As organizations embark on their digital transformation journey, the global digital twin market size is showing a consistent increase in consort with advancements in the Internet of Things, cloud, machine learning, artificial intelligence, and Industry 4.0 technologies. Digital twin market trends are primarily driven by the technology’s ability to dramatically enhance product performance while mitigating the risk and cost of new product introduction. Additionally, this newfangled technology can boost product realization time by eliminating some of the most time-consuming aspects of real-world product development.
Germany Digital Twin Market Revenue, By Application, 2018 & 2025 (USD Million)
With the rapid proliferation of the Internet of things, a slew of opportunities are knocking the doors of leading players operating in the digital twin market space. Moreover, with digital twins, it is possible that the data which is transferred between blocks can be highly protected and made universally transparent through the blockchain paradigm, thus inspiring global digital transformation. Speaking of the future outlook of this industry, digital twin market statistics by Global Market Insights, Inc.. indicate that the industry valuation is projected to exceed USD 20 billion by 2025.
The fields of application for digital twins are diverse and not confined to a specific domain or industry. Having said that, digital twin market analysis reports claim that automotive, manufacturing, energy & utility, healthcare, aerospace and defense, infrastructure, retail, and consumer goods are the leading end-users of this unconventional technology.
A brief overview of the latest digital twin market trends:
- In a bid to create solutions for a better future, the healthcare market has lately become a leading contributor to the digital twin industry revenue. The increasing use of machine learning in medicine and augmented and virtual reality in healthcare market for streamlining hospital processes & operations, augmenting customer experience, and generating real-time analytics, has fueled the demand for digital twins in the healthcare domain. For instance, efficient data entry and location of assets can speed up the patient admittance procedure and save significant waiting time.
- With the advent of Internet of things, there has been a rapid increase in smart construction and connected spaces. Digital twins are these days deployed in connected buildings to stimulate building settings based on historical data to detect changes in the design of the building, as well as locate rooms that are wasting power or are rarely used. As smart construction becomes more popular across global economies with growing disposable incomes, the digital twin industry size is slated to rise significantly.
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3 Biggest business challenges digital twin can overcome:
- Accurate inventory to avoid overstocking:
The global inventory management software market space has lately been brainstorming the possibilities of digital twin to reduce cost and revenue leakages, for gargantuan warehouses and supermarkets, where managing optimum inventory level is the biggest challenge. Digital twin market analysis suggests that the availability of real-time consumption data can lead to a quicker replenishment of supplies and avert over-inventorying, which can cause product spoilage. Hence, the fast-paced adoption of digital twin in the inventory market offers lucrative growth opportunities for the digital twin industry.
- Addressing the shortcomings of aerospace fleet management:
Some of the biggest challenges in fleet management in the aerospace industry are poor data integrity, slow turnaround time, aging systems, high maintenance costs, and antiquated manual processes. The utilization of digital twin is poised to bring about a paradigm shift in the traditional approaches, by filling the gap amid the physical and the digital worlds. This innovative technology can offer predictive and prescriptive analytics which can reduce unplanned downtime for engines and cut maintenance, repair & overhaul costs, thereby enhancing fleet performance.
- Amplifying testing & product development capabilities:
Digital twins can potentially help industries in reducing product development and testing expenses. Companies depending heavily on destructive testing for developing products can use the virtual replica of the real-world scenario for significant portion of the product testing. Say for example, automotive industry can employ digital twin for crash testing prototype vehicles. Likewise, enterprises creating giant models and prototypes for feasibility analysis can save money with digital twins during product development. Digital twin market is slated to advance at a rapid pace in the coming years, given the above backdrop.
Currently, the term digital twin looks like a future concept surrounded by a lot of marketing hype from some top-notch technology companies like Amazon, Microsoft, IBM, and the like. But, considering the unparalleled growth of the digital twin market share in recent years, it can be alleged that this disruptive technology will ensue a broad and deep impact on a plethora of industries in 2019 and beyond.
Author Name : Nikita Chaurasia
Non-Destructive Testing (NDT) Service Market to garner lucrative proceeds from ultrasonic inspection technology segment over 2019-2025, Europe to emerge as a leading terrain for industry expansion
The commercialization potential of non-destructive testing (NDT) service market is set to witness renewed momentum owing to the evolving demands of the global industrial sector and the effect of digital transformation. These services are anticipated to reach a wider range of business verticals due to the rising number of disruptive innovations and the emergence of pathbreaking technologies such as AI and IoT.
U.S. Non-Destructive Testing (NDT) Service Market Revenue, By Method, 2018 & 2025
Enhancements in the ultrasonic inspection technology to boost the remuneration scale of NDT service industry
Worldwide, assets of various business verticals are aging and the number of inspection regimes has witnessed an unprecedented uptick as safeguarding these assets is turning out to be a tough task. Invariably, the demand for agile inspection equipment has been intensifying lately. In this context, it is quite imperative to state that ultrasonic inspection testing is being regarded as one of the most prominent technology types among all the NDT services. Some recent developments associated with the improvement of the NDT services – utilizing high-end technologies and research – are set to not only enhance the productivity levels but also add stealth to the ultrasonic inspection testing. Enumerated below are a few major instances that are a testimony to the significant research activities and increasing product ingenuity:
- Material testing services provider Element has recently launched a new testing lab spread across 20,700 square foot in Sheffield, United Kingdom. The new lab, which would be a prominent part of the undergoing industrial revolution in the region, will be situated close to Advanced Manufacturing Innovation District of Sheffield. It would be a center for excellence for NDT and inspection research and would prove advantageous to the consumers from the oil and gas and aviation sectors. Additionally, its location would ensure that it receives access to latest technical expertise and support, essentially propelling the growth prospects of NDT services market in the region.
- Manufactured for a wide range of applications spanning from a flat plate to a tiny 50 mm diameter surface, Silverwing R-Scan is a new handheld portable B-Scan inspection system which aims to improve the probability of detection and data quality of ultrasonic inspections. Introduced by Eddyfi Technologies, the new NDT solution can be used to complete tank inspections where an automated and remote crawler such as the scropion2 system cannot be deployed. The registered information sets are displayed in a cross-sectional B-scan view that assists in improving in-service flaws, reveal corrosion, increasing speed, and the inspection quality. Remarkably, the addition of such agile, advanced, and portable inspection systems to the product range of ultrasonic inspection testing providers would boost the overall geographical reach of NDT service market.
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Europe to contribute massively toward strengthening the revenue profile of the global NDT service industry
Speaking of the growth of the NDT service industry in geographical terms, Europe held more than 30 percent of the revenue share of this business vertical in the year 2018. Presence of numerous well-known companies such as Bureau Veritas, SGS, and Intertek in the region has been a crucial factor in reaching out to a large customer base. In addition to this, stringent regulatory guidelines – rolled out by European Union along with various local governments – mandating the usage of NDT services to ensure product and employee safety has assisted the industry players to reach high potential growth areas.
Elaborating further on the leading position of Europe, it has also helped that the region’s aviation sector is on a roll with a clearance of a massive backlog of aircraft orders being concluded recently. To put things in perspective, prominent aircraft manufacturers such as Airbus and Boeing have a record backlog of more than 12,000 new aircraft that are to be manufactured by the year 2025, creating humongous growth opportunities for the Europe NDT service market in the forthcoming years.
Considering the humble beginnings of the NDT service industry, it is prudent to mention that drastic enhancements over the years have increased the usage of these services across numerous applications. This growth trajectory of the NDT service market is certain to continue in the coming years, as has been highlighted in the research report compiled by Global Market Insights, Inc. which claims that this business vertical would surpass a decent remuneration scale of about USD 4.5 billion by 2025.
Author Name : Saif Ali Bepari
Top three trends driving threat intelligence market: escalating demand for mobile-based solutions to augment the industry landscape by 2025
The exponential growth graph depicted by the global threat intelligence market in the recent years can undoubtedly be credited to the massive surge in the number of connected endpoints. Presently, there are more than 3 billion end-users across the world that are connected to the Internet, while connected-devices are anticipated to surpass the 50 billion mark by year 2020. Having understood the dependency of these endpoints on the Internet to be able to interact with each other, cybercriminals have been exploiting the reliance to obtain an unauthorized access to the connected endpoint devices to undertake numerous malicious activities.
U.S. Threat Intelligence Market Revenue, By Component, 2018 & 2025
Threat intelligence market | Impact of rising mobile cyberattacks
The global threat intelligence market is expected to amass substantial returns from mobile-based solutions, due to the exponential rate at which cases of mobile cyberattacks & mobile frauds are growing. According to a 2018 report by ThreatMetrix, the first two quarters of 2018 witnessed the cases of mobile attacks across the globe reach the 150 million mark with attack rates growing 24% year-over-year. While the growing penetration of mobile devices has undoubtedly been a crucial factor in the rise of digital commerce, the trend has also proved to be extremely conducive for numerous malicious entities to carry out fraudulent activities.
Moreover, other growing trends such as Choose Your Own Device (CYOD) & Bring Your Own Device (BYOD) being adopted across a number of enterprises, while facilitating greater convenience, are creating more vulnerabilities in the organization networks. Fueled by these trends the global threat intelligence market share from mobile-based solutions will grow at a CAGR of more than 18% over 2019-2025.
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Threat intelligence market | Impact of the growing healthcare cyberattacks
As the global healthcare sector goes through a digital transformation, wherein it is adopting new technologies to enhance the level of patient care & medical treatments while continuing to facilitate patients with life-critical services, the vulnerabilities that are being created or exposed by this transformation phase are being treated as opportunities by criminal & malicious entities for their own personal gain. According to the Center for Internet Security, these threats range anywhere between malwares, that are designed to compromise the privacy of the patients & the integrity of the systems, to Distributed Denial of Service (DDoS) attacks, that are designed to hamper a facility’s ability of providing proper patient care. While these issues plague other industrial & infrastructural sectors as well, the ramifications of a cyberattack on a healthcare facility go far beyond financial losses & privacy breaches.
According to the Southern Medical Association, as cyberattacks continue to proliferate, the global healthcare industry remains a primary target. In fact, 2017 witnessed the most successful data breaches in history, bringing legal consequences & detrimental financial losses to the victims and costing organizations more than $5 billion in accumulated financial losses & estimated total payouts. As healthcare organizations store a copious amount of information associated with their patients, cyberattacks, aiming to gain access to these data reserves, would be continuing to occur in the sector, generating significant opportunities for the threat intelligence market contenders. Indeed, the global threat intelligence market is projected to witness a CAGR of 13% over 2019-2025 from the healthcare industry.
Threat intelligence market | Impact of increasing cyberattacks on Government Institutions
As with other sectors, the world’s government institutions are also making their transition to the digital world, leaving their conventional pen & paper practices behind for higher operating efficiencies. This trend has provided cyber-criminals an ideal opportunity, wherein they target specific government institutions for their own financial or idealistic gains. One recent instance of this is the cyberattack that targeted the local government of Atlanta, USA. According to the American Bar Association, the entire city of Atlanta was trapped in a hostage situation, wherein the city’s digital infrastructure was taken over by a powerful ransomware.
The criminals disabled internet access, encrypted the files stored on the system and demanded an upfront Bitcoin payment in exchange for the decryption key that restored access to these files. According to federal authorities, the ransomware attack caused losses of more than $30 million and could cost taxpayers & the city more than $17 million to completely recover from the damages caused.
Attributing to these three determinants, it is unmistakably clear, that the global threat intelligence market would be witnessing tremendous growth in the years to come. In fact, according to a report by Global Market Insights, Inc., the overall threat intelligence market size is slated to surpass the $13 billion renumeration mark by 2025.
Author Name : Akshay Kedari
Cloud-based process orchestration market to depict appreciable growth prospects over 2019-2025, APAC to emerge as a prominent revenue pocket
The surging adoption of advanced technologies along with rising globalization trend will propel the process orchestration market growth in the years to come. Businesses nowadays are primarily focusing on reducing production cost, improving operational functioning, gaining enhanced competitive skills and delivering improved customer satisfaction to clients, functions that can be fulfilled by means of adopting process orchestration. The technology effectively helps design, implement, integrate and monitor customer process applications and integration scenarios more quickly and flexibly, helping businesses innovate faster and respond to changing business demands more efficiently.
Latin America Process Orchestration Market Revenue, By Professional Service, 2018 & 2025 (USD Million)
Speculating the technique’s profound benefits, companies are now investing in developing innovative solutions for transforming their businesses and to deliver unique customer satisfaction. For instance, in 2018, around 55% of the start-ups adopted digital business strategy, while around 85% intend to invest in digital transformation in the future. Moreover, major sectors include energy & utilities, retail, manufacturing, healthcare, IT & telecom are also adopting process orchestration solutions for improving business efficiency, that would quite overtly expedite the industry growth over 2019-2025.
With the increasing adoption of advanced technologies such as AI and machine learning, the demand for process orchestration solutions to efficiently manage, integrate, and optimize computer systems and cloud architectures to further help serve and retain customers has only been surging. The deployment of the cloud has also been of concern to numerous businesses as their data and information is located in off-premises servers, making the adoption of process orchestration vital for managing cloud-based application and services.
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Speaking along similar lines, it is prudent to mention that the process orchestration market has been depicting quite some growth from the deployment of the cloud. Cloud-based process orchestration services help in simplifying deployment and centralizing automation processes, making it easier for expanding and transforming processes at a lower cost and at a faster speed. Given the cloud’s off-premise feature, orchestration brings dependency management, high availability, failure recovery, scaling and numerous other tasks and attributes all into a single process, significantly reducing staff effort. The rapid growth and adoption of cloud solutions across SMEs are thus contributing majorly to the expansion of cloud-based process orchestration industry.
Enumerating the application landscape of the process orchestration market, the retail & consumer goods sector is anticipated to emerge as a pivotal avenue for this industry. With increasing market competition and rapidly evolving consumer needs, it has become vital for the retail sector to improve its service offerings. Process orchestration solutions will enable such businesses to transform their operations and enhance customer reach, and will also help in automating manual processes, minimizing operating costs, improving customer shopping experience and identifying new revenue streams in the highly competitive sector. This in consequence would majorly accelerate process orchestration market share from retail & consumer goods applications, slated to depict a CAGR of 14% over 2019-2025.
Speaking of the regional terrain, it comes as no surprise that the Asia Pacific region is primed to evolve as a highly competitive ground in the years to come. The key factors contributing to market demand across the continent include rapid globalization, increasing demand for industrial automation and strategic government initiatives targeted towards the manufacturing sector. The growing awareness regarding process orchestration benefits, such as the elimination of process redundancy and enhanced business planning, will act as a driving factor for APAC process orchestration industry. Powered by the increasing use of IT infrastructure and resources to gain cost optimization, APAC process orchestration industry share will register the fastest growth rate of 18% over 2019-2025.
Proliferation in the retail sector coupled with the integration of advanced technologies, such as AI and machine learning will contribute to the growing adoption of process orchestration. Businesses are continuously launching newer products in the market to meet the growing customer requirements, further driving market growth. The growing demand for cloud technologies is also contributing to the process orchestration industry growth. According to Global Market Insights, Inc., the process orchestration market size will exceed $9 billion by 2025.
Author Name : Mateen Dalal
Unveiling the application terrain of SD-WAN market: escalating demand from the manufacturing sector to drive the industry landscape over 2019-2025
The SD-WAN market has lately been growing at a significant pace, characterized by the robust adoption of these solutions across a spate of industry verticals, given their ability to help organizations regarding their legacy infrastructure maintenance. The traditional infrastructure of WAN is known to rely extensively on costly hardware appliances for providing connectivity in remote locations. However, organizations have now been able to reduce those expenses by deploying SD-WAN solutions. Moreover, the solutions also assist enterprises in directly connecting remote users and devices to the cloud and ensuring secure connections.
North America SD-WAN Market Revenue, By Application, 2018 & 2025 (USD Million)
SD-WAN solutions also provide the companies with improved network visibility, and help in reducing network complexities of managing dynamic workloads. By utilizing SD-WAN solutions, organizations can benefit from cost reduction and secure connections, which in turn will propel the commercialization landscape of SD-WAN market in the years to come.
The penetration of smart IoT devices in varied industry verticals, including retail and consumer goods, telecom, manufacturing, and healthcare has substantially increased security risks and network complexities. SD-WAN solutions play a vital role in this context, given that they help improve network visibility for the management of connected devices for reducing security risks, and address the complexities of the IoT infrastructure. The prevailing AI-enabled SD-WAN solutions would also boost the demand for SD-WAN as machine learning algorithms are broadly utilized for WAN optimization. This would further enable network administrators to analyze WAN traffic and re-route the same, automatically, for the selected connection. The capability of SD-WAN has thus proved useful across a spate of verticals, expanding the application scope of the global SD-WAN industry, a gist of which is given below:
In the recent times, some of the biggest banks across the global industrial cosmos have cropped up as leading financial organizations which provide a wide range of services to international markets, and control billions of dollars in assets and cash. Financial service firms have been relentlessly working to capture new market opportunities, implement innovative strategies, develop customized services, and identify new business niches.
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This sector, in the years to come, is anticipated will become even more complex with further diversification, deregulation, consolidation and globalization of the financial industry. Irrefutably, this complexity in the BSFI industry can be effectively addressed only by deploying SD-WAN solutions, which will augment the SD-WAN market share from BFSI applications in the coming years. Of late, the modern banking industry is also remnant of extensive diversification, as is observed by the penetration of some select banks in the domains of core investments, security underwriting, insurance, and portfolio management. With banks and other financial institutions widening their service portfolios, working to evolve as vital entities in the global business landscape, SD-WAN industry size from BFSI applications is expected to surge massively, given the humongous demand for these solutions to reduce complexity and costs.
The manufacturing sector is anticipated to emerge as one of the most profitable application avenues for the global SD-WAN market. Undeniably, this growth can be credited to the surging popularity of IoT platforms deployed in manufacturing industries. With more and more smart devices and sensors being incorporated in manufacturing facilities, companies are, quite overtly, demanding accurate solutions that are able to deliver exceptional network visibility for end-point management.
Driven by the fact that SD-WAN solutions help manufacturers prioritize network traffic and simplify network management, in a bid to make sure that crucial applications obtain access to the required connection, the manufacturing sector is touted to majorly contribute toward the expansion of SD-WAN industry. As the deployment of more and more communication technologies and IoT devices in the manufacturing industry increases, the demand for SD-WAN solutions will naturally depict an upsurge, propelling SD-WAN industry size from manufacturing applications. As a matter of fact, Global market Insights, Inc., claims that software-defined wide area network market share from manufacturing applications will depict the highest CAGR of more than 60% over 2019-2025.
Retail and Consumer Goods
Retail enterprises using SD-WAN are naturally equipped with the capability to supplement and expand their backbone connectivity, with more options available in a particular location, ranging from broadband to LTE. Along with making the process of adding bandwidth in a site easier, SD-WAN manages conditioning and prioritization of traffic, for improving application performance even further – a major parameter of concern in the retail industry that has been undergoing an extensive digital transformation of sorts.
In the 2017 Cloud and Network Benchmark of Nemertes Research, which involved 625 organizations, it was stated that over 50% of more successful retailers have started deploying SD-WAN, in contrast to the 10% among the less successful ones. As retailers intend to eliminate unnecessary capacity and functionality expenditure, they have been demanding WAN solutions that can accurately leverage NFV and SDN to run on generic hardware and deal with flexible deployment of capacity and functionality. This would substantially augment the requirement of SD-WAN solutions in the retail sector, that secures service continuity via myriad techniques – right from traffic replication spanning multiple paths to sub-second traffic cutover from a failing to a healthy link, thereby propelling SD-WAN marker share from the retail and consumer goods sector.
Endorsed by a mammoth application terrain, the global SD-WAN market is expected to traverse alongside a highly lucrative remuneration graph in the ensuing years. As per estimates, the valuation of the overall SD-WAN market would cross a colossal US$17 billion by 2025.
Author Name : Saurav Kumar
Europe data center liquid cooling market to record extensive gains by 2025, robust adoption of direct immersion cooling solutions to expedite the industry landscape
The increasing demand for digital services and unprecedented growth in AI and machine learning has helped push data center liquid cooling market share to new heights lately. Data centers demand efficient cooling systems to reduce power consumption as over 30% of the power is used for cooling purposes. Processor performance is also severely affected by overheating resulting in slower operations. However, with businesses increasingly shifting towards mainframes and supercomputers, liquid cooling technology seems to be an ideal solution for modern data centers. Furthermore, the consistently changing demands for new, uninterrupted digital has been prompting data centers to adopt innovative technologies that will help boost data center liquid cooling market in the coming years.
China data center liquid cooling market, by solution, 2018 & 2025 (USD Million)
The growing implementation of artificial intelligence (AI), big data, cloud, and machine learning in newly developed software solutions has also been driving the industry growth. With the development of more powerful chips capable of rapidly processing data for new complex applications, the amount of power consumption has exponentially increased leading to more component heat generation. For instance, an increasing number of GPUs and FPGAs are nowadays pushing systems to their limits for smoothly running heavy applications like AI, big data analytics, HPC, media streaming, machine learning which in turn generate high amounts of heat. Reports claim that the heat profile for many GPU based servers is double than that of traditional servers. However, with the benefits of liquid cooling technology businesses can deploy applications at a much higher density with increased efficiency, that will lead to a commendably reduced carbon footprint, supplementing the data center liquid cooling industry growth in the upcoming years.
One of the most extensively used solutions for data center cooling is the direct immersion cooling solution. Also known as liquid submersion cooling, this solution is used to submerge full servers in a thermally conductive liquid to offer enhanced temperature control. The method is slowly gaining popularity with innovative datacenters across the world. Some ultra-high-speed supercomputers like IBM’s Summit supercomputer already use liquid cooling technology to pump around 4,000 gallons of water per minute through its system.
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Direct immersion can significantly cool solid-state drives, which makes the entire process more efficient in comparison with traditional methods. The technology also reduces system humidity & heating effect, further offering high operational performance and speed. Additionally, solution developers offer efficient maintenance & installation services to data center clients which further supports industry expansion. Indeed, it comes as no surprise that the data center liquid cooling industry will gain substantial momentum from the robust adoption of direct immersion cooling solutions.
Hyperscale data centers – the latest trend that will proliferate data center liquid cooling market size
The increased focus on business agility and cost optimization has led to the rise and growth of cloud data centers which in turn has given birth to the trend of hyper scaling. Hyperscale cloud operators are increasingly offering better resources and bandwidth that support the growing demand for storing large chunks of data on the cloud. Compared to traditional models, hyperscale data centers require to operate in colder zones as these facilities constantly handle increasingly large amount data traffic, which expands IP connections and fulfills high storage demands, factors that make it essential for deploying servers with high-density cooling elements like liquid coolers and water-chilled metal boxes equipped with blowers to enable fast operation at ambient temperatures. The growing shift towards hyper scale cloud data centers will thus augment the growth of data center liquid cooling industry.
Speaking of the regional expanse of the data center liquid cooling market, it would be prudent to state that APAC and Europe are two prominent geographical revenue pockets for the industry. Asia Pacific data center liquid cooling market will witness significant growth over the ensuing years, driven by the increase in data capabilities brought forth by the growing digitalization in every possible industry sector.
The expansion of the Europe data center liquid cooling market can be majorly credited to the massive presence of numerous colocation facilities across the continent. Powered by the advent of robust digitization across the industries such as BFSI and medical care, in tandem with the rapid adoption of machine learning technology in the region, Europe data center liquid cooling industry share is set to soar high in the years to come.
Liquid-based cooling solutions have more heat removal capabilities & can reduce a data center’s power consumption by about 70%. The paradigm shift toward high energy consuming applications and the deployment of AI, big data and machine learning will mandate the adoption of liquid cooling solutions for smoother operations in the years ahead. Reports from Global Market Insights, Inc. cite that the data center liquid cooling market size will exceed the $2.5 billion mark by 2025.
Author Name : Mateen Dalal
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