As per current published report by Markntel Advisors the Cybersecurity Market is estimated to grow at a CAGR of around 10% during the forecast period, i.e., 2024-30. A detailed discussion of industry behavior is presented. It will assist companies and other stakeholders in making decisions that assure strong earnings in the upcoming years, and also describes the future trend. In order to assist readers in making defensible choices on market projects, this research will offer a useful summary of the market and its dynamic environment. The growth prospects that will enable the market to extend its operations in current markets will be the main focus of this analysis.
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Global Cybersecurity Market Driver:
Increasing Number of Target-Based Cyber-Attacks Augmenting Market Demand – Over the past few years, increasing cybercrime and target-based attacks have vigorously driven the growth of the Cybersecurity Industry. Cyber attackers target network infrastructure, endpoints, and cloud-based applications to cause significant financial losses and disrupt business operations. Rising cybercrimes like the theft of sensitive & critical data or information result in huge financial losses; thus, advanced information security technologies have been adopted by businesses across the globe to safeguard their security infrastructure. For instance,
- In 2022, according to the FBI’s Internet Crime Report, 8,00,944 complaints of cybercrime were reported to the FBI by the public on a global level.
- Among the complaints received in 2022, phishing and personal data breaches were the top incidents reported. While phishing ranked number one, the associated dollar loss of USD 52 million is small in comparison to investment fraud, which resulted in a USD 3.3 billion loss, an increase of 127% from the previous year.
Target-based cyber-attacks lead to operational disruptions in various sectors such as aviation, defense, telecom, IT, ITeS, and so on; thus, adopting comprehensive cybersecurity solutions to defend against sophisticated attacks has become a crucial factor that is anticipated to augment the size & volume of the Global Cybersecurity Market during the forecast period.
The Cybersecurity Market has segmented the market into the following categories:
By Offering
(Solution, [Standalone Hardware, Software Solution], Services, (Professional Services, [Design, Consulting & implementation, Risk & ThreatManagement, Training & Education, Support & Maintenance], Managed Services),
By Solution Type
(Identity & Access Management (IAM), Antivirus/Antimalware, Log Management & SIEM, Firewall, Encryption & Tokenization, Compliance & Policy Management, Patch Management, Others),
By Deployment mode
On-premises, Cloud, Hybrid Cloud,
By Organization size
(Large Enterprises, SMEs (Small & Medium Enterprises)),
By Security Type
(Network Security, Cloud Security, Endpoint & IoT Security, Application Security, Others),
By Vertical
(Banking, Financial Services and Insurance (BFSI), Government, Healthcare & Life Sciences, Aerospace & Defense, Manufacturing, IT & ITeS, Education, Retail & Ecommerce, Energy & Utilities, Telecommunications, Transportation & Logistics, Media & Entertainment, Others (Education, Construction, Travel & Hospitality))
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By Region
- North America
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South America
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Europe
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The Middle East & Africa
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Asia-Pacific
Competitive Environment Featuring Key Players:
IBM, Cisco, Microsoft, Palo Alto Networks, Fortinet, Check Point, Trellix, Trend Micro, Rapid7, Open Text, AWS, Oracle, Accenture, Cyberack, ZScaler, and others
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