Cyber Situational Awareness Market to Generate $152.65 Billion by 2027: Allied Market Research

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.

Portland, OR, May 17, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global cyber situational awareness market garnered $31.43 billion in 2019, and is estimated to generate $152.65 billion by 2027, portraying a CAGR of 22.6% from 2020 to 2027. The report provides an extensive analysis of changing market dynamics, key segments, value chain, top investment pockets, regional landscape, and competitive scenario.

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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. However, lack of sensitive data sharing hinders the market growth. On the other hand, rise of the e-commerce industry presents new opportunities in the next few years.

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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The report offers a detailed segmentation of the global cyber situational awareness market based on component, solution type, deployment model, organization size, industry vertical, and region.

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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