The cognitive security market 2020 can expect to attain an approximate valuation of USD 10 Billion by 2027, believes Market Research Future (MRFR). MRFR adds in its latest study that the market can also progress at a rate of 19% between 2017 and 2023 (evaluation period). We will provide COVID-19 impact analysis with the report, along with all the key developments since the coronavirus disease outbreak.
Market Boosters and Key Deterrents
Businesses everywhere are coming together to strategize on ways to deal with the COVID-19 outbreak and its aftereffects. The pandemic has led to a dramatic shift of companies’ schemes from long-term to short-term, with more focus on customer engagement and continues business flow. Businesses are learning how to address the COVID-19 impact in terms of healthcare as well as economics. Cognitive security has always been an important market for businesses, given its ability to secure data from cyber and virus attacks using machine learning, data mining, human-computer interface and natural language processing. However, following the SARS-CoV-2 outbreak, the market value has multiplied significantly in view of the expected threats and various forms of attacks that can weaken the company’s infrastructure as well as its systems.
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In the wake of novel coronavirus, businesses have apparently become more vulnerable when it comes to their reputation. They are now no more in the position to afford any cyber-attacks on cloud that can damage their image in front of their clients. Experts believe that only those businesses can thrive that are well-equipped with the necessary data security tools and solutions such as cognitive security.
The lockdown has led to higher adoption of work-at-home model among enterprises, which is prompting companies to spend more energy and money on adopting cognitive security solutions and services to manage threats while working from home. The exponential growth of the online industry has also been an incredible booster for the cognitive security market. Cloud security has become one of the major focus areas for the businesses, especially since the pandemic. Mergers and acquisitions are also some of the growth tactics employed by the players to remain relevant in the global market.
For instance, in June 2020, reports confirmed that IBM is ready to acquire Spanugo, a cyber-security firm, to cater to the protection and compliance requirements of the clients in extremely regulated industries.
Leading Industry Players
The leading industry players listed in the market study include Check Point Software Technologies (Israel), Intel Security (U.S.), CA Technologies, Inc. (U.S.), Fortinet, Inc. (California, U.S.), Cisco systems (U.S.), CSC (U.S.), Cato Networks (Israel), Symantec Corporation (U.S.), XTN (Italy), IBM Corporation (U.S.), and more.
The cognitive security industry has been considered for deployment, organization size and vertical.
The deployment-wise segments are cloud and on-premise.
The organizations, size-wise, mentioned in the study are large enterprises and SMEs/small and medium enterprises.
Verticals that deploy cognitive security solutions include supply chain and logistics, IT & telecommunication, energy and power, healthcare, education and government, BFSI, and more. BFSI is the most significant vertical that uses cognitive security, as these solutions provide a number of advantages such as prevention techniques, automated threat intelligence, fraud analysis as well as investigation.
Europe, Asia Pacific/APAC, North America, and Rest of the World/RoW are the key markets for cognitive security.
North America has secured the biggest share in the global market, as a result of the well-developed network infrastructure, prevalence of digitization and the high consumption of advanced technologies. The region is in the lead also because of the large number of leading players that have expertise in cognitive security. The market attractiveness is also the result of the BYOD trend that is quite common across enterprises.
The fastest expansion rate can be procured by the APAC market, since more and more enterprises are spending massively on research and development with regard to cognitive security. The expanding IT landscape along with the escalating uptake of internet of things, bring your own device and artificial intelligence technologies by enterprises can also induce major growth. India and China are progressively deploying cognitive security solutions given the surge in digitization and the developing industrialization rate, which can also drive the market demand in the region.
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