Market Trends of Sweden Cybersecurity Industry
This section covers the major market trends shaping the Sweden Cybersecurity Market according to our research experts:
Cloud Segment is one of the Factor Driving the Market
- The adoption of on-demand security services is driven by the growing recognition among businesses of the significance of saving money and resources by transferring their data to the cloud rather than creating and maintaining new data storage.
- Cloud platforms and ecosystems are expected to accelerate the pace and scope of digital innovation over the coming years due to their numerous advantages. As IT provision has shifted from on-premise to outside the company's boundaries, security has been a crucial factor at every stage of the cloud adoption cycle. SMEs prefer cloud deployment because it frees them up to concentrate on their core skills rather than investing their limited cybersecurity funds in security infrastructure.
- Security is a crucial component of the cloud architecture since using public cloud services expands the organization's trust boundary outside of it. Implementing cybersecurity procedures by businesses has been considerably streamlined by the rising use of cloud-based solutions. As cloud services like Google Drive, Dropbox, and Microsoft Azure become more widely used and essential to business operations, businesses must cope with security risks, including losing control over critical data. As a result, on-demand cybersecurity solutions are being more frequently implemented.
- Additionally, the increased adoption of cloud-based email security services is driving the adoption of services integrated with other security platforms, such as IPS and NGFW. This trend is demotivating enterprises to spend on on-premise and dedicated email or web security solutions. Cloud-based solutions also benefit from lower capital expenditure requirements, thus, making the business much more compelling. Deploying cloud-based services can significantly reduce the Capex requirement as the companies need not invest in hardware components.
- Cloud solutions also enable better prediction of the cost of an application, and companies don't need to incur as much upfront cost to incorporate the technology. Also, hardware and IT support savings make cloud-based solutions much more affordable.
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Manufacturing is One of the Factor for Market Growth
- As the manufacturing sector progresses toward a digital transformation, it has become vulnerable to cyber-attacks with the advent of Industry 4.0. Thus, the industry needs companies to realign their security systems.
- Every sector in the manufacturing industry, including the automotive, logistics, the various engineering disciplines, power systems, the consumer goods industry, and chemicals, has adopted digital technologies to increase overall operational efficiency and reduce production costs. M2M communication and networking have been on the rise due to the industries working toward data collection and are using it for analytics to avoid downtime and keep the manufacturing industry operational round the clock.
- These industries are potentially exposed to the risk of cyber attacks, as the root cause is the dependency on connectivity. The industry value chain relies on complex, often interconnected digital assets and constant data exchange to carry out any operation effectively. Cyberattacks actively target the sector, yet the maturity of cyber defense responses is lagging compared to other highly targeted sectors, such as healthcare and banking.
- Many manufacturing companies see increased cyber-related incidents associated with the control systems utilized to manage industrial operations. These systems could range from programmable logic controllers and embedded systems to distributed control systems and industrial IoT devices.
- Collectively, such control systems make up the operational technologies (OT) that allow facilities to operate. While connectivity's advantages include increased productivity levels, faster identification and remediation of quality defects, and better collaboration across functional areas, they can multiply the smart factory's potential vulnerabilities.
