Market Overview
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 2020 and 2027(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.
Market Segmentation
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.
Regional Insight
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.
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.
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Industry Updates
June 2021- ENACOMM, FinTech enablement
company has partnered with DialAmerica, a BPO contact center to offer
comprehensive omnichannel support.
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