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The global cyber security of security services sales market reached a valuation of over $160 bn in 2019. The market is likely to grow at over 10.0% CAGR during 2020-2027 period. The rising cybersecurity threats around the world including phishing, mail hacks, and insurmountable damage for large players, and subsequent awareness globally, will drive major growth for the global cyber security of security services sales market.
Digital Expansion Promises to Open New Opportunities for Growth
Digital has become the new-age gold for many corporations. Take the cosmetic industry for example. The industry had experienced major slowdowns before the digital marketing era, as misinformation, and side-effects of cosmetics made way for many uniformed clients. It would be wrong to say that the growth wasn’t there. However, the growth had saturated among regular users, and did not bring-in new consumers in the market. Today, the digital marketing era brings promising new consumers with influencer marketing strategies, and new cost-saving opportunities for small players to compete on a level-playing field with major players. The growth in the cosmetic business is a boon for the industry. However, the growing threat of cyber-attacks also loom large on the industry, as e-commerce itself has come under threats.
Banking Sector Will Likely Drive Major Growth as Digitalization Reduce Distribution Costs
The trends are especially visible in sectors like banking. The sector today relies heavily on growth in online customers, which has disrupted cost-structures with providing easy access to finding new customers, getting information on background data through credit rating agencies, and reaching out to customers for payments. However, the sector also remains at major risk from cyber threats, as rating agency reports that banking remains the key targeted sector due to large access to monetary turnovers. Moreover, individual customers remain at higher risk as online frauds continue to go up targeting the most vulnerable with lucrative, and enticing propositions. The growing threats to sectors like banking, and its major commercial potential remains a major driver of growth for the cyber security of security services sales market.
IoT Devices Remain Key For Future Growth as Interconnected Technology Becomes Need of the Hour
The expansion of the smartphone industry, and new access to personal information of consumers remain major highlights of the global cyber security of security services sales market. The IoT devices will likely connect a whole new world of technologies ranging anything from the refrigerator, to cars, to wireless signal posts, and much more. The technology has already shows promise in countries like China, where it was used to control highway traffic, and made major breakthroughs in reducing road fatalities on expressways. The growing demand for IoT devices like personal wearable, its major promise for connecting public systems, and increased investment in data analytics by tech giants will likely drive major growth for the global cyber security of security services sales market in near future.
Despite on-going improvements in technology, and growing prospect for cyber security market, the lack of skilled labor remains a major challenge for growth in the global cyber security of security services market.
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