Leveraging artificial intelligence (AI), machine learning and blockchain technologies for cyber defense is a key trend in the cybersecurity services market. Cybersecurity vendors integrate artificial intelligence (AI) and machine learning principles into their solutions to tackle crucial hyper-connected workplace risks, with quicker identification, prevention and responsiveness capabilities. Advances in technology, such as AI and machine learning, turn the tables against cybercrime. For example, Equifax experienced cyber-attacks in September 2017, which resulted in the loss of sensitive information from more than 140 million American customers. The stolen information included names, addresses, social security numbers, birth date and driver’s license numbers. Cybersecurity specialists are therefore leveraging AI and machine learning technology to resolve the emerging cyber threats facing individuals, companies and governments.
The global cybersecurity services market size is expected to decline from $66.87 billion in 2019 to $65.46 billion in 2020 at a compound annual growth rate (CAGR) of -2.1%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities that has led to a slowdown in the economy. This impacted the bottom line of companies, restricting them from investing in cybersecurity services. The cybersecurity consulting services market is then expected to recover and reach $91.1 billion in 2023 at a CAGR of 11.64%.
The increasing instances of massive cyber-attacks are a key factor driving the growth of the cybersecurity services market. The primary motive behind cybercrimes is political competition, financial gain, negative credibility, foreign competition and radical involvement of religious groups. Most cyber-attacks are for financial gain. WannaCry, Petya, NotPetya and BadRabbit are some of the main ransomware products that have targeted large-scale businesses and government organizations. For instance, in March 2018, in the city of Atlanta, US, the SamSam ransomware cyber-attack was triggered. This form of ransomware is installed on the computer network using brute-force attacks to guess weak passwords and encrypt files. The ransomware implications included inaccessibility to various municipal facilities, information leakage and economic loss. Therefore, the increasing instances of massive cyber-attacks compel companies to integrate cybersecurity in their systems and functionality to prevent crashing, thereby driving the growth of the cybersecurity services market.
The cybersecurity services market consists of sales of cybersecurity services that are used in IT and telecommunications and other industries. Cybersecurity refers to the collection of technologies, processes and practices designed to secure networks, computers, software and data against online attacks, destruction or data theft. Cybersecurity can also be identified as the security of information technology.
Major players in the global cybersecurity services market include Cisco Systems, IBM Corporation, Microsoft, Check Point Software Technologies, Oracle, Trend Micro., Cyber Ark Software Ltd., FireEye Inc., Imperva Inc., ProofPoint, Inc., Micro Focus, RSA Security, Sophos, Splunk, Accenture, Capgemini, Cognizant, HCL Technologies Limited, Tata Consultancy Services, Wipro Limited, Qualys, Dell Technologies Inc., AVG Technologies NV, and Intel Security (Intel Corporation).
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