Marketsandmarkets has published a new report revealing that the global cyber security market size is projected to grow from USD 190.4 billion in 2023 to USD 298.5 billion by 2028 at a CAGR of 9.4% during the forecast period. The expansion of the cyber security market is primarily driven by the escalating number and sophistication of cyber threats as organisations and individuals increasingly operate in a digitally interconnected world.

The widespread adoption of technologies like cloud computing, the IoT, and AI further amplifies the need for robust cyber security measures. Additionally, stringent regulatory requirements for data protection across various industries compel businesses to enhance their cyber security frameworks. The rapid digital transformation, coupled with a heightened awareness of cyber risks, also plays a crucial role in fueling the growth of the cyber security market.

Historically healthcare lags in cyber security investment

The healthcare and life sciences sector is expected to grow at the highest CAGR in the cyber security market for several reasons. The sector deals with vast amounts of sensitive personal health information, making it a prime target for cyber attacks. With the increasing use of technology in healthcare, such as electronic health records and connected medical devices, there is a larger surface for potential cyber threats. These technologies, while improving patient care and operational efficiency, also create vulnerabilities that need strong cyber security measures. Additionally, the healthcare sector must comply with stringent regulations regarding patient data protection, like HIPAA in the US. Historically, the healthcare sector has not been as heavily invested in cyber security as others, which means there is a lot of ground to cover quickly.

A growing number of complex threats

The solutions segment in the cyber security market is anticipated to have the largest market size due to several key factors. Firstly, the growing number of cyber threats, which are becoming more complex, requires sophisticated and comprehensive cyber security solutions. These threats are no longer limited to large organisations but affect businesses of all sizes and individuals, broadening the market for cyber security solutions. Secondly, the rapid digital transformation across various industries has made businesses more reliant on digital infrastructure. This shift demands robust cyber security measures to protect sensitive data and ensure business continuity.

Additionally, as companies increasingly adopt technologies like cloud computing, the IoT, and AI, the need for advanced security solutions to safeguard these technologies becomes more pronounced. Furthermore, regulatory requirements across the globe are becoming stricter in terms of data protection, pushing companies to invest in reliable cybersecurity solutions to comply with these regulations. All these factors contribute to the growing market size of the solutions segment in the cybersecurity landscape.

The biggest growth in digital activity in Asia

The Asia Pacific region, encompassing well-established economies like China and Japan and emerging economies like India, is poised for the highest CAGR during the forecasted period due to several key factors. Rapid economic growth in the Asia Pacific region led to a significant increase in digitalisation across businesses and government sectors, creating a larger target for cyber threats. This surge in digital activities necessitates stronger cyber security measures. Additionally, the region is experiencing a rapid expansion in internet usage and smartphone adoption, further increasing the need for robust digital security. Many countries in the Asia Pacific are also developing and enforcing stricter data protection regulations, compelling businesses to enhance their cyber security infrastructure.

Market players

There is a wide range of players in this market including large conglomerates and multi-national corporations, most are from the US, with a few from other countries such as the UK, Ireland, India, U.A.E and Finland.  Some of those mentioned by the researchers in the report, for example, are IBM, Cisco, Microsoft, Palo Alto Networks, Fortinet, Check Point, Trellix, Trend Micro, Rapid7, Micro Focus, AWS, Oracle, Accenture, Cyberark, SentinelOne, Qualys, F-secure, F5, RSA Security, Sophos.

Vigan, on the west coast of Luzon island, is the only city in the Philippines to be recognized by UNESCO as a World Heritage City. The city government wanted to upgrade their ordinary sound system to an advanced conference system to host international conferences such as the UNESCO World Heritage Committee (WHC) meeting. It was important that the aesthetics of the historic city hall not be compromised. They also wanted a flexible solution that could be used in local meetings.

 A flexible solution that fits into the historic venue

The decision was made in favour of the DICENTIS Wireless Conference System from Bosch. It has advanced yet easy-to-use features. For example, the wireless discussion device has a 4.3-inch touchscreen designed for fast, intuitive operation. The system offers the flexibility to host conferences with international participants as well as local meetings. DICENTIS also addresses all health and safety concerns regarding microphone sharing among attendees.

Not only does the system allow for quick and easy transport and set-up at various locations, but it also does not compromise the integrity of the historic site. No cables need to be laid or holes drilled.

Suitable for different meetings and locations

Joven Cura, General Manager of Comsec iTech Corporation, said, “The end-user easily adapted to the system due to the user-friendly menu that they can access via laptop or through their mobile phone or tablet.”

The new solution was specified and installed by intelligent building technology specialists Comsec iTech Corporation, from Makati City, Philippines and includes 41 wireless devices with long-stem microphones, a single wireless access point, recording software, Li-ion battery packs and chargers, and transport cases.

“The ease of installation for meetings outside the City Hall has made the DICENTIS wireless conference system the ideal solution for Vigan City’s upgrade,” Joven Cura stated.

Addsecure, a leading provider of secure IoT connectivity and end-to-end solutions, has been nominated for the prestigious IoT Global Awards in two categories.

The company’s IoT connectivity platform, Link, has been recognised in the “Securing IoT” category for its performance and innovation. Additionally, Addsecure’s CEO, Stefan Albertsson, has been nominated for the coveted “CxO of the Year” award.

The IoT Global Awards presents a prestigious awards programme honouring some of the most innovative companies, products, and individual talent in 11 IoT industry categories. Each year an independent and qualified panel of judges selects 11 of the very best corporations, companies, start-ups, and business leaders from the IoT sector, from hundreds of applications. Addsecure’s nominations in two categories demonstrate the company’s commitment to delivering secure and cutting-edge IoT solutions.

“I’m delighted that we’ve secured a spot on the shortlist for the esteemed IoT Global Awards in two categories. I take special pride in the nomination of our secure IoT connectivity solution, Link, for the title of Best Secure IoT Product/Service of the Year. This recognition affirms the value of our innovative solution, which not only streamlines operations and scales effortlessly but also enhances global safety without requiring specialized safety expertise from users,“ says Stefan Albertsson, CEO of Addsecure.

Addsecure’s IoT connectivity platform, Link, in combination with Mobile Network Operator aggregation, offers a comprehensive solution for secure IoT connectivity. By integrating SIM cards into VPN clouds, the platform ensures the establishment of secure mobile subscriptions for businesses of all sizes. Its user-friendly interface and scalability make it an ideal choice for companies seeking reliable and efficient IoT connectivity solutions.

The winners of the 2024 IoT Global Awards will be announced on Friday, February 16, 2024.

Last year, fake and stolen X (Twitter) Gold accounts flooded online and dark web marketplaces and forums, according to a CloudSEK report. Cybercriminals have been using multiple techniques to counterfeit and steal X Gold accounts since the company introduced a new verified account program in December 2022.

Twitter Gold, now X Gold, denotes a verified organization’s account on the platform. This label was introduced alongside Twitter Blue, now X Blue, a tick that any user can purchase if they want a premium account, and Twitter Grey, now X Grey, for public and non-governmental organizations.

CloudSEK researchers noticed the first ad for a Gold account on dark web markets in March 2023. Since then, a wave of ads for X Gold accounts on the dark web has been noticed, in addition to ads for fake or stolen Facebook, Instagram, Yahoo and TikTok accounts.

Cybercriminals selling these accounts use several methods to obtain them, including manually creating fake accounts that advertisers verify and then “ready to use” for customers. This is ideal for criminals who need a fake identity, according to CloudSEK. Another method is hacking existing accounts: cybercriminals take over a user’s existing account using a generic combined list of usernames and passwords. Tools used for this are, among others, Open Bullet, SilverBullet and SentryMBA. The third method involves using malware to collect credentials and steal accounts.

Prices for fake or stolen accounts range from about $0.30 for a new X account without a tick to about $500 for a Gold account. All purchases are made through intermediaries, guaranteeing the authenticity of sellers’ orders and buyers’ funds. Such ads also provide multiple opportunities for cybercriminals to become guarantors because large sums are at stake. In addition, such accounts can be resold, which opens up a whole market of resellers of compromised accounts, CloudSEK researchers say. Hacked social media accounts can be used for phishing campaigns. They can also be used to damage the account owner’s reputation.

The global mobile video surveillance market is valued at $2.7 billion and Marketsandmarkets predicts it will reach $3.9 billion by 2029, with a CAGR of 7.9%. With increasing urbanisation, there is a higher demand for effective surveillance in urban areas, public transportation, and crowded spaces. Mobile video surveillance systems provide a flexible and dynamic solution to address the security challenges associated with urban environments.

Services segment shows strong growth

Researchers believe there is a growing demand for consulting services to assess surveillance needs and design customised mobile video surveillance systems tailored to specific requirements and environments. Organisations often require professional services for the proper installation and deployment of mobile video surveillance systems, ensuring optimal performance and coverage. Growing demand for cloud-based services, allowing organisations to leverage mobile video surveillance as a service, reducing the need for on-premises infrastructure and providing scalability.

High demand in public transit vertical

Ensuring the safety and security of passengers is a primary concern for public transit authorities. Mobile video surveillance systems play a crucial role in deterring criminal activities, ensuring a safe environment, and providing evidence in case of incidents. Public transit vehicles and infrastructure are susceptible to vandalism and graffiti. Mobile video surveillance acts as a deterrent and provides evidence for identifying and prosecuting offenders, helping in the maintenance of clean and safe transit environments.

 North America holds the largest share

Urbanisation and the implementation of smart city initiatives in North American cities contribute to the adoption of mobile video surveillance for traffic management, public safety, and infrastructure monitoring. The need for securing transportation systems, airports, seaports, and critical infrastructure drives the adoption of mobile video surveillance. These systems play a crucial role in monitoring and safeguarding key assets. Law enforcement agencies in North America leverage mobile video surveillance for investigative purposes, crowd monitoring, and maintaining public order. The demand for these solutions is driven by the need for effective policing.

Key players

The Mobile video surveillance Market Market includes significant Tier I and II players such as Hangzhou Hikvision Digital Technology Co., Ltd, Zhejiang Dahua Technology Co., Ltd, Axis Communications AB, Robert Bosch GmbH, Hanwha Vision Co., Ltd, and others. These players, according to the report, have a strong market presence for Mobile video surveillance across various countries in North America, Europe, Asia Pacific, and the RoW.

This year in particular is especially meaningful for the NEC Group, as the company celebrates an 125 years of business.  Here, President and CEO, Takayuki Morita, starts the year 2024 with a look back at the company’s long history, last year’s achievements, and the goals and expectations for the coming years.

“From the telecommunications equipment we have produced since our founding to biometrics systems that now enable breakthroughs in various industries, NEC continues to be an innovative partner whose solutions for society improve our lives every day,” states Morita.

Looking back at 2023, he can see that the company has so much to be proud of, “including the addition of generative AI services, “cotomi,” to our technology portfolio, and the expansion of NEC’s biometric and AI solutions that are contributing to greater safety, security and health. Moreover, we have reinforced important business relationships with customers and partners such as Microsoft, AWS, SAP, Service Now and Celonis, which are driving the growth of digital and corporate transformation globally.”

“It was also a year in which we saw our contributions to society reflected in strong business performance and a rising share price. While we are grateful for this recognition, we renew our commitment to build and strengthen the trust that you, our customers and our partners have placed in our company.”

Looking ahead through 2024

 “We will continue to break new ground in the development of cutting-edge technologies, and we will actively expand the applications of our generative AI services, “cotomi,” initially in Japan. We will also greatly advance our initiatives in support of digital transformation, including digital government and digital finance. These important initiatives will reduce costs, improve security and expand services for partners on a global scale,” confirms Morita.

He believes that 2023 was the “Year of Transformation” for NEC, when the company implemented a range of strategies to achieve that goal. “One of the major strategies was to change our organisational structure to maximize our ability to provide value to our customers globally. Today, I see this initiative is gaining momentum thanks to the efforts made by all members of NEC, and step by step, we will continue to drive this transformation further in the new year.”

 2024 will be the “Year of accelerating changes and execution.”

 “As these transformations bring us forward, we are always guided by the NEC Group’s Purpose, which is to create the social values of safety, security, fairness and efficiency to promote a more sustainable world where everyone has the chance to reach their full potential. Realising this Purpose is a top priority for each member of the NEC Group as we continue to grow and contribute to society. Moreover, we are more committed than ever to promoting inclusion and diversity and fostering an environment in which a diverse range of people can make the most of their unique and amazing abilities.”

“NEC’s Mid-term Management Plan 2025 is now in its fourth year, and we can clearly see the path towards achieving our goals. As we continue to capitalize on innovation and move forward as One NEC, I am excited about 2024, the new value we will provide, and I thank you for your ongoing support,” concluded Takayuki Morita.