Cyber security market Size is forecasted to grow at a USD 390.2 billion by 2030 with a CAGR of 14.50% by 2030
Market Overview:
The cyber security market industry is projected to grow from USD 137.9 Billion in 2023 to USD 407.6 Billion by 2032, at a (CAGR) of 14.50% during the forecast period (2023 – 2032).
Technological advancement has developed the growth of various IT and industrial sectors. These sectors have to maintain a huge amount of data which usually gets prone to cyber threats and attacks. Therefore, the rise in demand for security solutions has driven the Cyber Security Market.
Cyber security solutions are widely applied in the IT environment because of their beneficial advantages such as data protection, computers, programs, networks from unauthorized access and improper activities. As technology and new trends emerge day to day, cybercrime rates have increased in recent years. This factor has propelled the growth rate of the Cyber Security Market.
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Cyber security industries handle different parameters such as antivirus software, firewalls, and other programs to prevent them from insider attacks, trojans, phishing, and others. The success of the cyber security software solutions for the implementation of potential technical defense has increased in recent years, accelerating the growth rate of the global Cyber Security Market. The increase in the adoption of hand-held devices, applications, and flexible platforms is transforming the existing antivirus software into more effective solutions. To meet the demand of industrial and IT sectors for security standards and regulations, the data securities protocols of the cyber security solutions have increased their complexity in recent years.
Several growth factors are driving the global market. The high rate of cyber thefts, crimes, and terrorism globally has increased the market’s demand at the global level. The increased rate of IPv6 adoption has enhanced security solutions and services. The necessity to enhance the critical infrastructure due to the threats has encouraged governmental organizations to invest in security solutions and for their service upgradation and improvement highly.
During the pandemic period, a higher rate of cyber-crimes was reported. A report claims that over 40,261 suspicious domain names were recorded during this period. Therefore, this factor has increased the demand for Cyber Security Market. The market has received use growth opportunities during the lockdown period even in the future days, and it is estimated to continue its growth consistency.
Market Segmentation
The Cyber Security Market Share is bifurcated based on component, software, security type, solutions, service, deployment, organization type, and verticals. In the component segment, the market is categorized into software and services. The software section includes APT, Threat Intelligence Platform, SIEM, Security and Vulnerability Management, Network Access Control, Antivirus/Antimalware, Firewall, Secure Web Gateway, SOAR, Encryption, Disaster Recovery, IDS/IPS, Risk and Compliance Management and Others.
The security type is consists of network security, endpoint security, application security, endpoint security, and others. On-premise and cloud segment falls under deployment type. The large and small-medium sized enterprises are of organization type. The vertical segment comprises BFSI, aerospace and defense, government healthcare, and others.
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Regional Analysis:
The geographical report shows that the market is forecasted to grow in various regions such as Europe, America, Asia Pacific, and others. The US market of America is showing a steady growth rate. And China is holding the second largest market revenue while registering a CAGR. The cloud-based solution is projected to drive the share value of the global Cyber Security market.
Industry News:
The IBM company has introduced a data security solution that enables the organization to detect and respond quickly to protect the most sensitive data shared in the hybrid cloud environments.
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