The global cyber situational awareness market is estimated to record a CAGR of 17.78% during the forecast period, 2021-2028. The major growth drivers include wireless technology implementation, frequent cyberattacks, cloud technology adoption in multiple sectors, and business data digitization.
Digital technologies have made their place in an everyday routine, right from simple mobile devices to complex software and electronics. Edge computing has gained traction in the commercial sector since it minimizes the overall latency in acquiring data from respective servers. It is also projected to increase the demand for several parallel technologies like the Internet of Things (IoT) and cloud computing.
The rise of digital technologies has also increased the associated risks, widening the gap of losses. According to McAfee statistics, cybercrime incidents incurred a loss of $1 trillion in 2019. In the same year, the Interstate Technology and Regulatory Council (ITRC) disclosed that hacking was the prominent method used to breach data. This includes intrusion methods like skimming, phishing, and ransomware & malware. Thus, with emerging technologies, cyber situational awareness is on the rise, contributing to market growth. However, budget limitations and regulation variation hinder the market growth.
The growth assessment of the global cyber situational awareness market includes the analysis of North America, Asia-Pacific, Europe, and Rest of World. With companies in the Asia-Pacific increasingly adopting managed security services, the region is set to record the highest CAGR by 2028.
The competitive rivalry in the market is dictated by increasing product penetration levels, high level of competition, and moderate to high product differentiation. IBM Corporation, SAS Institute, Honeywell International, Palo Alto Networks Inc, etc., are among the market’s key players.
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