According to a market report, published by Sheer Analytics and Insights, The global cyber security market was valued at $220.2 billion in 2021 and it is expected to reach $791.2 billion at a CAGR of 11.9% between 2022 and 2032. At present days, cyber security has become essential across several IT and Telecom industry and government sectors. The demand for cyber security has continued to grow even after the COVID-19 pandemic as multiple end-user industries are adopting the hybrid working trend. Many organizations and technology firms are facing several cyber risks while working on their system. This is one of the major factors, driving the cyber security market globally. Moreover, online e-commerce platforms, as well as new technologies such as cloud security, the internet of things; artificial intelligence, and others are increasing across the globe which is also driving the growth of the cyber security market. The main priority for the major industry competitors is the development of internet security service and solutions which is based on artificial intelligence. Cyber threat is gradually growing every year, and it is becoming more powerful than before. Hence, organizations and other IT and Telecom sectors need to require sophisticated cyber security solutions which could detect real-time detection.
There are several facilities and benefits of using cyber security. It can protect against both external and internal threats, it can improve productivity, and it can cost savings and value. These benefits would drive the growth of the cyber security market during the forecast period. Private sectors and government offices are adopting cyber security due to new cyber threats. Their primary focus is to defend their online system while a cyber-threat occurs. Hence, they could protect the confidential data and documents before it gets corrupted. Moreover, governments in several nations worldwide have launched data protection laws, an essential solution for various end-user organizations. These organizations are likely to deploy cyber security solutions to safeguard consumer data.
To know more about this study, request a free sample report: https://www.sheeranalyticsandinsights.com/request-sample/cyber-security-market-21
Cyber security service provides multiple solutions to many e-commerce platforms as well as other fields such as artificial intelligence, cloud technology, and blockchain. This is expected to create some growth opportunities for the market in the upcoming future. Therefore, the rising demand for cyber security services is expanding across the global market with significant growth. Every year cyber-attacks and many online threats are indeed growing due to various kinds of scams and online crimes, which are enabling the usage of cyber security solutions, which is projected to have more growth opportunities during the upcoming period.
However, the cyber security market is expected to witness some challenges due to an unskilled IT workforce and the growing usage of unauthorized cyber security software. This is one of the major reasons which are estimated to hinder the growth of the market during the upcoming years. Furthermore, the cost of cyber security solutions is rising every year, which is also becoming a major concern for various end-user organizations. Thus, small, and medium enterprises sometimes adopt unlicensed cyber security solutions. This type of third-party security solution could provide protection, but is highly ineffective against new cyber threats.
Some new developments in the cyber security market:
According to the study, key players dominating the global cyber security market are Accenture (Ireland), Broadcom Inc. (U.S), Capgemini (France), Cognizant (U.S), CheckPoint Software Technologies (Israel), CrowdStrike (U.S), Cisco Systems (U.S), Fortinet (U.S), F5 Technologies (U.S), HCL Enterprise (India), Infosys (India), IBM (U.S), Larsen and Toubro (India), Mahindra Group (India), McAFee (U.S), Microsoft Corporation (U.S), PwC International (U.K), Palo Alto Networks (U.S), Sophos (U.K), TCS (India), Thoma Bravo (U.S), Trellix (U.S), Trend Micro (Japan), Wipro (India), Zscaler (U.S), among others.
The Global Cyber Security Market Has Been Segmented Into:
The Global Cyber Security Market – by Component Type:
The Global Cyber Security Market – by Deployment Type:
The Global Cyber Security Market – by Organization Type:
The Global Cyber Security Market – by Security Solutions:
The Global Cyber Security Market – by Technology:
The Global Cyber Security Market – by End-User Type:
The Global Cyber Security Market – by Regions:
North America
Europe
Asia-Pacific
LAMEA