The increasing cyber security and growing number of IT services is driving the global computer security for consumer market.
Covid-19 Impact & Market Status
The COVID-19 situation had severely impacted many multinational organizations, IT sectors, business units, and many other departments. Due to lockdown, many companies were forced to stop their work as there was the unavailability of infrastructure, labourers, capital, transportation, and other services. Many offline working industries, majorly manufacturing and production departments, had to experience a heavy downfall as the workers were unable to relocate due to lockdown. However, the computer security for consumer market didn’t face any major impact due to lockdown because this market is highly dependent on online software platforms and services.
During the lockdown, many companies switched their business from offline to online, hence, there was an increase in the requirement for data safety and risk mitigation and planning as the organizations require high security and privacy to transfer their confidential information. With this, the scope of cyber security, networking, maintenance, etc. increased and provided new opportunities to the potential companies.
Network Security Segment Held The Largest Market Share
The increase in the development of the IT sector comes with high-security risk and increased demand for network security. There is an increase in the development of software applications as advanced technologies help developers to design effective and efficient applications that can do multitask. This increase in application development increases the connectivity of users to the web, where multiple platforms are connected and there is a high risk of attack by malicious hackers. Hence, this increases the demand for security and risk management platforms that can secure the data over the network so that there is no information loss. In this way, the organizations can securely transfer their data over the network and enjoy the services.
For this, there are various software applications like antivirus, firewalls, and other platforms that provide network security so that no malicious attack can occur over the web. These services are expensive and complicated to set up, hence, skilled technicians are required to install and set up the required software. Also, many hardware devices check data flow across the network, these devices are expensive and delicate, hence, their installation is quite complex. To ensure proper installation experienced and skilled labourers are required. Apart from this, these risk mitigation and security devices require timely updates so that they can work efficiently.
The implementation of advanced technologies and automated devices is anticipated to be growth opportunity to the global computer security for the consumer market.
Owing to benefits such as data integrity, data concurrency, and privacy of a company’s information, computer security for consumers is experiencing rapid adoption thus fostering remarkable progress in global computer security for the consumer market.
The factors such as increasing demand for security of these devices to ensure safe data transmission and privacy protection against threats by malicious hackers, network issues, and other relevant cases is boosting the global computer security for the consumer market.
There is an increase in the application and development of IT services that has increased the number of applications and other hardware devices. These devices are widely used by various organizations to do their regular work and manage their data and services. Due to technology development, many complex and sophisticated devices and software applications have been developed by various organizations.
Many potential companies are trying to develop more convenient and multi-tasking platforms to increase the productivity of their company. This will help in the development of advanced software platforms or hardware devices that can perform multiple complex tasks and requires fewer resources. In this way, a feasible and secure work environment can be created that will provide high productivity and will be under the budget set by the organization. The increase in development should not happen at the risk of data security as this is the most essential requirement in the corporate sector.
The Compound Annual Growth Rate (CAGR) of the global computer security for consumer market is expected to be 8.9% with increased market size of USD 20.77 Billion by 2028.
Cyber security marketing is trying its best to provide computer security to consumers so that they can use the applications and devices without any issues. This requires high-end testing and maintenance of these devices and software platforms to ensure that all the provided services work properly. This helps to check the quality of service delivery, feature analysis, and system maintenance of the product. All these things are very essential to keep the product or service updated and ensure its longevity. In this way, the damage to the product or service can be minimized and even eliminated in some cases.
Increasing malicious attacks on the system networks and services is increasing the demand for network security and data privacy management thereby boosting the global computer security for the consumer market. To provide security, the security and testing team needs to check all the hardware components, plugins, networks, and other connections that link the device or service to the web because the internet provides the gateway to data leaks or data corruption by hackers. Hence, all the connection points and connected devices need to be checked and tested to find the major loophole in the system.
The security and maintenance of IT assets are crucial tasks in the development of the IT sector as the business runs on trust and cooperation of IT and business units. Hence, there is a major responsibility on the IT sector to ensure safe data transfer, no data breaches, high network connectivity among different services. The complete data transfer lifecycle needs the cooperation and connection of different business units across the globe, hence, data security across the connection ends is very important. To ensure connection security, various testing methods and tools are required by the IT sector to provide data safety.
One of the major impeding factors to the growth of global computer security for the consumer market is the high cost of data security and hardware protection. The tools and techniques required for testing and data security are complex and expensive, hence, a large investment is required to implement these techniques. Moreover, the implementation of risk mitigation techniques requires skilled technicians as the security environment setup is highly complex. Hence, without enough infrastructure, skilled labourers, and investment, the implementation of complex risk management and risk mitigation plan is difficult largely hampering the global computer security for the consumer market.
However, to cope with this, many potential companies are trying to replace complicated tools with advanced technologies to bring down the overall service cost. Furthermore, data security, hardware protection, etc. are the essential requirements as they help to secure highly confidential data like a company’s military information, etc. Hence, many nations are heavily investing in the cyber security and data protection markets to ensure the safety of their confidential information across the network. All the nations are competing heavily to provide security and support to their IT sectors so that the rival nation cannot hack into their system. This is anticipated to be growth opportunity to the global computer security for the consumer market.
The major players of the global computer security for consumer market are Fortinet, Trend Micro, ESET, F-Secure, AHNLAB, Bitdefender, Kaspersky Lab, McAfee, NortonLifeLock, Avast, and Comodo.
Latest Innovations in the Global Computer Security For Consumer Market: a Snapshot
- McAfee, Avast, and other potential companies are implementing new security techniques to increase the CAGR of the security market by the end of the forecast period.
Computer Security For Consumer Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 20.77 Billion|
|Growth Rate||CAGR of 8.9 % during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Fortinet, Trend Micro, ESET, F-Secure, AHNLAB, Bitdefender, Kaspersky Lab, McAfee, NortonLifeLock, Avast, and Comodo|
Key Segments of the Global Computer Security For Consumer Market
Type Overview, 2018-2028 (USD Billion)
- Network Security
- Identity Theft
- Endpoint Security
- Computer Virus
Application Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa