Global Aviation Cyber Security Market: Overview
Aviation cyber security solutions typically entail software programs meant to defend computers, aviation networks, and databases from crippling cyber-attacks and unauthorized access. With a flourishing aviation sector that is being rapidly digitized with IT solutions and other technologies – meant to improve services in a cutthroat environment – cyber security has become a pressing problem. Over the years, attackers have come up with more sophisticated ways to attack systems and temporarily ground the functioning of aviation companies. This has warranted aviation cyber security solutions.
Currently, the global market for aviation cyber security is choc-o-bloc with players making the competitive landscape fragmented in nature. However, despite it, the five leading companies in the market accounted for a considerable 59.0% share in it in 2016. Due to the presence of numerous players, competition is currently red hot in the market for aviation cyber security. To thrive in such an environment, savvy players have been going the inorganic route of mergers and acquisitions which helps them to access diversified aviation cyber security products, penetrate hitherto untapped markets, and also gain access to other valuable resources.
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Global Aviation Cyber Security Market: Trends and Opportunities
Majorly fuelling the market for aviation cyber security is the growing aviation industry, increasingly dependent on latest technologies such as cloud storage and computing and data analytics for its seamless functioning. The growing spends by aviation companies on enhancement of their IT infrastructure, and enormous adoption of commercial aviation services, particularly in developing economies of Asia Pacific and South America, have also warranted proper bulwarking of systems housing crucial data and programs from any form of external threats. Such threats can cause major financial losses and disrupt operations. This has pushed up demand for aviation cyber security solutions.
Another factor leading to an upswing in demand for aviation cyber security solutions is the highly complicated nature of the attacks which makes it necessary to prevent them from happening in the first place.
Posing a challenge to the market for aviation cyber security, on the other hand, is the steep initial upfront investment required for installing superior aviation cyber security solutions. This has created entry barriers for smaller market aspirants. Stiff competition and tremendous customer loyalty enjoyed by well-entrenched players are also making it tough for aspiring players to make much headway in the market.
The managed security services are predicted to spell maximum opportunities in the near future. It is expected to contribute a whopping 73.0% of the revenue in the global market for aviation cyber security.
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Global Aviation Cyber Security Market: Regional Outlook
North America is one of the key regions in the global market for aviation cyber security. The region is mostly powered by the U.S., where most of the prominent names operating in the market are domiciled. In 2016, North America held a substantial 36.6% in the global market for aviation cyber security. In the years ahead too, the region is predicted to be the main contributor. The overall growth in the North America market, however, will slow down on account of it having reached a saturation point with players running out of new avenues to push growth through.
South America is predicted to offer maximum opportunities in the global aviation cyber security market. The market in the region is expected to rise at a healthy pace in the next couple of years.