The scale of cyber-attacks has increased in terms of volume and intensity in the fast-paced and digital world today. Therefore, exploiting cybersecurity activities is becoming more relevant than ever before. Cybersecurity is the art of securing networks, computers, and data from unauthorized access or illegal use and the practice of maintaining confidentiality, integrity, and availability of information, according to Cybersecurity and Infrastructure Security.
Cyber-attacks are also aimed through the exploitation of vulnerabilities to access, control, or kill confidential information, extort money from users, or disrupt business processes or research programs (such as during COVID-19). These cyber-attacks may be either data breaches aimed at stealing personal data, intellectual property, trade secrets, and bid, merger, and price information. Or it may be a DoS (Denial of Service) attack that can disable networks and systems. The need for the hour is to minimize threats due to cyber-attacks, as they not only threaten business processes but also destroy the national economy. Conventional approaches such as anti-malware software upgrades or login audits are no longer adequate to address cyber threats. Therefore, artificial intelligence and machine learning are used by CISOs, security specialists, and researchers to improve existing cybersecurity tools that can assist in timely prediction, identification, and prevention.
Analytics Insight estimates that the global cybersecurity market would rise from US$153.9 billion in 2019 to US$227.4 billion in 2023 at a CAGR of 8.1 percent. North America is the world’s leading cybersecurity area, with a share of 41 percent. At a CAGR of 8.5 percent, the demand in the region is expected to rise from US$63.7 billion in 2019 to US$95.6 billion in 2023. Europe is expected to grow from US$45.5 billion in 2019 to US$65.8 billion in 2023 at a CAGR of 7.7 percent, with a market share of 30 percent. With a 23 percent share, the cybersecurity market in the Asia Pacific region is expected to increase from US$35.3 billion in 2019 to US$52.8 billion in 2023 at a CAGR of 8.4 percent. The ROW sector, with a 6 percent share, is expected to rise from US$9.5 billion in 2019 to US$13.2 billion in 2023 at a CAGR of 7 percent. At the same time, cybersecurity solutions are expected to see a 16.1% growth rate in funding, rising from a meager US$6.2 billion in 2019 to US$11.1 billion in 2023. Businesses will also be more likely to invest in cybersecurity initiatives and techniques in an attempt to stave off cybercriminals as we become more and more technologically reliant than ever before.
In addition to rising cyber threats, increased demand for cloud cybersecurity solutions, demand for regulations such as the General Data Protection Regulation (GDPR), and new cybersecurity products that are created using artificial intelligence and other disruptive technologies are the main enablers of the cybersecurity environment. There are, however, some emerging bottlenecks that need to be tackled first as well. These include the spread of ransomware, increasing IoT threats, the abuse of artificial intelligence to produce new types of cyber threats, and blockchain risks.
