Kenneth Research, in its repository of market research reports, have recently added a report on Cognitive Security Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Cognitive Security Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Cognitive Security Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
The Cognitive Security Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2023, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The Cognitive Security Market in It & Telecommunication is defined as security that uses data mining, machine learning, natural language processing (NLP), and human-computer interface for securing data from cyber-attacks and virus. In addition, the cognitive system even helps in analyzing the security developments and discrete the structured and unstructured information data into relevant information. It also provides security to businesses and helps in improving the productivity of the business. The increasing shift toward the use of cognitive security services for data storage of confidential and private data of an organization and the rise in employee mobility contribute to the need for cognitive security in IT & telecommunication.
With the increasing adoption of the cloud-based services in various business platforms, such as enterprise business, has led to the need to secure the information of organizations. The implementation of cloud-based cognitive security by small and medium enterprises is increasing rapidly and fuels the growth of the market.
According to Kenneth Research, the cognitive security market in IT & telecommunication is expected to reach $3.68 billion by 2023, growing at a CAGR of 30.36% during the forecast period. Cognitive security is widely being adopted across diverse set of industries for the protection of crucial information that includes public safety and utility companies. An increase in the adoption of the cloud-based services and the Internet across the IT & telecommunication sector, the need to protect the data has rapidly increased.
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Furthermore, the Americas is experiencing significant growth due to the developed infrastructure in the region boosting the cognitive security market, followed by APAC and EMEA during the forecast period.
Market Segmentation Analysis:
The report provides a wide-range evaluation of the market. It provides an in-depth qualitative insights, historical data, and supportable projections and assumptions about the market size. The projections featured in the report have been derived using proven research methodologies and assumptions based on the vendors portfolio, blogs, whitepapers, and vendors presentations. Thus, the research report serves every side of the market, and is segmented based on regional markets, deployment, organization size, and end-users.
Countries and Vertical Analysis:
The report contains an in-depth analysis of the vendor profiles, which includes financial health, business units, key business priorities, SWOT, strategy, and views; and competitive landscape. The key and the prominent vendors covered in the report include Intel Security, XTN, Symantec Corporation, IBM Corporation, Cisco Systems, CA Technologies, Inc., CSC, Fortinet, Inc., Cato Networks, and Check Point Software Technologies. Most of the major players are in the Americas. The vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.
The counties covered in report are Canada, the US, China, India, Japan, and Germany. Among these, Japan, the US, and China are expected to grow at a high rate during the forecast period (2017-2023) owing to an increase in the penetration rate of e-commere, connected devices, and increasing number of data centers.
The report covers and analyzes the cognitive security market. Various strategies, such as joint ventures, partnerships, collaborations, and contracts, have also been included accordingly. In addition, as customers are in search for better solutions, a rising number of partnerships is expected. There is likely to be an increase in the number of mergers, acquistions, and strategic partnership during the forecast period.
The report includes a complete insight of the industry, and aims to provide an opportunity for the emerging and established players to understand the market trend, current scenario, initiative taken by government, and the latest technology related to the market. In addition, it also helps the venture capitalists in understanding the companies better and take informed decisions.
The Americas is the dominating region, which holds the largest share for of the cognitive security market owing to the high adoption of cloud security by small and medium size enterprises as the benefits and cost factors are advantageous. In addition, they have the largest base for technological innovations and adoption, and are primarily one of the global producers of automation equipment and is home to several domestic industries. Asia Pacific is among the fastest growing markets for cognitive security. The region boasts of major developing economies with focus on the increasing data centers and the growing penetration rate of connected devices across this region. In addition, the government is focused on ICT infrastructure development owing to the increasing demand for safety and security of information. EMEA is the third largest contributor to the cognitive security market due to the increasing demand from the IT industries. The companies are utilizing IoT, analytics, cloud, and various tools to differentiate their services.
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Cloud-based solution is the major driving factor in the region. The proliferation of connected devices, such as smartphones, tablets, laptops, and drones, is driving the market in the region. The major telecommunication industries are also partnering with cognitive security vendors to secure their products and services. Thus, the Cognitive Security Market in IT & Telecommunication is expected to witness significant growth in this region.
The report provides an in-depth analysis of the cognitive security market aiming to secure the data and services, reduce operational cost, improve business efficiency, and operational performance. With the help of cognitive security, various organizations can increase the productivity and efficiency and can ensure the protection of the data. They can easily be integrated with other applications. They can be installed either on-premises or even through the network of the vendors. In addition, the solutions are proven to be reliable and improves scalibility. The report discusses about the organization size, deployment mode, end-users, and regions. Further, the report provides details about the major challenges impacting the market growth.
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