Allied Market Research published a new report, titled, " The Cyber Situational Awareness Market Statistics 2023: In-depth Analysis of Growth Drivers and Future Scenarios ." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global cyber situational awareness market size was valued at USD 31,431 million in 2019, is projected to reach USD 152,656 million by 2027, registering a CAGR of 22.6% from 2020 to 2027.
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Surge in level of cybercrimes, rise in demand for IoT and BYOD devices, and significant increase in electronic data fuel the growth of the global cyber situational awareness market. North America contributed to the largest market share in 2019, and will maintain its lead position by 2027. There has been positive impact on the cyber situational awareness sector. The Indian cybersecurity services industry would generate nearly $7.6 billion in 2022.
The cyber situational awareness market is mainly divided on the basis of component, deployment, organization size, solution type, and industry vertical. On component, the market is bifurcated into solution and services. On the basis of solution type, it is segmented into network forensics, network traffic analysis, DNS threat analysis, network detection & response, network performance monitoring & diagnosis, network monitoring & management, intrusion detection system, intrusion prevention system, and others. By deployment model, it is segmented into on premise and cloud. On the basis of organization size, the market is studied across small & medium enterprises and large enterprise. By industry vertical, it market majorly covers, military & defense, healthcare, aerospace, marine security, automotive, mining oil & gas, IT & telecom, government agencies, BFSI, energy & utilities, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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By component, the solution segment accounted for the largest market share in 2019, contributing to more than three-fifths of the total market share, and is expected to maintain its leadership status during the forecast period. However, the services segment is projected to witness the largest CAGR of 24.1% from 2020 to 2027.
By industry vertical, the BFSI segment held the highest market share in 2019, accounting for around one-fifth of the global cyber situational awareness market, and will maintain its dominance in terms of revenue during the forecast period. However, the healthcare segment is expected to portray the highest CAGR of 28.4% from 2020 to 2027.
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By region, North America contributed to the largest market share in 2019, accounting for nearly two-fifths of the total market share, and will maintain its lead position by 2027. However, Asia-Pacific is expected to maintain the highest CAGR of 25.7% during the forecast period.
Leading players of the global cyber situational awareness market analyzed in the research include Cyware, Firemon LLC, Darktrace, IBM Corporation, Honeywell technologies, Palo Alto Networks, MarkLogic Corporation, SAS, and Verint Systems.
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Impact of Covid-19 Pandemic on Cyber Situational Awareness Market:
● Network forensic solutions became as one of the major solutions during the Covid-19 pandemic. In addition, the adoption of bring-your-own-devices (BYOD) policy and emergence of remote computing presented the need for technologies that can be used and scaled rapidly without need for any additional infrastructure.
● There has been a positive impact on the cyber situational awareness sector. The Indian cybersecurity services industry is estimated to generate nearly $7.6 billion in 2022, according to the report published by Nasscom-Data Security Council of India.
● Furthermore, Israel’s cybersecurity startups raised nearly $2.9 billion in funding in over 100 transactions and registered the funding growth of nearly 70% in 2020.
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