Global Revenue Collected by The Cyber Security Market Was Over $150 US Billion in The Year 2020 And It Is Only Going to Get Bigger and Better

Global Revenue Collected by The Cyber Security Market Was Over $150 US Billion in The Year 2020 And It Is Only Going to Get Bigger and Better

July 29, 2021, New York, USA – The adoption of smart buildings is a step ahead in the manner we live, work, and manages our daily routines. This innovation brings in new opportunities and provides the gateway for numerous benefits in our personal and professional lives.

A smart building is typically a construction where automated processes are used to control the building's functioning which includes heating, air ventilation, lights and security, and different other systems. It also involves 24/7 monitoring and fire alarm systems.

The biggest advantage of building smart homes or smart buildings is that they are sustainable, cost-effective, and most importantly deliver the highest level of satisfaction and comfort to their users. Most importantly it minimizes the environmental impact on the commercial buildings. It also provides physical security and thermal comfort. Another notable advantage of a smart building is that it captures, creates, and analyzes various data which will be useful for the user and deliver more personalized experiences. It typically uses various sensors and microchips to manage the business's functions and other services.

This applies to homes as well as offices. The Covid 19 pandemic was just one of the reasons where there was the upsurge of remote working and this pattern will continue shortly as well. It only makes sense therefore home as well as offices are connected via technology which will enable a smooth workflow in whichever corner of the world you are operating. It was the professional services and commercial buildings which dominated the cyber security market in the year 2020 with a dividend of over 72%.

The Global Cyber Security Smart Commercial Market-

With so much hustle in the cyber security market, it is not a surprising fact that the demand for cyber security in commercial buildings is on the upsurge. The global revenue collected by the Cyber security market was over $150 US billion in the year 2020 and it is only going to get bigger and better.

Statistics suggest that it is expected to reach over $350 billion by the year 2026 registering a CAGR of more than 14% between the years 2021-2026.

The trends which will dominate the cyber security market are IoT, AI, and Machine Learning. Further, the adoption of various M2M and IoT-enabled devices is directly responsible for cyber security in commercial enterprises.

Statistics also suggest that the number of connected devices will be over 25 billion by the year 2021 and many of the commercial entities will interact with various automation servers.

Among the cyber security markets for smart commercial buildings, the United States is leading while Asia-Pacific is an upcoming market for cyber security for smart commercial buildings. The major vendors or key players of this market are from the United States which is PayPal, FIS, Global Payments, and Square. Some of the important industries in Europe are also not far behind in catching up with the trend. The industries include are automotive, chemical, manufacturing, and electronics.

Other upcoming countries to adopt the cyber security market in the smart commercial sector will be Iran and Israel. The government is taking rapid strides in these countries to eliminate the damage done by Covid19 and applying cyber security can be just one of the main parameters to adopt this approach.

Cyber Risks in Smart Buildings

Wherever there is technology, there is bound to be a cyber-security risk. They typically are potential security breaches that will lead to corrupt networks along with mishandling of the information. Further, it can also lead to significant financial loss. It can also lead to operational inefficiencies. The main reasons where cyber security criminals attack the cyber automation of commercial buildings are for economic gains along with the need to spread fear and threat.

Furthermore, a well-planned cyber-attack can also expose sensitive and huge data storage, servers, and critical customer information. It can then be used for different malicious purposes.

The most common thereat is the Siege ware threat, where hackers can access private financial files and crucial information stored in important data centers. They can also typically listen to conversations, reprogram the automation rules also delete the important files.

Also, this fact cannot be ignored that over 90% of cyber security breaches are caused by human error, paving the way for the loss of important confidential data.

However, there are solutions for tackling the risk of cyber security if we adopt a well-integrated and safe approach.

Ways to tackle the threats to cyber security for smart commercial buildings-

Installation of anti-virus software 

This is probably the safest way for taking care of a malicious attack. It prevents new viruses from entering the systems.

Restrict the network access to only uses or specific corporate devices which are extremely essential.

Install an automated threat response to reduce the risk of malicious attacks.

Conducting various security audits to check various security measures and help mitigate the possible risk of an attack.

Smart Commercial Buildings are creating new standards in setting technology, operational efficiency, and monetary gains for commercial entities. The influence of IoT has drastically changed the way the commercial sector operates and has bought a metamorphosis in both services and value delivery models.

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