PUBLISHER: The Business Research Company | PRODUCT CODE: 1464083
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464083
Digital security controls (DSC) encompass a range of measures and technologies devised to protect digital assets, information, and systems from unauthorized access, cyber threats, and potential risks. Their primary objective is to fortify digital assets, information, and technology infrastructure against unauthorized access and potential cyber threats.
The main services provided by digital security controls include two-factor authentication, three-factor authentication, and four-factor authentication. Two-factor authentication (2FA) is a security process necessitating users to provide two distinct authentication factors to verify their identity before accessing a system, application, or digital resource. These factors may involve hardware such as smart cards, SIM cards (subscriber identity module), biometric technologies, and security tokens, as well as software such as anti-phishing tools, authentication mechanisms, network surveillance systems, security management solutions, and web technologies. These services find application in sectors such as mobile security, telecommunications, finance, banking, healthcare, and commercial enterprises.
The digital security control market research report is one of a series of new reports from The Business Research Company that provides digital security control market statistics, including digital security control industry global market size, regional shares, competitors with digital security control market share, detailed digital security control market segments, market trends, and opportunities, and any further data you may need to thrive in the digital security control industry. This digital security control market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The digital security control market size has grown rapidly in recent years. It will grow from $15.38 billion in 2023 to $17.40 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The expansion observed during the historic period can be attributed to several key factors, including the increasing dependence on digital technologies, the escalating frequency and sophistication of cyber-attacks, the widespread use of IoT (Internet of Things) devices, the imperative need for information security, economic globalization, and the surge in digital transactions.
The digital security control market size is expected to see rapid growth in the next few years. It will grow to $28.24 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The anticipated growth in the forecast period can be attributed to several significant factors, including the sustained increase in reliance on digital technologies, the rise in cyber threats and attacks, advancements in authentication and encryption methods, increased integration of security solutions with cloud and mobile platforms, and heightened focus on information security and privacy regulations. Major trends expected during this period encompass the adoption of multi-factor authentication, advancements in mobile security and telecommunications, integration of security solutions across various platforms, and new investments in the digital security sector.
The escalating threat landscape of cybercrime is poised to drive the growth of the digital security control market in the foreseeable future. Cyber threats encompass potential risks and dangers to information systems, computer networks, and digital infrastructure posed by malicious actors or events in the digital sphere. Factors such as the rapid proliferation of digital technologies, the increasing sophistication of cybercriminal tactics, and the monetization of cyber-attacks contribute to the growing prevalence of cyber threats. In response, digital security controls play a crucial role in mitigating these risks by safeguarding digital assets, identifying malicious activities, and orchestrating prompt and efficient responses to security incidents. For instance, data from AAG IT Services in February 2024 revealed that approximately 53.35 million US citizens were impacted by cybercrime in the first half of 2022. Furthermore, between July 2020 and June 2021, the US emerged as the most targeted country for cyber-attacks, accounting for 46% of global attacks. This underscores the pressing need for robust digital security controls in combating cyber threats effectively.
Prominent entities within the digital security control market are actively engaged in the development of technologically advanced security systems to meet evolving security needs. One such innovation is the integrated door lock card, offering enhanced security solutions to customers. Integrated door locks seamlessly interface with other components or systems, such as smart home automation and access control, to provide comprehensive security measures. For instance, in February 2022, Tuchware, an esteemed India-based electronics company, introduced the XS series smart lock vendor, equipped with the hotel management software hotel-XS. Notable features include an integrated door lock card management interface alongside other hotel administration functions such as booking management, personnel management, inventory management, and invoicing. Constructed from stainless steel grade 304, the smart lock boasts exceptional durability, distinguishing it as the most robust option available in the Indian market. This innovation underscores the commitment of major market players to delivering advanced security solutions capable of addressing the complex challenges posed by cyber threats in today's digital landscape.
In December 2023, Thales, a prominent France-based company specializing in the design, development, and manufacturing of electrical systems, completed the acquisition of Imperva for an undisclosed sum. This strategic move is poised to facilitate Thales in broadening its footprint within the data security sector while also marking its entry into the application security market. Imperva, headquartered in the United States, is recognized for its expertise in cyber security software and services, operating primarily within the realm of digital security solutions.
Major companies operating in the digital security control market report are Microsoft Corporation, Cisco Systems Inc., 3M Company, NEC Corporation, Palo Alto Networks, Gemalto NV, Morpho S.A.S, McAfee Corporation, Trend Micro Inc, CrowdStrike, HID Global Corporation, Bundesdruckerei GmbH, RSA Security LLC, Rapid7, CyberArk, Fireeye Inc, Vasco Data Security International Inc, Safenet Inc., Watchdata Technologies, Secura Key, CardLogix Corporation, Oberthur Technologies, IntelCav, Alioth LLC
North America was the largest region in the digital security control market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital security control market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the digital security control market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The digital security control market includes revenues earned by entities by providing services such as security assessments and audits, vulnerability management, network security, and endpoint security. The market value includes the value of related goods sold by the service provider or included within the service offering. The digital security control market also consists of sales of antivirus and anti-malware software, firewalls, multi-factor authentication (MFA) tools, encryption tools. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Digital Security Control Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on digital security control market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for digital security control ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The digital security control market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.