Surge in level of cybercrimes, rise in demand for IoT and BYOD devices, and the significant increase in electronic data fuel the growth of the global cyber situational awareness market. However, lack of sensitive data sharing hinders market growth. On the other hand, the rise of the e-commerce industry presents new opportunities in the next few years. According to the report published by Allied Market Research, the global cyber situational awareness market garnered $31.43 billion in 2019 and is estimated to generate $152.65 billion by 2027, portraying a CAGR of 22.6% from 2020 to 2027. The report provides an extensive analysis of changing market dynamics, key segments, value chain, top investment pockets, regional landscape, and competitive scenario.

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Impact of Covid-19 Pandemic on Cyber Situational Awareness Market:

• Network forensic solutions became as one of the major solutions during the Covid-19 pandemic. In addition, the adoption of bring-your-own-devices (BYOD) policy and the emergence of remote computing presented the need for technologies that can be used and scaled rapidly without need for any additional infrastructure.
• There has been a positive impact on the cyber situational awareness sector. The Indian cybersecurity services industry is estimated to generate nearly $7.6 billion in 2022, according to the report published by Nasscom-Data Security Council of India.
Furthermore, Israel’s cybersecurity startups raised nearly $2.9 billion in funding in over 100 transactions and registered the funding growth of nearly 70% in 2020.

By component, the solution segment accounted for the largest market share in 2019, contributing to more than three-fifths of the total market share, and is expected to maintain its leadership status during the forecast period. However, the services segment is projected to witness the largest CAGR of 24.1% from 2020 to 2027.

By industry vertical, the BFSI segment held the highest market share in 2019, accounting for around one-fifth of the global cyber situational awareness market, and will maintain its dominance in terms of revenue during the forecast period. However, the healthcare segment is expected to portray the highest CAGR of 28.4% from 2020 to 2027.

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