Market Overview:
The Global Cybersecurity Market size is expected to grow from USD 145.87 Billion in 2022 to USD 363.34 Billion by 2030, at a CAGR of 9.68 % during the forecast period (2023-2030).
The operation of safeguarding systems, networks, and programs from digital threats is referred to as cybersecurity. Accessing, modifying, or deleting sensitive information, extorting money from users, or interfering with typical corporate operations are all common targets for these types of cyberattacks. Furthermore, because there are more gadgets than individuals and attackers are growing more inventive, implementing effective cybersecurity access is very exciting nowadays. Cybersecurity solutions allow a company to monitor, identify, report, and fight cyber threats, which include internet-based attempts to destroy or disrupt information systems and breach key information by utilizing spyware and malware, as well as phishing.
Top Key Players in the Cybersecurity Market:
Intel Corporation, Mcafee LLC, International Business Machines (IBM) Corporation, Fortinet Inc., Cisco Systems Inc., Cyber-Ark Software Ltd, and Other major players.
Market Dynamics and Factors for Cybersecurity Market:
Drivers:
The Rising Number of Cyber-Attacks on Public and Private Domains Calls For End-To-End Cybersecurity Solutions
The increasing sophistication of cyber-attacks might be credited to the market's rise. Over the last decade, the number and severity of cyber frauds and crimes have escalated, resulting in massive losses for corporations. Businesses throughout the world have boosted their investment in advanced information security technology to bolster their in-house security infrastructures since cybercrime has expanded considerably. In recent years, targeted assaults have become more common, entering targets' network infrastructure while retaining anonymity. Endpoints, networks, on-premises devices, cloud-based apps, data, and numerous other IT infrastructures are commonly targeted by attackers with a specific target in mind.
Opportunities:
Growing Healthcare Industry and The Rise in The Funding For R&D Activities
Because of its powerful and flexible infrastructure, cloud computing architecture is frequently used. Many businesses are turning to cloud solutions to ease data storage and allow remote servers accessible through the internet, giving them access to almost infinite computer capacity. The use of a cloud-based approach allows businesses to manage all of their apps since it gives extremely difficult analytics that operate in the background. The adoption of cloud computing can enable businesses to integrate supplemental infrastructure technologies, such as software-defined perimeters, to develop stable and secure platforms.
Many governments give unique rules and laws for cloud platform security, which propels the global cyber security market forward. Small businesses are always looking for ways to update their applications and infrastructures by utilizing cloud-based platforms such as Software-as-a-Service (SaaS) and Infrastructure-as-a-Service (IaaS) (IaaS).
Segmentation Analysis of the Cybersecurity Market:
By Type, the Service segment is expected to dominate the market. Businesses are turning to cyber security service providers to protect vital infrastructure in government, utilities, and other industries against assaults.
By Deployment, the On-Premises segment is expected to dominate the market. Organizations prefer to keep sensitive data on their premises rather than entrusting it to cloud services.
Regional Analysis of the Cybersecurity Market:
North America is expected to dominate the market during the forecast period. The growing frequency of high-profile security breaches in the area is driving demand for cloud application security solutions. In nations like the United States and Canada, the growing number of online e-commerce platforms is boosting market growth. To provide better security measures to businesses, the government uses advanced network security protocols.
Key Industry Development:
- In July 2021, to accelerate DevSecOps, Fortinet, Inc. purchased application security innovator Sken.ai. Sken.ai offers comprehensive testing for all major languages and frameworks, as well as all types of scans (SAST, DAST, SCA, Secrets, and more). Machine learning (ML) is used by Sken.ai to correlate and assign a security risk level to each vulnerability discovered across multiple scan kinds and apps.
- In May 2021, Kenna Security, Inc., a cybersecurity firm, was bought by Cisco Systems, Inc. This purchase allows for a reduction in the attack surface as well as the time it takes to identify and respond to threats. By collaborating cross-functionally, organizations employ Kenna's risk-based vulnerability management solution to swiftly discover, prioritize, and mitigate cyber threats.
