New Delhi [India], June 24 (ANI/GPRC): The cybersecurity industry is booming, and companies are spending more and more money on it. According to Inkxpert market analysis, the global security market was valued at $217.87 billion by 2021 and it is predicted that there will be more than 3.5 million new positions created in this field.
The US, India, and China are projected to be the fastest-growing countries in terms of cybersecurity spending. The Inkxpert research estimates that the service segment is projected to grow at the highest rate increasing its spending to $101.5 billion by 2025, owing to its high adoption rate by private companies, as well as its ability to protect critical infrastructures such as energy grids or transportation systems. On the other hand, more than 85 per cent of small to mid-sized businesses are expected to increase their IT security spending by 2023.
Market Drivers
The rise of big data has made cybersecurity threats more visible; governments have increased their efforts to protect critical infrastructure from cyberattacks, and organizations have increasingly realized that effective cybersecurity requires a comprehensive approach. Another key driver for growth is the rise of cybercrime, which has increased significantly due to advancements in technology and growing internet usage across all segments of society. The Internet of Things is another significant factor contributing to growth in this area as it enables companies and individuals alike to connect through various devices such as computers and smartphones through apps, etc., thereby creating a large network where malicious individuals can gain access to sensitive information or even steal data from these devices.
Recent Trends in Cybersecurity
Multiple cybersecurity trends have emerged in recent years. The Inkxpert market analysis predicts that these trends are expected to continue and gain more attention in the future.
– The application of artificial intelligence (AI) in the field of cybersecurity. AI helps to improve data analysis and make better decisions when it comes to solving problems or discovering patterns within vast amounts of data. It can be used for threat detection, anomaly detection, and threat hunting.
– The rise of cyber warfare and hacking as a tactic for political or economic gain by nation-states or organizations with enough resources behind them. Cyberwarfare is becoming more common not only as a way to wage war but also as an act of terrorism.
– The increased use of botnets to launch distributed denial-of-service (DDoS) attacks against websites or other online services that are critical infrastructure components such as banks or transportation systems. There’s also been an increase in cyber espionage where hackers target companies who have valuable information that they want to steal.
– The Internet of Things has reached a tipping point. According to the Inkxpert research estimates there will be 75 billion active IoT devices by the end of 2025. This presents a new attack surface that organizations must be aware of.
In recent years, the cybersecurity industry has grown at a breakneck pace. In addition to traditional IT services such as software development and consulting, the industry now includes new verticals like IoT security and artificial intelligence (AI).
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