Market Trends of Secured Web Gateway Industry
Increase in Number of Sophisticated Cyber Attacks is Expected to Drive the Market Growth
- The increasing digitalization of organizations and the usage of connected technologies in their operations have rapidly increased cybersecurity incidents globally. Because of technological advancements, the number of linked devices has increased. With 5G and 5G-enabled gadgets, device interconnectivity will grow. As a result, more connected devices increase the market's need for security items.
- According to the European Union Agency for Cybersecurity, 623 ransomware attacks were observed between May 2021 and June 2022; 58.2% of the data stolen included employees' data, based on data collected from government and security company reports.
- According to Upstream, between January 2022 and March 2023, the maximum number of cyber-attacks in the manufacturing industry was detected in May 2022, with 32 incidents. In December 2022, the sector saw four attacks, the lowest number of incidents in the measured period. In January 2023, this figure had an uptick, reaching 20 attacks.
- Many countries are experiencing significant cyber breaches. For instance, in May last year, the BlackCat ransomware gang attacked the Austrian Federal state of Carinthia. The attack has substantially impacted state government functions, such as passport issuing and traffic infraction ticketing systems. As a precaution, the state shut down nearly 3,700 administrative procedures.
- According to the World Economic Forum, cyber-attacks and data fraud or theft are expected to rise from USD 8.44 trillion in 2022 to USD 11 trillion in 2023. As a result, the market need for cybersecurity solutions to prevent and resolve cyber-attack challenges has increased.
- In the last year, Netwrix stated that most respondents surveyed for this study claimed that their organization had not suffered financial losses of more than USD 10,000 due to cloud cyber attacks. However, 7 percent of respondents reported that their firms had experienced more than USD 500,000 losses due to cloud cyber threats.
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Asia Pacific Expected to be the Fastest-growing Market
- Asia Pacific is expected to witness the fastest secure web gateway market growth over the forecast period. The presence of several market incumbents, associated with rising security threats in the region, is expected to accelerate the secure web gateway solutions further.
- Secure web technology protects against risks posed by online browsing. A network is safe when employing secure web technology because each page accessed is inspected before being displayed. Application control is becoming more critical as organizations strive to reduce costs and improve the performance of business applications. Reporting tools for online users based on IP level, time frame, user/user group, the malware discovered, and URL categories viewed are expected to provide a complete picture of user behavior and help to identify and manage problems immediately.
- China's increasing cyberattacks have prompted China to strengthen its defense capabilities. The country, however, is a key source of cyberattacks in other regions of the world. For example, in March last year, Microsoft implicated a Chinese cyber-espionage outfit for attacks on its mail server software. The assaults were linked with high confidence by Microsoft's Threat Intelligence Center to Hafnium, a group suspected of being state-sponsored and operating out of China.
- An unidentified user on a well-known online cybercrime site advertised data on an estimated 1 billion Chinese people taken from the Shanghai police in July last year for sale. It was one of the biggest heists in history, including extremely sensitive information such as government ID numbers, criminal histories, and detailed case summaries involving rape and domestic abuse allegations. Increasing such incidents propel the secured web gateway market.
- Moreover, according to Check Point Software Technologies Ltd., in the Asia Pacidic region, an increase of 16% yearly in average weekly attacks per organization resulted in a gain of 1 835 attacks per company during this period. Such a significant increase in security breaches is expected to raise the demand for secured web gateways in the studied region.
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