Market Trends of Cybersecurity Industry
The Cloud Deployment Segment is Expected to Hold Significant Market Share
- Various factors, including scalability, flexibility, platform centralization, ease of accessibility, and cost-effectiveness, drive the growing adoption of cloud-based cybersecurity solutions. According to IBM, in 2022, 33% of respondents said they were using multi-cloud to guarantee availability. The global workforce's increasing reliance on remote and mobile capabilities contributes to the demand for cloud-based cybersecurity. Cloud solutions can facilitate secure access and monitoring of systems from any location, supporting the needs of modern, flexible work environments.
- Furthermore, significant trends in cloud adoption in the market include the rise of multi-cloud and hybrid strategies, the prominence of cloud-native security, integration with DevOps practices, increased automation and orchestration, cloud-based analytics, and threat intelligence.
- The rise of remote work and distributed workforces has further driven the adoption of cloud-based cybersecurity. Moreover, according to a Netwrix survey, 24% of businesses increased their cloud security and cybersecurity expenditures during the pandemic. Further, the IT security software firm stated that out of the organizations surveyed last year, 49% reported an increase in their cloud security spending for that year. Also, traditional network-centric security models are no longer sufficient in a landscape where endpoints extend beyond corporate networks. Cloud deployment facilitates centralized management, threat detection, and response capabilities, ensuring the security of remote devices and endpoints irrespective of their physical location.
- North America is expected to be a significant player in adopting cloud-based cybersecurity solutions, owing to the significant adoption of cloud across numerous industries. For instance, in September 2023, Snowflake, the data cloud startup, and Lacework, the data-driven cloud security firm, announced an expanded partnership that will further automate cloud security at scale and advance the future of cloud architecture. With Snowflake's safe data sharing and the extended relationship, security teams may now have direct access to their Lacework cloud security data for unified visibility and personalized automation.
- In conclusion, the growth of cloud deployment in the market is driven by its ability to address the evolving needs of organizations in an increasingly digital and interconnected environment. Cloud-based cybersecurity solutions are expected to gain prominence as organizations encounter the complexities of a dynamic threat landscape and undergo digital transformations.
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North America is Expected to Hold Significant Market Share
- The United States faces a continuously evolving and sophisticated cyber threat landscape. The United States is at the epicenter of cybercrime globally due to the high penetration of digital technologies and cloud computing in end-user industries compared to other countries. It is by far the most highly targeted nation, and American businesses face a higher volume of attacks and more costly consequences when an attack is successful.
- The increasing frequency and sophistication of cyber-attacks drive the adoption of cybersecurity solutions in the United States. Also, the growing regulatory requirement leads many organizations to adopt and invest in cybersecurity solutions, as many industries in the United States are subject to regulations such as HIPPA, GDPR, and PCI DSS, which require the organization to implement. Due to this, companies are increasing their investments in cybersecurity.
- For instance, in September 2023, the Open Commerce solution from Google Cloud and ONDC was accepted by over 20 e-commerce enterprises. This allows buyers, sellers, and logistical service providers to join the ONDC network seamlessly. With this, there will be an increase in the number of consumers and sellers who can use the generative AI tools offered by Google Cloud to transact on the network, particularly people who reside in smaller cities.
- Additionally, the U.S. government plays a crucial role in promoting cybersecurity through initiatives, policies, and regulations. Also, the United States has invested significantly in cybersecurity research and development. For instance, in August 2023, The United States Department of Energy (DOE) opened USD 9 million in competitive federal funding for small and rural electric utilities to improve cybersecurity. With this, it will allow smaller and rural utilities and cooperatives in the electric sector to apply for chunks of funding to build more cyber resilience in their infrastructure that could defend against cyberattacks, ransomware actors, and other digital threats.
- Moreover, cybercrime is rapidly gaining traction in Canada, and the impact is increasing alarmingly. As per the report published by The Communications Security Establishment (CSE) in August 2023, there were 70,878 reports of cyber fraud in Canada, with over USD 390 million stolen. The rising frequency and sophistication of cyber threats, including ransomware attacks and data breaches, have driven organizations in Canada to invest in cybersecurity solutions to protect against evolving threats.
- Critical sectors like energy, finance, healthcare, and telecommunications in Canada recognize the importance of cybersecurity in protecting critical infrastructure from cyber threats. For instance, in September 2023, the eHealth Centre of Excellence (eCE) announced the launch of the eCE shield in Canada, which addresses the pressing need for comprehensive cybersecurity and privacy education in healthcare, ultimately making healthcare organizations more resilient against cyber threats and privacy breaches.
- Overall, the growing cybersecurity market in Canada is a response to the evolving threat landscape, increased digitization, and the recognition of cybersecurity as a strategic priority for organizations across various sectors. This trend will continue as cybersecurity remains critical to Canada's digital resilience and national security.
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