Cyber Security: Growth Industries for a Digitized World Now Available from IBISWorld

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As every aspect of American life becomes increasingly digitized, consumers and businesses have become more concerned over the security of their private information online. Such concenr costs money. However, higher cyber security costs are not bad for everyone. Companies that specialize in the installation of digital security infrastructures will be tapped for their ability to secure company web sites, software and databases from unwanted intruders. A growing number of niche industries stand to benefit from fixing virtual vulnerabilities. For this reason IBISWorld has added a collection of cyber security reports to its growing industry report collection.

IBISWorld Market Research

IBISWorld Market Research

A growing range of niche industries stand to benefit from firms rushing to secure their virtual vulnerabilities

As every aspect of American life becomes increasingly digitized, consumers and businesses have become more concerned over the security of their private information online. Several companies across the economy have suffered high-profile cyber-attacks in the past year. According to IBISWorld industry analyst Josh McBee “with more and more money spent online and the rising popularity of cloud computing, in which data are stored on remote servers and accessed over the internet, businesses and consumers will demand ever greater levels of electronic protection. Companies will also be required to spend more to protect new endpoints like Wi-Fi hotspots and mobile applications. IBISWorld forecasts the increasing integration of personal data into consumers’ online experience to increase demand for information protection. In turn, higher security demand will force businesses that rely on transmitted data to spend more to guard themselves against cyber attacks.”

According to McBee “industries that will see rising costs associated with better cyber security include: E-Commerce & Online Auctions, Credit Card Processing & Money Transfer, Database & Directory Publishing, CRM System Providers, HR & Payroll Software Providers, Online Survey Software Providers and Video Game Software Publishers. However, higher cyber security costs are not bad for everyone. Companies that specialize in the installation of digital security infrastructures will be tapped for their ability to secure company web sites, software and databases from unwanted intruders. In general, the IT Consulting industry will likely benefit from increased sales of enterprise-level security applications and services.” However, a growing band of niche industries stand to benefit from virtual vulnerabilities:

IT Security Consulting: This industry offers managed IT security services, such as firewall and intrusion prevention, security threat analysis, proactive security vulnerability and penetration testing and incident preparation and response, including IT forensics.

Encryption Software Developers: This industry sells licenses for software that use various encryption standards to encrypt data to make that data unreadable by anyone but the intended recipient. Products and services include encryption software, file encryption and disk encryption.

Document Management Services: This industry stores information and records for other companies, which involves record management, data protection and recovery services.

Identity Theft Protection Services- Companies in this industry provide software and services aimed at reducing the risk of identity theft from online or electronic media. Firms use monitoring software to track unauthorized use of credit and other personal information.

In addition, the Database, Storage and Backup Software Publishing industry, Data Processing and Hosting Services industry and Virtual Data Rooms industry will increasingly cater to cloud-based and mobile applications that require secure transmissions and restricted access. In the realm of law, companies will turn to the e-Discovery Software Publishing industry for software that features security in addition to comprehensive functionality. Last, although most high-profile cyber attacks have focused on the illicit retrieval and subsequent unauthorized publishing of user and internal data, some attacks involving the deletion of files, especially on mobile devices, will likely spur demand for specialist firms in the Digital Forensic Services industry.

For more information visit IBISWorld’s IT Security Consulting in the US Industry page

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About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.

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