A rise in threats, frauds, and risks has bound industries to modify strategic actions to counter cyber-attacks, which driving digital security market growth.
PORTLAND, OR, UNITED STATES, October 11, 2021 /EINPresswire.com/ — 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 digital security 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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Key Market Players: Fireeye Inc., Safenet Inc., NEC Corp., ABB Ltd., HID Global Corp., Oberthur Technologies, Morpho Inc., RSA Security LLC, Vasco data security International LLC, Cisco Systems.
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.
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