According to the most recent report by Emergen Research, the size of the worldwide cyber security market is anticipated to reach USD 311.73 billion in 2028, growing at a consistent CAGR of 7.6%. Due to the digitization transition occurring across numerous industries, sectors, and verticals, there has been steady rise in the revenue of the cyber security market. This growth is attributed to an increase in data breaches and an increase in cloud deployment. The adoption of cloud-based services has grown across a number of industries, significantly fueling the expansion of the cyber security market. As cloud-based services are less expensive and don't need to be set up with IT infrastructure, businesses are adopting them at an increasing rate. Cloud deployment causes software to have vulnerabilities and gives hackers easy access to information. To safeguard their data from cyberattacks, businesses are concentrating on upgrading their cyber security software.
Growing popularity of digitalization has prompted various organizations to rely on digitalized information. Sharing of such information externally or internally has made organizations vulnerable to cybercrime through different mediums. A successful online attack can harm the reputation of an enterprise as well as impact brand value. This can also result in loss of competitive advantage and impact companies financially
The Chinese equivalent of Twitter, Sina Weibo, was breached in March 2020, and 172 million users' usernames, true names, locations, genders, and phone numbers were put on the dark web market.
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The key factors hindering the expansion of the autonomous cars market is cybersecurity and the safety precautions surrounding it. Although the self-driving car market has enormous growth potential, many purchasers don't seem to be quite able to deliver the keys because of the threat of hackers as they're tend to take control of data during various situations as well as set destinations that is likely to threaten the privacy of passengers.
Key Market Competitors Profiled in the Report:
- IBM Corporation
- Cisco Systems
- Juniper Networks
- F5 Networks
Major Geographies Covered in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Market Segmentation by Product Type:
- Application Security
- Network Security
- Cloud Security
- Endpoint Security
Market Segmentation by Application Type:
- Government and Defense
- Energy and Utilities
- IT and Telecom
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Target Audience of the Report:
- Leading Companies
- Large, medium-sized, and small enterprises
- Value-Added Resellers (VARs)
- Venture capitalists
- Third-party knowledge providers
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The global Cyber Security market report evaluates the latest economic scenario in terms of value and volume. It highlights the key growth drivers, restraints, production capacity, demand & supply ratio, import/export status, growth rate, and other critical aspects. Additionally, the report also performs SWOT analysis, Porter’s Five Forces analysis, speculation attainability investigation, and venture return investigation.
Key Objectives of the Global Cyber Security Market Report:
- NFP unveiled a new cybersecurity package in March 2021 to meet clients' demands for individualised coverage. Due to the business's collaboration with CyberScout, a provider of claims management services with a focus on cybersecurity, the DigitalShield solution is now viable. In addition to other cybercrimes, DigitalShield provides protection against ransomware, cyberattacks, identity theft, cyberbullying, and cyberstalking.
- Encryption is a cyber-security strategy that safeguards sensitive information by using one-of-a-kind codes to scramble it and make it nearly impossible for hackers to decipher. Encryption makes sure that private information at the institution is safe even if there is a data breach and hackers manage to get past the firewall.
- In 2020, the professional services sector had the biggest revenue share. The usage of cyber security software for enterprise risk analysis, penetration testing, staff training, physical security testing, and cyber security defence has led to an increase in demand. Large-scale information and knowledge could help businesses cut back on extra expenses.
- The highest revenue share in 2020 belonged to the major enterprises segment as a result of an increase in cyberattacks on these companies' private databases. To safeguard client information and defend their data, large enterprises are enhancing their cyber security capabilities.
- In 2019, the retail sector experienced more breaches than any other sector, as hackers used more sophisticated techniques to target large-scale asset and data retailers. Retailers are making significant investments in cutting-edge security technologies as digital commerce grows in popularity to safeguard their e-commerce platforms. Attacks at the point of sale (POS) are the most frequent because they target sensitive data including debit and credit card numbers, PINs, and details.
- Due to increased government and business investment in data and information protection, the Asia Pacific market's revenue is anticipated to grow quickly during the projected period. The most cyberattacks occurred in Japan, then India, in 2020, which fueled market expansion in the years that followed. The most frequently attacked industry in India in 2019 was finance & insurance, followed by manufacturing and professional services.
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