What is the global market size of Cyber Security Market?

Global Cyber Security Market was valued at USD 174.04 billion in 2022 and is poised to grow from USD 190.40 billion in 2023 to USD 357.10 billion by 2031, growing at a CAGR of 9.4% during the forecast period (2024-2031).

Who are the key vendors in the Global Cyber Security Market?

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Check Point Software Technologies Ltd.', 'McAfee LLC', 'Palo Alto Networks, Inc. ', 'Microsoft ', 'Symantec Corporation (now part of Broadcom Inc.) ', 'IBM Corporation ', 'Fortinet, Inc. ', 'Trend Micro Incorporated ', 'FireEye, Inc. ', 'Proofpoint, Inc. ', 'Sophos Group plc ', 'Rapid7, Inc. ', 'CrowdStrike Holdings, Inc. ', 'Splunk Inc. ', 'Carbon Black, Inc. (now part of VMware) ', 'F5 Networks, Inc. ', 'Akamai Technologies, Inc. ', 'CyberArk Software Ltd. ', 'Qualys, Inc. ', 'RSA Security LLC (a subsidiary of Dell Technologies)'

What is the key driver of Global Cyber Security Market?

The key aspect driving the market growth includes the increasing demand for cybersecurity mesh. The cybersecurity mesh is a new paradigm about security architectures. It allows decentralized companies to deliver and extend security where it's required the most. It's a decentralized notion that tries to secure users' or computers' identities, and it's one of the most popular tactics right now. Whether on-premises or in the cloud, the goal is to limit access to an organization's network to authorized individuals (or systems). The cybersecurity mesh aids IT professionals in managing protection from each access point while also preventing attackers from obtaining access to the system.

What is the key market trend for Global Cyber Security Market?

The key trend driving cloud computing services is the increasing shift of the consumers towards online services. The rising network of online services, such as banking and financial services, is also driving the market. In the last decade, only mobile payments surpassed the $400,000 million mark. With such large quantities of money transactions, cyber-attacks are always a possibility. Cyber security costs billions of dollars for businesses and governments. Hence, security of which requires cyber security, which, in turn, is projected to drive the market growth.

Which region accounted for the largest share in Global Cyber Security Market?

Based on the geographical viewpoint, the global cyber security market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2023, the North American region is projected to hold the most substantial share of more than 35% in the market. This is attributed to the region having the highest number of cyber security solutions as well as the high number of cyber threats. To meet the needs of customers, major firms such as IBM, Oracle, Fortinet, Microsoft, and Trend Micro, as well as various start-ups in the region, are offering upgraded cybersecurity software solutions and services; which significantly contributes to the market growth.

Cyber Security Market Size, Share, Growth Analysis, By Component(Hardware, Software, and Services), By Organization Outlook(Large Enterprises, and SMEs), By Type Outlook(Network Security, Endpoint Security, Application Security, Cloud Security), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45D2087 | Region: Global | Published Date: June, 2024
Pages: 157 | Tables: 132 | Figures: 77

Cyber Security Market News

In December 2023, in order to improve business security factors, The security company named Palo Alto Networks alongside IBM Blockchain has broadened its strategic partnership focusing on cloud changes and AI-supported security interactions. As a result of such an agreement, customers’ end to end security levels will be elevated to combat increasing cyber threats.
In November 2023, IBM introduced a brand-new cloud born SIEM system named QRadar SIEM which is able to be used on hybrid clouds. The software has got the most modernized AI options for improved awareness of threats and their immediate reaction, it is oriented at reducing frequency of false alarms among other things. Tools included work to lessen activities causing security incidents within any organization in today save thus save the detecting and responding time.
In June 2023, Cisco revealed Secure Access, which is a new SSE solution, in order to make better the experiences of hybrid work by making it easier to get to numerous places, devices and applications. By ingeniously and securely steering traffic, it offers a shared-access experience, providing its users with an easy and single point access to all resources; it also offers higher productivity levels and accelerates the security response by using a single console that’s cloud managed.

Cyber Security Market Report Snapshots

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Cyber Security Market size was valued at USD 150.02 Billion in 2022 poised to grow from USD 168.04 Billion in 2023 to USD 452.08 Billion by 2031, growing at a CAGR of 13.38% in the forecast period (2024-2031).

One of the most important business strategies used by manufacturers in the Cyber Security sector to benefit customers and expand the market is local manufacturing to reduce operating costs. The industry has provided some of the biggest medical benefits in recent years are trying to increase market demand by making investments in R&D operations. 'IBM (US) ', 'Cisco (US) ', 'Microsoft (US) ', 'Palo Alto Networks (US) ', 'Fortinet (US) ', 'Check Point (US) ', 'Trellix (US) ', 'Trend Micro (Japan) ', 'Rapid7 (US) ', 'Micro Focus (Open text) (UK) ', 'AWS (US) ', 'Oracle (US) ', 'Accenture (Ireland) ', 'CyberArk (US) ', 'SentinelOne (US)'

The frequency and sophistication of cyberattacks have increased dramatically over the past ten years, which is a major factor driving the expansion of the cybersecurity market. Businesses everywhere are devoting more resources to advanced information security technology innovation in order to tighten their security infrastructures amid the growing threat landscape.

Enhancing Threat Detection and Response in the Digital Age: As artificial intelligence (AI) and computerized reasoning are becoming more and more ubiquitous, the cybersecurity business has seen substantial changes. These developments facilitate the ongoing assessment and response of associations to modern digital threats, enabling the more efficient and effective location of anomalies and examples.

Due to several important variables, North America dominates the global cybersecurity market. The place benefits greatly from many cybersecurity firms, internet goliaths, and government schemes promoting online safety. Continuous investments in research and development encourage invention in conformity, information shielding and the identification of hazards among other things. What is more, very severe laws stipulating strict safety measures, including the CCPA and GDPR, has resulted in an increased call for advanced security technologies. The region’s proactive approach to cybersecurity and widespread adoption of cloud services and IoT further strengthen North America’s role as the leader in safeguarding digital assets across sectors.

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Cyber Security Market Size, Share, Growth Analysis, By Component(Hardware, Software, and Services), By Organization Outlook(Large Enterprises, and SMEs), By Type Outlook(Network Security, Endpoint Security, Application Security, Cloud Security), By Region - Industry Forecast 2024-2031

Cyber Security Market News

Cyber Security Market Report Snapshots

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What is the global market size of Cyber Security Market?

Who are the key vendors in the Cyber Security Market?

What is the key driver of Cyber Security Market?

What is the key market trend for Cyber Security Market?

Which region accounted for the largest share in Cyber Security Market?

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