming more common and can have major consequences on operational performance.
• As businesses adapted to a new operating paradigm in which working from home has become normal, the COVID-19 pandemic presented new obstacles for the market. Enterprises are increasing their digital transformation, and cybersecurity has become a big worry. If the concerns related to cybersecurity are ignored, the consequences for operations, reputation, legality, and compliance could be severe.