The cyber security market was worth at USD 197.8 billion in 2020. It is expected to grow at a 9.9% CAGR between 2021 and 2030 to reach USD 478.75 billion by 2030.
The growing adoption of e-commerce platforms and the emergence of disruptive technology like IoT, and AI are driving the growth in the cyber security market.
Cyber security is a primary concern for citizens, corporate, private, and public sector workers, and the general public. Cybercriminals have greater access to unguarded networks and systems due to the growing use of E-commerce platforms and advancements in disruptive technologies like IoT, AI, and an increasing number of connected devices. These cybercrimes can lead to irreversible capital loss and confidential and critical data loss. They may also damage an individual’s reputation. These threats drive more people to adopt cybersecurity solutions for their individual systems and connected network ecosystems.
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Cyber Security Market: Drivers
Driver: Target-based cyberattacks are becoming more sophisticated and frequent.
Cyberattacks are a significant reason for the market’s success. Cybercrimes and scams have become more frequent and intense over the past decade, leading to huge business losses. Businesses worldwide have spent more on information security technology to improve their security infrastructures as cybercrimes have grown in severity. Infiltrating networks and keeping anonymity has been a growing trend in targeted attacks in recent years. Targeted attackers target networks, endpoints, locally installed devices, cloud-based applications, data, and other IT infrastructures.
Targeted attacks are designed to steal critical information from organizations or companies targeted by them. These targeted assaults have a detrimental effect on business-critical activities, leading to interruptions in operations, the loss of intellectual property, money, and sensitive and important customer information. Cyberattacks that are specifically targeted cause harm to the targeted companies and their domestic and international clients. Attackers have the ability to take personally identifiable information (PII), including names, phone numbers, addresses, license numbers, and social security numbers. Increased security lapses and identity theft may result from this.
Cyber Security Market: Restraints
Restrictions: Budgetary constraints for small and emerging start-ups in developing countries
Cyber security needs grow quicker than budgets are allocated. Small businesses lack the IT security expertise and budget to implement enhanced cyber security solutions that protect their networks from cyber-attacks. For some companies, the little capital budget may be a significant limiting factor in adopting the cyber security model. Many start-ups in emerging countries in MEA, Latin America, APAC, and other parts of the world face difficulties obtaining financing and money for adoption cyber security solutions. These firms primarily acquire capital funding to protect key activities for the business. Sometimes, there is less money, or none at all, for advanced cyber security solutions. Emerging start-ups cyber security budgets are insufficient to implement Next-Generation Firewalls and Advanced Threat Protection (ATP).
Market Key Trends:
To drive growth, integration of technologies like the Internet of things (IoT), Machine Learning and Cloud
This market is dominated by key players who use core technologies like machine learning, cloud computing, IoT, big data, and the internet of things (IoT) in their security systems. They also adopt machine learning signatureless security systems. This adoption will help players to understand and detect unpredicted activities and potential threats.
LoT solutions have been gaining popularity due to the growing growth of the market for loT. This is a good thing for all information security applications. Adopting advanced technologies in internet safety is a fast-growing market trend. Cloud technology and big data also help enterprises to understand and explore potential risks.
Cloud computing is another trend that will help the market grow. Cloud computing is a key component of the market’s growth. These cloud computing services use the Analytics as a service (AaaS), which assists users in quickly identifying and mitigating potential threats.
In May 2022, Cisco Systems Inc. announced that it had released Cisco Cloud Controls Framework to the public. Cisco CCF is extensive set of national and international standards for certification and security compliance combined into one framework.
Scope of the Report
|Market Size in 2020||USD 197.8 Bn|
|Quantitative Units||USD In Bn|
|Competitive analysis||Company Overview|
Key Strategies and Developments and more…
|Regional Scope||North America, Europe, Asia-Pacific, South America, Middle East & Africa|
|Country Scope||United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc. Saudi Arabia, UAE, Egypt, Nigeria and South Africa|
|Report coverage||Revenue analysis, Manufacturers Analysis, Volume by Manufacturers, Company Share Analysis, Key segments, Key company analysis, Market Trends, Competitive landscape, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis, Strategy for existing players to grab maximum market share and more…|
|No. of Pages in Report||200+ Pages|
|No. of Tables & Figures||150+|
|Sample Report||Available – Click here to Get a Sample Report|
Key Market Players included in the report:
- Risk Vision
- Safer Social
- Webroot Software
- Horangi Cyber Security
- Trend Micro
- Akamai Technologies
- Fidelis Cybersecurity
- FourV Systems
- Large Enterprises
Industry, By Region
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- North America [United States, Canada, Mexico]
- Middle East & Africa [GCC, North Africa, South Africa]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
- What is the growth rate of the cyber security market?
- What are the top Cyber security trends?
- How big is the Cyber security market?
- What is the Global Cyber Security Market’s Growth Outlook?
- Which region holds the largest share of the Cyber Security Market?
- Who are the major players in Cyber Security Market?
- What are the top players in the Cyber Security Market?
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