Cyber Security Services Market Trends

Cyber Security Services Market Drivers

• As a result of the growing IoT and BYOD trend in businesses, devices and applications have become more vulnerable to advanced persistent threats (APTs). Furthermore, as the number of mobile devices in enterprises grows, IT staff will find it more difficult to control and trace data flow across multiple systems. As a result, businesses are increasingly relying on cybersecurity systems to protect sensitive data by monitoring, classifying, and resolving various types of threats, thereby fueling market growth. For example, according to a 2021 report, cyber criminals used the COVID-19 crisis to launch 667% more phishing attacks and are actively attempting to exploit security vulnerabilities, which boosts market growth. Furthermore, in 2020, more than 15% of employees accessed sensitive data from non-work devices. Furthermore, many businesses recognize that the benefits of BYOD in the workplace far outweigh any potential risks. In most cases, potential security threats can be mitigated. There are numerous advantages to having a BYOD policy, including increased productivity, employee satisfaction, and lower company costs, which increases the adoption of cybersecurity.

Cyber Security Services Market Restraint

• With the rising number of online security threats, the requirement for advanced solutions is growing exponentially. The outmoded network security solutions are not proficient enough in securing enterprises from the advanced network, cloud, and endpoint security threats. Factors such as the lack of professionals and experts in developing and advancing security solutions are considered key restraining factors. The high cost of implementing and updating internet security solutions and services impedes the adoption among small and medium enterprises (SMEs).