Increase in demand for data safety and security majorly drives growth of this digital security market. In addition, growing need for strong authentication & network surveillances further fuels growth of the market.
However, high initial setup and maintenance cost of digital security solutions restrains growth of this market. Furthermore, rise in demand of digital security system in telecommunication as well as internet security industry is opportunistic for the market.
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The major concern for any organization is the security of their private data collected and stored. With the help of digital security, organizations would be able to protect their data from cyber-attacks. However, with the use of data security tools the organizations are able to collect a large amount of data in addition with the security. Hence, due to high data security offered by digital security solutions, its adoption is expected to increase.
One of the major challenges in the implementation of digital security is the cost required for installation, configuration, and maintenance. As the digital security is dependent on the heavy data driven technology and it consists of very expensive and complex tools which requires a huge amount of operational cost, thus expected to act as a restraining factor for the digital security market.
COVID-19 scenario Analysis:
- The emergence of COVID-19 pandemic has severely affected almost all industries across the world. Further, lockdown enforcements and restrictions on movements of non-essential goods as well as resources in various countries has disrupted the supply chain of electronic components & networking equipment. Thus, this has led to delay in supply of electronic components required in manufacturing of equipment.
- It is expected that the U.S. and global tech market growth is slowing down to nearly 2% in 2020, due to which ICT spending in major economies such as the U.S. have declined in the first half of 2020, but it is expected to recover in the second half.
- In addition, there is a notable ramp-up in technologies such as work-from-home infrastructure, collaboration tools, virtualization infrastructure, VPN networking, mobile devices, security, desktop support and zoom during the COVID-19. Interest for video conferencing solution is surging during the crisis. This generates large amount of data and will require high end technologies to analyze.
- Furthermore, there are strong indications that the current decrease in demand for technology and digital solutions will be just a short-term phenomenon. In the medium-to-long run the COVID-19 technology impact may be extremely positive. Everyone is forced to embrace new technologies and discover their benefits. Additional investments in digital infrastructure can be expected.
- In such times, digital security solutions is a key mitigation tool for these cyber threats and are gaining utmost importance to ensure that companies are secure, and their communications and data are efficiently protected.
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