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| Cyber Security Market Scope |
The Cyber Security Market is estimated to be valued at US$ 188.94 Bn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market Overview:
Cyber security solutions help organizations detect malicious threats and
prevent leakage of sensitive data. They provide firewall, antivirus software,
identity access management, security information and event management, etc. to
protect networks, programs, devices and data from damage or unauthorized
access. With digitalization across industries, adoption of cloud, IoT and
mobility services have increased vulnerability to cyber threats. This has
fueled demand for effective cyber security.
Market Dynamics:
One of the key drivers for the cyber security market is increasing threat of
cybercrime. Cyber attacks are becoming more advanced and sophisticated with
emergence of threats like zero-day malware, ransomware, phishing, and DDoS
attacks. This has resulted in significant financial and reputational losses for
many organizations. Secondly, stringent data protection regulations regarding
handling and transfer of sensitive information are compelling enterprises to
strengthen security controls and compliance. For example, General Data
Protection Regulation (GDPR) in EU and California Consumer Privacy Act (CCPA)
in US impose hefty penalties on businesses for loss of consumer data due to
breach. This has boosted adoption of security solutions across industry
verticals.
Segment Analysis
The Cyber
Security Market Scope can be segmented into network security, endpoint
security, application security, cloud security and others. Network security is
currently dominating the market as more and more organizations are adopting
cloud-based services and remote working models. Network security solutions
protect various assets of an organization from external cyber threats by
securing access points like firewalls, routers, WiFi networks etc.
PEST Analysis
Political: Stringent data protection laws and regulations regarding digital
privacy and cyber breaches are being implemented across regions which is
fueling the demand for robust cyber security solutions.
Economic: Growing digitalization of businesses and shift towards cloud-based
systems have increased the threat surface area for cyber-attacks propelling
investments in cyber security.
Social: Rise of sophisticated cyber-crimes targeting individuals and businesses
have increased awareness about need for cyber security precautions and boosted
adoption rates.
Technological: Emerging technologies like IoT, AI and 5G networks have opened
new avenues for cyber-attacks necessitating continuous upgrades of security
tools.
Key Takeaways
The global cyber security market is expected to witness high growth, exhibiting
CAGR of 8.9% over the forecast
period, due to increasing digitization across industries. The market size is
projected to grow from US$ 188.94 Bn
in 2023 to US$ 350 Bn by 2030. North America currently dominates the market
owing to stringent data regulations and heavy investments by organizations in
this region to secure critical infrastructure. Asia Pacific is expected to be
the fastest growing region on account of rapid digital transformation of
economies like China and India coupled with rising incidence of cyber-crimes.
Key players operating in the cyber security market are IBM, Cisco, Check Point,
Trellix, Trend Micro, NortonLifeLock, Rapid7, Micro Focus, Microsoft, Amazon
Web Services, Oracle, Fortinet and Palo Alto Networks. These companies are
focusing on partnerships, mergers and new product launches to strengthen their
market position.
Read More: https://www.rapidwebwire.com/cyber-security-market-analysis-and-demand/