Contraband detector market is anticipated to grow at an exponential CAGR of 4.5% during the forecast period (2024-2031). Government-enacted laws & regulations aimed at reducing drug & associated material trafficking is a major factor driving the global market.
Air cargo screening system market is anticipated to grow at a CAGR of 5.2% during the forecast period (2023-2030). The global aviation sector faced considerable challenges due to the COVID-19 pandemic. The pandemic had a significant impact on the commercial aviation sector, leading to a notable reduction in passenger and cargo traffic, and a downturn in demand for airport equipment. According to the 2022 report of the International Air Transport Association (IATA), the aviation industry suffered losses of $175 billion in 2020 and $104 billion in 2021 respectively
Secure Access Service Edge (SASE) market is anticipated to grow at a CAGR of 23.2% during the forecast period (2023-2030). Secure Access Service Edge (SASE) provides converged network and Security as a Service (SaaS) capabilities, such as SD-WAN (Software Defined Network), SWG (Software-as-a-Service), CASB (Network as a Service), NGFW (Network as a Global Service) and ZTNA (Zero Trust Network Access).
Database security market is anticipated to grow at a CAGR of 17.4% during the forecast period (2023-2030). Database security is a set of techniques and strategies to protect sensitive data from unauthorized access, misuse, or destruction. It involves tools, controls, and measures to establish and preserve database confidentiality, integrity, and availability. The increasing demand by some special industries such as is one of the key factors driving the market growth. Each industry handles different sensitive data specific to its operations.
Network Security market is anticipated to grow at a CAGR of 11.8% during the forecast period (2023-2030). Network security integrates a comprehensive array of technologies, devices, and processes designed to safeguard the confidentiality, integrity, and accessibility of computer networks and associated data. As cyber criminals continuously refine their tactics and techniques, employing increasingly sophisticated attacks that can circumvent traditional security measures, the adoption of advanced network security solutions has become imperative to stay ahead of the evolving threat landscape.
3D virtual fence market is anticipated to grow at a considerable CAGR of 39.0% during the forecast period. Rising demand for security from criminal activities coupled with favorable government support for the implementation of security solutions at critical locations are the major factors driving the global 3D virtual fence market. Moreover, the rising need to reduce manpower costs has played a vital role in the increasing demand for 3D virtual fence market.
Security and vulnerability management market is anticipated to grow at a CAGR of 10% during the forecast period (2023-2030). The market’s growth is attributed to incidents involving high profile security across the globe. The increased number of data breaches and cyberattacks demonstrate the value of proactively managing potential vulnerabilities in order to prevent expensive security incidents.
Bulletproof glass market is estimated to grow at a CAGR of 10.1% during the forecast period. Changing lifestyles, urbanization, and the construction of smart cities have given a push to building technologies and materials. Customers pay attention to the type of windows being installed in their homes and have a clear preference when it comes to their safety. Bulletproof glass provides a transparent security barrier for the protected objects, which makes it difficult for criminals to rob in the protected areas.
Cyber security insurance market is anticipated to grow at a considerable CAGR of 19.2% during the forecast period. The growth of the market is attributed to factors such as increasing cyber threats and the need for protection against cyber attacks. For instance, on April 2022, the decentralized finance platform Beanstalk Farms lost $180 million in a cryptocurrency heist. The attackers took out a large enough loan to acquire enough voting rights to make the necessary governance changes to move all of Beanstalk’s reserves.
Electronic access control system market is anticipated to grow at a considerable CAGR of 10.0% during the forecast period. The increasing popularity of electromagnetic locks and electric strikes, coupled with the increasing deployment of electronic access control systems in commercial spaces such as educational institutions and healthcare facilities, along with residential buildings. The increase in integration of such system is owing to its high accuracy, time efficiency, and convenience over alternative security technologies.
Marine insurance market is anticipated to grow at a considerable CAGR of 3.8% during the forecast period. The key factor supporting the marine market’s growth is the advantages it provides to marine traders, cargo owners, and other exporters and importers. For instance, a marine insurance policy covers financial losses and damages to cargo vessels, ships, and terminals during transit. It is frequently necessary throughout import and export trade processes to fulfill various nations' demanding regulatory compliance.
Supply chain security market is anticipated to grow at a CAGR of 5.9% during the forecast period. The increasing threat of ransomware is providing growth to the supply chain security market during the forecast period. Ransomware is software that takes over users' computer systems and disables access to users' files. Cyber-attacker sends a phishing email tricking staff to open a link or a file.
active protection system market is anticipated to grow at a considerable CAGR of 6.1% during the forecast period. Nowadays, emerging economies, such as China and India are expanding their armed forces owing to geopolitical conflicts and illegal cross-border activity of terrorists. Increasing defense expenditure and procurement of new generation main battle tanks drive the market growth. For instance, in February 2021, India's defense ministry and the Ordnance Factory Board (OFB) had signed a contract to provide 118 Arjun Mk-1A tanks for the Indian army. These tanks are equipped with active protection system and countermeasure systems.
The global security screening market is anticipated to grow at a considerable CAGR of 9.1% during the forecast period. One of the core factors that is fueling the market is the increasing terrorist activities across the globe. Terrorist activities have increased in the past few years which has propelled the demand for security screening in the most precious, and populated locations to restrict such activities. In recent years, there have been multiple terrorist groups such as ISIS, the Taliban, and others that have been threatening the globe in which such devices can restrict the easy flow of explosives from one place to another.
The global railway cybersecurity market is anticipated to grow at a significant CAGR of 9.7% during the forecast period. The factor that drives the global railway cybersecurity market during the forecast period due to the growing number of railway cyber-attacks and data leakages across the globe. For instance, in March 2022, Italy’s national railway company Ferrovie Dello Stato Italiane (FS) was hit by a cyber attack. As a result of this, the trains were halted for a whole day as the IT systems of Italianrail infrastructure were hacked. Automated and sophisticated cyberattacks are becoming more frequent as technology advances, thus railway operators are increasingly adopting cybersecurity solutions and services to combat them.
The global data-centric security market is anticipated to grow at a significant CAGR of 23.6% during the forecast period. The major factor which is driving the data-centric security market is the increasing demand and adoption of the cloud-based data-centric security solutions. Furthermore, the increasing volume of data has increased the demand for data-centric security solutions to secure corporate and consumer data. According to the US Chamber of Commerce Foundation, around 90% of the global data has been produced in past two years only. As a result, the market for data-centric security is anticipated to grow further during the forecast period.
The global small arms market is anticipated to grow at a significant CAGR of 3.9% during the forecast period. One of the major factors that are growing the market is the growing personal security concerns among civilians owing to the crime rate growing in most countries. As per the data of the National Crime Records Bureau, Ministry of Home Affairs, Government of India, 5,156,172 crimes occurred in India in 2019 which was 81,537 more than the crime that occurred in 2018. This has increased the concerns of the civilians for them and their families, and the demand for small arms has increased.
The global industrial safety market is anticipated to grow at a significant CAGR during the forecast period. Industrial safety solutions are systems and technologies which help companies to ensure enhanced and automated safety in their plants. The major factor driving the growth of the global industrial safety market during the forecast is the increasing requirements to enhance the safety of workers and the company’s assets. Additionally, the growth of the market can also be attributed to the stringent government regulations concerning the mandatory requirements for the installation of safety systems in the company.
The global cognitive security market is expected to grow at a significant CAGR during the forecast period (2021-2027). Enterprises are expanding their horizons to different geographies, generating data in terms of volume, velocity, and veracity in order to gain some useful insights.
The global smart home security system market is expected to grow at a significant CAGR during the forecast period (2021-2027). The smart home security system is a combination of software and hardware sensors that are designed to detect an intrusion or illegal entry if a secured zone is breached.
The global public safety and security market is expected to grow at a significant CAGR during the forecast period (2021-2027). Several government bodies and law enforcement agencies from around the world are collaborating to maintain public order and prevent the COVID-19 virus from spreading in the community.
The global industrial cybersecurity market is expected to grow at a significant CAGR during the forecast period (2021-2027). Governments across the globe are increasing their investments in developing a framework for addressing cybersecurity in industrial settings.
The global industrial control systems (ICS) security market is expected to grow at a significant CAGR during the forecast period (2021-2027). Many improvements in efficiency and productivity are projected as a result of the transition to Industry 4.0, as well as numerous changes in the way industrial processes operate.
The global security orchestration automation and response (SOAR) market is anticipated to grow at a significant CAGR during the forecast period (2021-2027). SOAR is a solution offered by cybersecurity vendors. It empowers organizations to collect information from multiple sources and react to security operations from a solitary unit.
The global security appliance in 5G infrastructure market is anticipated to grow at a significant CAGR during the forecast period 2021-2027. Security appliance is a server-based appliance that is integrated to protect computer networks from extremes of traffic over the internet.
The global technical surveillance countermeasures market is anticipated to grow at a significant CAGR during the forecast period (2021-2027). The emergence of wireless technology and Internet of Things technology, growing adoption of espionage device detecting systems in various sectors such as commercial, government, industrial, defence and aerospace.
The global unidirectional network security product market is anticipated to grow at a significant CAGR during the forecast period (2021-2027). Integration with advanced technologies is attributed to the growth of the market.
The global defense electronic security cybersecurity market is expected to grow at a significant CAGR during the forecast period (2021-2027). The threats to civilian and military assets are accelerating in diversity, ferocity, and volume every day.
The global security appliances market is expected to grow at a significant CAGR during the forecast period (2021-2027). Information security and operational technology security are both addressed by security appliances, which encompass a variety of tools and strategies.
The global biometric point of sales (POS) terminals market is expected to grow at a significant CAGR during the forecast period 2021-2027. Biometric technology is a system of identification and authentication that is employed to detect the behavioral and physical changes of any user.
The global biometric in automotive market is anticipated to grow at a significant CAGR during the forecast period (2021-2027). Biometric in automotive is defined as a system that works on various biometric scanners, authenticators and enables personalized technology that is integrated into automobiles to operate the system of the vehicle and elevates the efficiency and safety of driver with the vehicle.
The global biometric access control system market is projected to grow at a significant CAGR during the forecast period (2021-2027). Biometric access control systems are advanced technologies that identify, authenticate and measure the differentiation in physiological parameters including face, hands, fingers, iris, and eye, among others to provide controlled and secure operations across the infrastructure.
The global network security management market is expected to grow at a significant CAGR during the forecast period 2021-2027. Network security management is defined as a complex and high tech system that efficiently manages the security over a network to avoid any damage caused by threats and frauds.
The global military cyber weapons market is expected to grow at a significant CAGR during the forecast period 2021-2027. The military cyber weapons are the most vital system in defence and military segments. These weapons work on a principle of IT system and are software-based technologies that can deny, manipulate, disrupt, destroy or degrade targeted information networks or a whole system.
The global hardware OTP token authentication market is expected to grow at a significant CAGR during the forecast period 2021-2027. The hardware OTP (one-time-password) token authentication is a principle of two-way authentication technology that uses physical hardware authenticator or a secure token to enable digital signature functionality and secure remote network access.
Electronic Security System comprises of electronic equipment such as alarms, access control systems, and CCTVs to perform security operations, that are applicable to inhibit the unapproved activities in personal or public properties. The Electronic Security System is predominantly utilized by Government agencies and administrations for security purposes.
The global industrial control system (ICS) security market is expected to grow at a significant CAGR during the forecast period 2021-2027. The rising threats and attacks, growing industrial automation and virtualization, rising government initiatives to adopt smart grid technology are major factors implemented to drive the market growth of the global industrial control system (ICS) security market during the estimated period.
The global digital thread market is expected to grow at a significant CAGR of 39.7% during the forecast period 2021-2027. The digital thread refers to a communication framework and develops a loop between the physical and digital world. This digital thread connects manufacturing, product design, and inspection process through the digital information that as result, enables the continuous flow of data and integrated view of assets data.
The global intelligent emergency response system market is anticipated to grow at a significant CAGR during the forecast period. Many natural disasters and man-made disasters occur globally causing many lives and significant economic loss.
The global home wi-fi security solutions market is expected to grow at a significant CAGR during the forecast period (2021-2027). The major factors propelling the growth of the market include rising use of internet and the subscriber base for smart devices.
Security analytics market is anticipated to grow at a considerable CAGR of 12.9% during the forecast period. The growth of the security analytics market is attributed to factors such as the growing digitalization of business operations and increased incidences of cyberattacks. Also, the anonymity afforded by tools such as VPN, the dark web, and cryptocurrencies poses significant challenges to law enforcement officials in the identification and prosecution of cybercriminals.
The global transparent caching market is expected to grow at a significant CAGR during the forecast period (2021-2027). Caching is the temporary storing of online material to allow for faster access.
The Global Incident Response Market is expected to grow at a significant CAGR during the forecast period (2021-2027). The incident response may be characterized as a methodical approach to managing and responding to a security breach or assault.
The global public safety LTE market is anticipated to grow at a significant CAGR during the forecast period. Public safety is every government's main obligation, with the overarching purpose of safeguarding residents from risks such as crime and natural catastrophes.
The Global M2M in Homeland Security Market is estimated to grow at a moderate CAGR during the forecast period. Network connectivity is the ability of wired and wireless technologies to communicate is at the heart of Machine-to-Machine (M2M) communications.
The Global Defense IT Spending Market is estimated to grow at a moderate CAGR during the forecast period. Due to the exponential expansion in the type and frequency of attacks around the globe, the use of IT solutions in defence operations has become vital.
The market for Secure Web Gateway is anticipated to grow at significant CAGR of XX% during the forecast period. A secure web gateway is a network security solution that can be used on-premises or in the cloud.
The Global Personal Identity Management Market is estimated to grow at a CAGR of 16.5% during the forecast period. Personal Identity management's major purpose is to ensure that only authenticated users have access to the applications, systems, or IT environments for which they have been permitted access.
The Global Security Gateway Market Is estimated to grow at a CAGR of 19.8% during the forecast period. A Security Gateway is a set of control mechanisms, that filter and log traffic passing, or attempting to pass, between two or more networks with varying trust levels, as well as the related administration and management servers.
The global mobile access control platform marketis anticipated to grow at a CAGR of 25% during the forecast period. The major factors behind the growth of the market include the increasing penetration of smartphone and internet, along with the emerging technologies such as IoT, and increasing awareness regarding the security.
The global network security firewall market is expected to grow at a significant CAGR during the forecast period (2021-2027). A network firewall may be set up to require all data entering and departing the network to go through it.
The global cyber security consulting market is expected to grow at a significant CAGR during the forecast period. The major factors boosting the growth of the global cyber security consulting market include the rising prevalence of cyber security incidences. Additionally, the rise in Bring Your Own Device (BYOD) policy adoption is also propelling the growth of the market.
The global Transport Layer Security (TLS) market is estimated to grow at a significant CAGR during the forecast period. The major factors propelling the growth of the global TLS market include the rising application of online transactions and the popularity of e-commerce websites.
The global network security appliance market is estimated to grow at a significant CAGR during the forecast period. The major factors propelling the growth of the global network security appliance market include the need to protect the network infrastructure of an enterprise from organized hacker groups and advanced persistent threats.
The global Ammunition market is projected to grow at a CAGR of 3.2% during the forecast period (2021-2027). The major aspect that drives the growth of the market includes the rising terrorists and hostilities across the globe.
The global penetration testing market is expected to register a considerable growth of CAGR 12.2% during the forecast period. Penetration testing is one of the most crucial techniques for finding bugs and vulnerabilities, which can compromise the security of any computing platform.
The global zero-trust security market is projected to grow at a considerable CAGR of 20% during the forecast period (2020-2026). Zero-trust security is a technology that requires strict identity verification for every person and device accessing critical content including those within and outside the network.
LAMEA optical encryption market is estimated to grow at a CAGR of around 7.4% during the forecast period. The major factors that drive the demand for optical encryption in the region include the increasing number of internet users and rising focus on cybersecurity.
US optical encryption market is estimated to grow significantly at a CAGR of around 7.7% during the forecast period. Increasing internet penetration in the US is also one of the major factors augmenting the growth of the market.
UK optical encryption market is estimated to grow significantly at a CAGR of around 10.5% during the forecast period. Various factors that are augmenting the growth of the UK optical encryption market include rising data security concerns coupled with the emergence of new regulations, such as GDPR and better telecommunication infrastructure within the country.
North American optical encryption market is estimated to grow significantly at a CAGR of around 7.4% during the forecast period. Factors that augment the regional growth of the North America market include well-developed ICT infrastructure, significant instances of cyber-attacks across major verticals, and an increasing number of smart cities projects.
Japan optical encryption market is estimated to grow significantly at a CAGR of around 10.1% during the forecast period. The major factors that propels the market growth include increasing number of internet users coupled with growing concern related to data security and safety across the globe.
Indian optical encryption market is estimated to grow significantly at a CAGR of around 10.1% during the forecast period. The major factors that propels the market growth include increasing number of cyberattacks in the country.
Germany optical encryption market is estimated to grow significantly at a CAGR of around 9.7% during the forecast period.The country is the leading exporter of machinery, vehicles, chemicals, and household equipment.
France optical encryption market is estimated to grow significantly at a CAGR of around 10.5% during the forecast period. The major factors that propels the market growth in the country include growing internet penetration on the country, and increasing application of optical encryption technology in military defence sector
European optical encryption market is estimated to grow significantly at a CAGR of around 8.5% during the forecast period. Factors that are contributing to the growth of the optical encryption market in Europe include a well-developed telecommunication infrastructure, high internet penetration, growing cybercrimes, and strict government regulations regarding data protection.
China optical encryption market is estimated to grow significantly at a CAGR of around 8.8% during the forecast period. The major factors that propels the market growth include increasing internet penetration, rising focus on cybersecurity,, rising investment in smart city projects and emerging focus on cybersecurity in the country.
Asia-Pacific optical encryption market is estimated to grow significantly at a CAGR of around 9.8% during the forecast period. The major factors that propel the market growth include increasing internet penetration, rising focus on cyber security, and growing smart city projects across the region. Internet penetration has been rising in the region owing to the cohesive government initiatives to promote digitization.
The global market for home security systems is projected to have considerable CAGR of around 8.5% during the forecast period. The major factor driving the market of home security systems include significant growth in the demand for intelligent home security systems such as smart doorbell cameras and smart locks across the globe.
The global embedded security market is projected to grow at a considerable CAGR of around 7% during the forecast period (2020-2026). Embedded security solutions are used to secure embedded systems (programmable hardware) from external cyber threats. The high adoption of the embedded security owing to its offered advantages is a key factor driving its global market.
The global automated border control (ABC) market is estimated to grow at a CAGR of nearly 17.0% during the forecast period. The major factors contributing to the market growth include rising demand for automation across the ports and an increasing number of air travelers.
The global connected home security device market is projected to grow at a significant CAGR during the forecast period. The factors that are propelling the growth of the market include the technological enhancements in the devices that allow users to control devices over voice, which has further made the devices easy to use, thus adding a touch of universality to them.
North American Cyber Security market is growing at a CAGR of around 9.9% during the forecast period. The US and Canada are the major economies in the region. North American cyber security market is expected to grow at a fast pace owing to its well-developed information communication technology (ICT) infrastructure and the larger number of threats associated with it.
Indian Cyber Security market is growing at a CAGR of around 16.4% during the forecast period. Increasing adoption of cloud storage is estimated to be one of the major factors that are driving the growth of the market in the country. Most of the organizations such as banking, manufacturing, education, healthcare, retail, and so forth have shifted their on-premise applications to cloud-based platforms due to numerous benefits such as scalability and elasticity.
China Cyber Security market is growing at a CAGR of around 12.4% during the forecast period. All the organizations in China are in possession of an increasing amount of personal information and transaction data. These organizations are now the main targets of cyber-attacks with sensitive data often being leaked due to organizational system vulnerabilities. In 2016-2017, internet users in China have suffered financial losses of up to RMB 91.5 billion due to personal information leakage, fraud, junk email and so forth.
UK Cyber Security market is growing at a CAGR of around 11.8% during the forecast period. The UK is the third-largest economy after Germany and France in the Europe. The digitalization of banking, Insurance, and business services in the country are the key drivers for the growth of the economy. Along with the high internet penetration rate has been acting as the major motivator of the UK cyber security market.
Asia-Pacific Cyber Security market is growing at a CAGR of around 13.2% during the forecast period. The Asia Pacific is the fastest-growing region for the cyber security market owing to the increasing number of cyber-attacks and growing digitalization in the region. A significant increase in cyber-attacks cases has been witnessed during the last couple of years.
European Cyber Security market is growing at a CAGR of around 10.3% during the forecast period. European countries including Netherland, Germany, France, UK, and Ukraine & Virgin Island were in the top 10 out of total cyber-attacks. European Union has adopted the EU Cybersecurity Strategy to protect organizations in the region from cyber threats.
US Cyber Security market is growing at a CAGR of around 9.8% during the forecast period. The US is one of the leading regions in cybercrime activities, according to the Federation of American Scientists. Millions of people are victims of cybercrimes every year. Significant growth of cyber-attacks holds a major impact on the growth of the United States cyber security market.
The US contactless payment market is anticipated to grow at a CAGR 16.0% during the
forecast period. The US has a huge potential for the growth of the contactless
payment market. However, the use of contactless payments in the US is very low.
The GDP of the US was estimated to be about $20.50 trillion in 2018.
UK
contactless payment market is anticipated to grow at a CAGR 15.0% during the
forecast period. UK contactless payment market has held the major market share
due to high adoption and awareness. Due to modernization trend, adoption is
also growing in UK at a high rate. UK is leading the market with the value of
$460 million in 2018 and is estimated to reach about $1.2billion till 2025.
North
American contactless payment market is anticipated to grow at a CAGR 15.9%
during the forecast period. The factor
such as presence of technology giants such as Google, Amazon, and Apple among
others, the development of contactless payment-based platform is positively growing.
The
Indian contactless payment market is anticipated to grow at a CAGR 17.4% during
the forecast period. India is transforming into a digital nation with the
adoption of internet services in the sectors of automotive, healthcare and
manufacturing. With the service sector being the major contributor to the
country’s economy, software services are playing a crucial role in the growth
of the service sector.
Germany
contactless payment market is anticipated to grow at a CAGR 15.4% during the
forecast period. Germany is one of the leading markets for ICT (Information and
Communication Technologies) sector. Well-established ICT sector supports the
number of opportunities for ICT market players to emerge in advanced technologies
such as digital payment services.
European
contactless payment market is anticipated to grow at a CAGR 14.7% during the
forecast period. European countries are considered to befertile grounds for
contactless payments. Countries are providing a positive environment for
various contactless platforms such as Apple Pay, Barclays Contactless Mobile,
and others.
The China contactless payment market is anticipated to grow at a CAGR 16.6% during the forecast period. Chinese consumers are adopting contactless payment and e-commerce methods at a faster rate as compared to the rest of the world. Increasing adoption of online retail, financial and on-demand services and prefers the use of contactless payment method.
Asia-Pacific
contactless payment market is anticipated to grow at a CAGR 16.2% during the
forecast period. Asia-Pacific is the fastest growing region in ICT sector due
to its rapid transformation towards digital economies. Region comprises fastest
emerging economies of India and China.
The global Microprinting
market is projected to grow at a significant CAGR of over 5% during the
forecast period. The market growth is mainly driven by the increasing
application of microprinting in the BFSI sector due to the policies and
regulations in the industry and growing government initiatives for enhancement
of security printing techniques coupled with increasing document forging across
the globe.
The global endpoint security market is estimated to grow at a significant rate of 10.1% during the forecast period. The market growth is attributed to various factors such as increasing adoption of cloud-based services, increasing adoption of endpoint security in various industry verticals, shifting trends towards bring your own device (BYOD) and increasing concern regarding data security and privacy.
The growing payment transactions
in the retail industry is backing the growth of the global payment security
market. For instance, Alibaba and Tencent are leading the mobile payment sector
in China and have branched out to other parts of the financial services supply
chain.
Global security assertion markup language (SAML) authentication market is projected to witness a considerable growth rate by exhibiting a significant CAGR of 12%, during the forecast period. To manage ample volume of identities, organizations need to supply reinforced, consistent and unified identity security to users, in order to enhance the operational efficiency.
Secure web gateway is a security solution that provides protection against online security threats. These solutions are primarily used to prevent unwanted traffic from entering into an internal network of an organization. The solution addresses the advanced persistent threats, malicious users, and malware that significantly affects the networked environment.
Cyber security is referred to as the prevention of computer systems from any type of damage or stealing sensitive information. With the advancements in technologies adopted globally, attackers too have upgraded their crime techniques in order to create more severe consequences. These cyber attacks can be targeted on different platforms such as networks, clouds, mobile devices, and others.
Optical encryption market is expected to grow at a moderate rate during the forecast period 2019-2025. Optical encryption is a medium to secure in-flight data in the network transport layer. It is carried over optical waves across fiber-optic cables. With an increasing number of data leaks and high-profile breaches, cyber security is a major concern.
The global payment security is anticipated to witness
an impressive growth rate during the forecast period. Payment Security
market is expected to grow impressively with a CAGR of 17% during
2017-2022.
The global cyber security market is anticipated to grow at a CAGR of 11.1% during the forecast period. The global cyber security market is growing at a modest rate due to the rise in cyber-attacks. According to Cisco data, the distributed denial-of-service (DDoS) attacks were more than 7.9 million in 2018 which is estimated to grow to 15.4 million by 2023. Additionally, according to IBMs, Cyber security report, 2021 IBM, the average data breach recorded a significant hit in the past 17 years, reaching $3.86 million to $4.24 million. Cyber-attacks are major threats, especially for high-priority areas such as government agencies, defense, and aerospace.