Thematic Intelligence: Cybersecurity in Retail and Apparel (2024)

Thematic Intelligence: Cybersecurity in Retail and Apparel (2024)

Summary

The cybersecurity in retail and apparel thematic intelligence report gives you an in-depth insight into the cybersecurity market and the impact it has on the retail and apparel industry. Additionally, it entails a deep analysis of the industry, including real-life use case studies that showcase how retail and apparel companies have incorporated cybersecurity into their operations. The report identifies the key market players and the competitive landscape of retail and apparel companies within the cybersecurity theme.

The augmented reality (AR) market will be worth $100 billion by 2030, up from $22 billion in 2022, according to GlobalData forecasts. AR software will generate most of this revenue, with limited spending on AR headsets and AR smart glasses. The use of AR in sports is increasing but is still in its infancy.

Digitalization sees retailers buy into cybersecurity:

Retailers are increasing their use of technology, thereby increasing the potential for cyberattacks. Companies are incorporating technologies like cloud, artificial intelligence (AI), data analytics, and the Internet of Things (IoT) into businesses, yet this comes with significant cybersecurity risk. Cybersecurity budgets will grow in step with IT budgets in 2024. PwC’s 2024 Global Digital Trust Insights report states that cyber investments will take 14% of the total IT, operational technology (OT), and automation budget across businesses in 2024, up from 11% in 2023. Overall, GlobalData forecasts that the cybersecurity market will be worth $290 billion by 2027, growing at a compound annual growth rate of 13% between 2022 and 2027.

The retail sector is particularly vulnerable to cyberattacks

Retailers are high-profile and contain a goldmine of consumers’ personal and financial information. This makes them an attractive target for hackers. The biggest threat to retailers is that criminals could access the personal consumer data they hold. According to password manager NordPass, Almost 730 retail companies globally suffered data leaks from the end of 2019 to September 2023. Cyberattacks have a financial impact and bring reputational damage that threatens consumer trust and retention.

Leaders and laggards

Digitally native retailers are more adept at incorporating cybersecurity into their strategies. Ecommerce companies like Amazon and Alibaba are both retailers and technology specialists and, therefore, have strong in-house cybersecurity capabilities.

However, any retailer incorporating digital technologies into their business must ensure they are protected, partnering with tech vendors who can secure their online platforms and payment systems. Those who adopt end-to-end security will be less susceptible to cyberattacks.

Scope

• This report provides an overview of the cybersecurity theme and looks at its impact on the retail and apparel sector.
• The report predicts how cybersecurity in retail and apparel will evolve and identifies the leading companies in this space, as well as those falling behind.
• It includes selected case studies highlighting who is innovating in retail and apparel, using cybersecurity.
• The report also includes a comprehensive data analysis, including market size and growth forecasts for cybersecurity.

• GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors.
• This report is essential for senior executives at both current and prospective retail and apparel companies to understand the business benefits that derive from integrating AR technology in the sports industry.
• In addition, the report identifies the technology vendors that are leading across the cybersecurity retail and apparel market.
• The report also uncovers the retail and apparel companies excelling in the cybersecurity theme.