Enterprise and government spending for cybersecurity products, managed services, and professional services will be substantial over the course of the next few years. Cumulative global spending on cybersecurity products and services will exceed one trillion US dollars over the next five years with multiple trillions of dollars in cybercrime damages realized through 2024. Accordingly, Mind Commerce sees damage control and mitigation solutions as a critical portion of the cybersecurity market.
Cybersecurity Market Dynamics
At the macro level, spending is driven by the realization of increasingly more voluminous and sophisticated global threats to digital infrastructure. At the business level, company reliance upon the Internet, open interfaces and communication between customers and other companies necessitates robust cybersecurity solutions. In addition, new technologies and solutions such as the Internet of Things (IoT) will require new approaches to cybersecurity and hence innovative solutions as evaluated in the Mind Commerce report Artificial Intelligence in IoT Security and Fraud Prevention.
With recent high-profiles events such as alleged espionage on the part of Huawei, cybersecurity is also getting extreme attention at the government level. By way of example, The Internet of Things (IoT) Cybersecurity Improvement Act of 2019 is being introduced in the Senate by U.S. Among other areas, the Act is intended to address IoT device security relative to Secure Development, Identity management, Patching, and Configuration Management. Quoting opinions from market leaders (such as Cloudflare, Symantec, vmWave, and others), the bill asserts a desperate need for cybersecurity market regulation.
AI is a very Important Tool for Cybersecurity to Focus on Behaviors rather than Signatures/Identifiers of Malware, especially for IoT Networks, Systems, Devices, and Data
The bill recognizes that there could be minimally be some fundamental security improvements in areas such as default device passwords with supporting material citing, “Sometimes shipped with factory-set, hard-coded passwords and oftentimes unable to be updated or patched, IoT devices can represent a weak point in a network’s security, leaving the rest of the network vulnerable to attack.”
At the network services provider level, the cybersecurity market is heating up as carriers realize that the advent of 5G and other network advances will increase network complexity, which will translate into increasingly more potential vulnerability areas. Accordingly, communication service providers are both working unilaterally as well as banding together to address common cybersecurity concern areas. By way of example, AT&T recently became the first North American carrier to join the Global Telco Security Alliance, which launched last year with founding members Etisalat, Singtel, SoftBank and Telefónica.
Mind Commerce sees evolving IoT systems and emerging 5G networks as new opportunities for the cybersecurity market. Leading companies such as Palo Alto Networks, Cyberlance (BlackBerry), and others are poised to capitalize on the market for securing IoT and 5G based networks, systems, applications, and services. We see the use of AI as a key tool for dealing with increasingly interconnected networks, device, and open access to data. This is because AI solutions focus on behavior rather than relying upon identifying malware signatures.
Cybersecurity Market Report
This cybersecurity market report examines security technology and solutions while assessing the risks and operational issues relative to current and anticipated cybersecurity technologies. The report also analyzes the impact regionally including North America, Europe, APAC, Middle East, Africa, and Latin America. The report evaluates leading cybersecurity solution provider companies, product and solutions, and impact on industry verticals. The report includes global and regional cybersecurity forecasts for the period 2019 to 2024 by product and solution, managed services, professional services, security type, deployment model, industry verticals, and threat platforms.
Also see the Mind Commerce 5G Security Market Report