Cybersecurity market to gain major traction over 2018-2024 via escalating adoption by large enterprises, U.S to emerge as a pivotal revenue pocket
With global enterprises rapidly embracing cloud platforms as well as other networking technologies, cybersecurity market is anticipated to observe a massive upscale in revenue. As more and more organizations transition into the cloud and work to minimize security risks, making the enterprise network less vulnerable to a plethora of cyber-attacks, the average annual spending on cybersecurity is expected to rise significantly. In fact, back in 2017 the average spending on cybersecurity solutions by organizations went up as much as 23% accounting for more than $11.7 million. This increasing cyber security budget in several organizations globally is expected to be one of the most prominent growth inducing factors propelling cybersecurity market.
U.S. Cybersecurity Market Revenue, By Product, 2017 & 2024
While the topic of cybersecurity once received perfunctory response from global governments, the scenario has undergone a drastic change today. A number of nations have increasingly begun looking for ways to protect their government agencies from malicious attacks by boosting their cybersecurity preparedness efforts. The potential of the threat is so much that in 2018, the World Economic Forum launched Global Centre for Cybersecurity to protect the world against hackers. These cyber security efforts were further magnified in late 2018 when more than 50 countries signing an international cyber security principles agreement that aims to put an end to malicious cyber-activities in peacetime – an act that is bound to significantly drive the growth prospects of cybersecurity industry.
Hefty adoption by large enterprises to fuel global cybersecurity market size
As businesses worldwide undergo a digital transformation, wherein they move the critical applications of their enterprise network onto the cloud, the issue of cybersecurity has garnered mainstream attention. The digital transition has undeniably allowed organizations to significantly improve their operating efficiencies, but has also made them vulnerable to a plethora of cyberthreats that could bring their operations to a grinding halt if they fail to manage the security risks properly. In fact, according to Telstra, over 59% organizations across Asia experience a business-interrupting cyberattack at least once a month due to inadequate cyber security measures.
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Driven by the threat potential of cyberattack more and more large enterprises are embracing cyber security solutions. Indeed, large enterprises accounted for over 60% of the global cybersecurity market share in 2017. It is also prudent to mention that 2017 was witness to one of the biggest cyberattacks ever, where the WannaCry ransomware, which affected over 400,000 machines across 150 nations, cost the world approximately $4 billion in losses. Large enterprises on an average lost over $10 million because of cyber security breaches.
Prompted by the WannaCry attack, that enabled the average cyber-attack cost to rise as much as 11%, enterprises were further encouraged to embrace more advanced security solutions. The cybersecurity market is also expected to attract sizable gains on account of the growing Bring Your Own Device (BYOD) trend, wherein businesses are allowing their employees to utilize their personal devices on the job.
How has the new U.S. national cyber strategy impacted the cybersecurity industry trends?
The United States of America has been facing consistent threats from an increasing number of highly-sophisticated malicious entities that are motivated by a whole host of different factors ranging from ideological & political interests to espionage & financial gains. The Armed Forces Communications and Electronics Association (AFCEA), in September of 2018 had pointed out that the U.S. government did not possess a comprehensive cyber security strategy leaving U.S. critical infrastructure and federal agencies extremely vulnerable to cyberattacks. In the days that followed, the Trump administration released the National Cyber Strategy, the nation’s first, fully-articulated cyber strategy in over 15 years.
Propelled by the cyber strategy, in conjunction with the rising adoption of cybersecurity solutions by an extensive number of enterprises spanning the nation, the U.S. cybersecurity industry is anticipated to crop up as one of the most prominent regional markets over 2018-2024.
It is rather overt that the global cybersecurity market is well positioned to establish itself as a lucrative investment ground. As per Global market Insights, Inc., cybersecurity industry size, driven by the growing number of cyberthreats that are frequently cropping up, is anticipated to be pegged at $300 billion by 2024.
Author Name : Akshay Kedari
Fingerprint Access Control Systems Market to witness high gains via heavy demand in consumer electronics
The latest cloud computing technology offers features such as finger vein, palm vein, hand geometry, voice, and facial recognition. Cloud-based biometric systems find applications in major corporations for extensive information storage, and are highly preferred owing to advanced features and cost-effectiveness. Growing demand for cloud services will escalate fingerprint access control systems industry growth.
Japan fingerprint access control system market size, by technology, 2012-2023 (USD Million)
Fingerprint access control systems find applications in healthcare, consumer electronics, military & defense, government, banking & finance, and other commercial applications.
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The business sector will emerge as a major revenue generator, fueled by the demand for security systems in office buildings, schools, collages, and other areas. Fingerprint Access Control Systems Market for commercial applications contributed to more than 34% of the global share in 2015, and is set to witness tremendous growth over 2016-2023.
Extensive demand for data security in popular electronic items such as tablets, personal computers, and smartphones will catalyze fingerprint access control systems industry growth, with manufacturers striving to integrate security features in electronic products.
Banks and other financial organizations across the globe are incorporating high-end integrated technologies to mitigate security threats, avoid transaction frauds, and provide consumers with safe and secure account access. Adoption of biometric systems for personal identification and verification across the BFSI sector will be a major driving factor for Fingerprint Access Control Systems Market.
Based on technological trends, fingerprint access control systems industry is segmented into optical, ultrasonic, capacitive, thermal, and pressure.
Capacitive fingerprint access control systems are cost-effective and can be easily integrated into small devices, which results in their increased adoption across the healthcare and banking sectors. Capacitive Fingerprint Access Control Systems Market is projected to increase at a CAGR of almost 7.5% over the period of 2016-2023.
Ultrasonic fingerprint access control system registers fingerprints via high sound frequency and is expected to exhibit significant growth over 2016-2023.
Optical technology based fingerprint access control systems industry contributed to 35% of the global share in 2015 and is projected to exceed USD 1.75 billion by 2023. This growth can be attributed to the features provided by optical technology, such as high resolution, excellent image quality, low-cost maintenance, convenient integration, and high durability.
Asia Pacific Fingerprint Access Control Systems Market is predicted to grow at a CAGR of more than 7.5% over 2016-2023, driven by criminal activities, increased security concerns, and favorable government initiatives in countries such as India and China.
U.S. houses industry giants such as NEC Corp. of America and 3M Cogent, which will drive regional demand. Increasing requirement of security systems across the healthcare and consumer electronics sectors will drive U.S. fingerprint access control systems industry.
High crime rates in Brazil will contribute heavily to Fingerprint Access Control Systems Market share over 2016-2023. Furthermore, the unexplored sector of security systems and growing business landscape will drive regional demand.
Key participants include Lockheed Martin Corporation, Aware, Inc., 3M Cogent, NEC Corporation of America, Cross Match Technologies Inc., and SecuGen Corporation. Other contributors include Safran Group, IDtech 360, Anviz Global, ZKTeco, Merkatum Corporation, Fingerprint Cards AB, Daon Inc., and Suprema Inc.
Mergers and acquisitions is the key strategy adopted by industry players to diversify their product range and deal with the rising industry competition. Increasing budgets across the BFSI, military, and healthcare sectors coupled with technological innovations provide numerous business opportunities to companies.
Author Name :Saipriya Iyer