The report"Covid-19 Impact On Cybersecurity Market by Technology (Network Security, ApplicationSecurity, Endpoint Security, Cloud Security, Database Security, Web Security,ICS Security), Vertical, Region - Global Forecast to 2021", size isexpected to grow from USD 183.2 billion in 2019 to USD 230.0 billion by 2021,at a Compound Annual Growth Rate (CAGR) of 12.0% during the forecast period.The market growth can be attributed to increasing focus on cybersecurity-drivenbusiness continuity plans to provide optimized security to customer data andoperations that are being handled by the companies. Increasing focus oncybersecurity as a critical business imperative and not just as a supportfunction is expected to further drive the market with a higher wallet share forsecurity policies and infrastructure.
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Networksecurity to secure major wallet share of the cybersecurity market during theforecast period
Organizationsare facing an increase in attacks on corporate emails, with attackers posing aslegitimate agencies, trying to trick people into sharing their account accesscredentials or opening malicious email attachments. A major factor in the riseof these scams is fake COVID-19 websites, which may promise a cure or treatmentin exchange for personal information.
The securitycompany, RiskIQ, has tracked COVID-19 keywords to determine that over 300,000suspicious COVID-19 websites have been created between March 9th and March23rd. These malicious websites can potentially infect endpoint devices withmalware. This could be detrimental for businesses when such devices connect toenterprise networks, especially with employees working remotely from theirhomes. Hence, a well-bound combination of network firewalls, email security,and best practices among the workforce is essential to avoid compromising theenterprise networks.
Manufacturingvertical to see less growth during the forecast period in the cybersecuritymarket
As theCOVID-19 crisis continues to expand, manufacturers would likely face challengeson numerous fronts. Manufacturing companies would be looking for immediatemeasures to keep their workforces safe and their businesses solvent.Manufacturers would also need to look beyond their economic viability. As theCOVID-19 pandemic intensifies, manufacturers would likely face continueddownward pressure on demand, production, and revenues. They would also facecash-flow liquidity challenges and difficulties in managing debt obligations.
China is themanufacturing hub for almost all raw material requirements across the globe;the COVID-19 pandemic has affected the global economy and disrupted supplychains. The Covid-19 Impact On Cybersecurity Market would be felt across arange of industries dependent on the supply of inputs from China, includingelectrical components, non-electric machinery and machine tools, metallic andnon-metallic products, organic and inorganic chemicals, and pharmaceuticalingredients. This pandemic is already facing various challenges to industrialmanufacturers, especially those that depend on workers whose jobs cannot becarried out remotely
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Europe towitness the high impact of COVID-19 during the forecast period in thecybersecurity market
Europeancountries, including Italy, Spain, France, and Germany, have reported rapidlygrowing cases of COVID-19 with Italy being affected with 115,200+ cases as on09th April 2020, the highest number of cases. WHO has declared Europe as thenew center for the virus after China as there have been 50,000+ deaths. With alot of companies adopting goodwill services as their strategy for this crisisto retain and acquire customer base, they are primarily providing protectionsolutions and services against phishing attacks that primarily target Italianemail addresses that contain malicious Microsoft Office documents withTrickbot, and a banking trojan used to steal victims’ confidential information.
Majorvendors in the global cybersecurity market include Acunetix (Malta), ABB(Switzerland), Airbus (France), Belden (US), Baker Hughes (US), Microsoft (US),CrowdStrike (US), Symantec (US), TrendMicro (Japan), Sophos (UK), McAfee (US),Kaspersky (Russia), K7 Computing (India), ESET (Slovakia), Cisco (US), FireEye(US), F-Secure (Finland), Palo Alto Networks (US), Check Point Software(Israel), Fortinet (US), CyberArk (US), Cyberbit (Israel), Checkmarx (Israel),Rockwell Automation (US), CloudFlare (US), Vercaode (US), Pradeo (France),Rapid7 (US), Synopsys (US), Trustwave (US), WhiteHat Security (US), ImmuniWeb(High-Tech Bridge SA) (Switzerland), Contrast Security (US), Qualys (US),SiteLock (US), Sophos (UK), IBM (US), Imperva (US), CipherCloud Inc. (US),ZScaler Inc. (US), Avanan Inc. (US), Oracle (US), Thales (France), Micro Focus(UK), Fortinet (US), Imperva (US), Citrix (US), Juniper Networks (US), Akamai(US), Avaya (US), DXC Technology (US), Nokia (Finland), and Zscaler (US).
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