Transparency Market Research
Global Retail Cybersecurity Market: Overview
Cyber security mainly refers to the body of processes, technologies, and other several practices which are purposely designed for protecting devices, networks, programs, and data from damage, attack, and also unauthorized access. In this technological era, retailers are also facing a digital era with the forces of social media, online shopping, and a wave of digital payment technologies. Such emerging technologies are completely transforming the entire retailer industry. Retail is particularly vulnerable to social engineering attacks.
Moreover, comparatively small retail businesses accounts for 43 percent of attacks which are mostly arises of social engineering and phishing. Thus, retail cybersecurity is required at a high level to stop such attacks. This factor is majorly fueling growth in the global retail cybersecurity market.
Retail cybersecurity provides protection to cyberspace’s system which is an important factor for running any business. Retail industry is experiencing a rapid growth due to the increasing technological advancements and applications. Such technologies are majorly used for maintaining the supply and demand of end-users and customers. Such factor has led to the several applications of cybersecurity, especially in retail sectors, which results in huge growth in the global retail cybersecurity market.
Along with this, retail cybersecurity offers several solutions include unified threat management, risk and compliance management, web filtering, security and vulnerability management, and encryption and disaster recovery. All such advantages are also providing impetus to the growth of the global retail cybersecurity market. Furthermore, factors such as rising demand for securing retail products and online transaction and increasing cyberattacks globally are also boosting the global retail cybersecurity market.
Computer security or cyber security involves protection of computer systems from various theft or damage done to hardware or software along with saving systems from service related disruptions. It includes controlling the physical access to the hardware along with protecting against harm that might come via data and code injection or network access. Many a times, it is also seen that malpractices by operators either intentional or accidental leads to the IT security problems. System becomes susceptible to being tricked into other deviations from secure procedures through different methods. Cyber security that provides protection to systems, networks and data within cyberspace is an extremely important issue for all businesses and its smooth functioning in the long run. This is likely to gain more importance with growth in internet penetration and application. Retail industry is experiencing huge growth along with rising advancements and application of technology that are used for maintaining the demand and supply of customers. This has led to the application of cyber security in retail sector resulting in the growth of retail cyber security market. Segmentation for the global cyber security market has been done on the basis of solutions, security type and geography. Based on solutions, this market has been segmented into risk & compliance management, unified threat management, security and vulnerability management, web filtering, encryption and disaster recovery among others. Network, cloud, application and wireless security among others are the various segmentations for this global market based on security type.
Global retail cybersecurity market on the basis of geography has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
Online retail industry is experiencing immense growth as customers nowadays are opting for faster technological solutions to purchase what they need that has been a major driver for this retail cybersecurity market. Time saving processes along with cost-effectiveness associated with the online retail industry has helped in the rising demand for this market. Along with this, the technological advancement has also lead to the rising chances of cyber-attacks leading to the loss of confidential information of customers that further boosted the demand for retail cyber security globally. Considering these drivers, there are certain factors that has negative impact on the overall market. Some of these factors include the technological risk associated with computer such as virus or malware along with the malpractices done by certain operators that has negatively impacted the global market. Post consideration of all these drivers and restraints, it is the growth of IoT (Internet of things) technology along with the prevention of computer systems from ransomware that is likely to provide opportunities for the growth of this market during the coming years.
Geographically, it is North America that is expected to dominate the global market followed by Europe. The growth of online retail sector along with rise in application of IoT technology has been some major drivers to push the growth of this market. Asia Pacific has contributed to be another major region for this market along with accounting one of the fastest growth globally. Some major countries contributing to the growth in this region includes China and India among others. Rise in internet penetration along with growth of online retail sector has been some of the important aspects to have a positive impact on this market.
Some of the key companies that are operating in the global retail cybersecurity market include Symantec Corporation (The U.S.), IBM Corporation (The U.S.), EMC RSA (The U.S.), Intel Security (The U.S.), Hewlett-Packard Enterprise (The U.S.), Cisco Systems, Inc. (The U.S.), Fireeye, Inc. (The U.S.), Rapid7, Inc. (The U.S.), Trend Micro, Inc. (Japan) and Sophos Ltd. (The U.K.) among others.
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