Cyber Security market is projected to grow at a CAGR of 11% | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware

Visiongain has published a new report entitled Cyber Security Market Report 2023-2033: Forecasts by (Deployment Mode, Cloud, On-premises), by Component (Hardware, Software, Services), by Security Type (Network Security, Cloud Security, Application Security, Endpoint and IoT Security), by Vertical (Government, BFSI, IT & Telecom, Healthcare, Other), by (Software, Identity and Access Management (IAM), Antivirus/Antimalware, Log Management and SIEM, Encryption and Tokenization, Compliance and Policy Management, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.

The global cyber security market was valued at US$184.3 billion in 2022 and is projected to grow at a CAGR of 11.0% during the forecast period 2023-2033.

Bridging the Cyber Skills Gap

The scarcity of cybersecurity talent is a critical driver for the global cybersecurity market. The demand for skilled cybersecurity professionals far exceeds the supply, making it challenging for organizations to defend against sophisticated cyber threats effectively. As a result, businesses are turning to cybersecurity solutions that leverage automation, artificial intelligence, and machine learning to compensate for the shortage of human resources. This driver emphasizes the importance of innovation in cybersecurity to mitigate the risks posed by a lack of skilled professionals.

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How has COVID-19 had a significant negative impact on the Cyber Security Market?

The global COVID-19 pandemic has had a profound impact on the cybersecurity market, reshaping priorities and accelerating certain trends. The sudden shift to remote work and increased reliance on digital technologies brought about by lockdowns and social distancing measures created both challenges and opportunities for the cybersecurity landscape. On one hand, the expanded attack surface resulting from remote work introduced new vulnerabilities that cybercriminals sought to exploit. Phishing attempts, ransomware attacks, and other forms of cyber threats surged as hackers sought to capitalize on the uncertainty and disruption caused by the pandemic.

On the other hand, the pandemic underscored the critical importance of cybersecurity as organizations raced to secure their remote work environments and protect sensitive data. This led to a heightened focus on solutions such as virtual private networks (VPNs), multi-factor authentication, and secure communication tools. The need for robust endpoint security also grew as the number of remote devices connecting to corporate networks increased substantially.

As evidence of the impact, statistics from cybersecurity bodies like the Swiss National Cyber Security Center (NCSC) have revealed a substantial surge in cyberattacks, including phishing, fraudulent websites, and direct attacks on companies. This upswing has been linked to the remote work setup, where employees lack the security measures inherent to traditional office environments, making them more susceptible to cyber threats such as eavesdropping and compromised key attacks.

How will this Report Benefit you?

Visiongain’s 478-page report provides 138 tables and 209 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global cyber security market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Cyber Security. Get financial analysis of the overall market and different segments including deployment mode, component, security type, vertical, software and capture higher market share. We believe that there are strong opportunities in this fast-growing cyber security market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Increasing Need of Regulatory Compliance and Data Privacy

The need for regulatory compliance and data privacy is a significant driver for the cybersecurity market. Regulations like GDPR, HIPAA, and CCPA impose strict requirements on organizations regarding the protection of sensitive data. Non-compliance can result in severe financial penalties and damage to an organization’s reputation. To meet these compliance standards, businesses are investing in cybersecurity solutions that safeguard data and ensure adherence to regulations. This driver is particularly potent in industries like healthcare, finance, and e-commerce, where data privacy is of paramount importance.

Safeguarding Cloud-Driven Operations

The widespread adoption of cloud computing is driving the need for robust cloud security solutions. Organizations are migrating their data and applications to cloud platforms to achieve scalability and cost-efficiency. However, this transition also exposes them to cloud-specific security risks. To secure their cloud environments, businesses are investing in cloud-native security solutions, identity and access management (IAM), and secure cloud configurations. The growth of the cybersecurity market is closely tied to the expansion of cloud-based operations across industries.

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Where are the Market Opportunities?

The Growth of the Endpoint Security Segment Within the Cybersecurity Market

The growth of the endpoint security segment within the cybersecurity market is being significantly influenced by the increasing trend of Bring Your Own Device (BYOD) in workplaces. As more employees use personal devices to access company networks and resources, the attack surface for potential cyber threats expands, making endpoint security a paramount concern. This trend has created abundant opportunities for market growth as organizations seek solutions to secure a diverse range of endpoints, including laptops, smartphones, tablets, and IoT devices.

BYOD policies, while enhancing workforce flexibility and productivity, introduce new security challenges that necessitate advanced endpoint security measures. The need to protect sensitive data, prevent unauthorized access, and mitigate risks arising from device vulnerabilities has driven the demand for robust endpoint security solutions. These solutions encompass features such as antivirus protection, intrusion detection, data encryption, and remote device management.

Cyber Security Is Often Used to Protect Company Secrets and Intellectual Property from Competitors or Hackers

Cybersecurity serves as an essential fortress for safeguarding company secrets and intellectual property from an array of threats, including competitors and malicious hackers. In an era where information is a prized asset, the role of cybersecurity in protecting sensitive data cannot be overstated. As organizations across industries continue to rely on digital systems and networks, the demand for robust cybersecurity measures intensifies. This presents substantial opportunities for the growth of the cybersecurity market. Businesses are recognizing that the loss or compromise of proprietary information and intellectual property can lead to significant financial losses, reputational damage, and legal repercussions. Therefore, they are increasingly willing to invest in cutting-edge cybersecurity solutions that shield their valuable assets from unauthorized access, theft, and espionage.

Competitive Landscape
The major players operating in the cyber security market are Check Point Software Technologies Ltd, Cisco Systems, Inc., CrowdStrike Holdings, Inc., Fortinet, Inc., Gen Digital Inc., Imperva Inc., International Business Machines Corporation (IBM), McAfee Corp, Microsoft Corporation, Palo Alto Networks, Inc., Proofpoint, Inc., Qualys, Inc., Splunk Inc., Trellix, Trend Micro Inc. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments

  • 19 July 2023, Many Microsoft customers will have free access to improved cloud logging capabilities, which will improve cyber protection and incident response, as a result of a collaborative agreement between the Cybersecurity and Infrastructure Security Agency (CISA) and Microsoft.
  • 24 April 2023, Enterprise networking and security pioneer Cisco (NASDAQ: CSCO) has disclosed the latest steps it has taken to realize its goal of the Cisco Security Cloud, a unified, AI-driven, cross-domain security platform.

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National Cyber Security