The global Cyber
Security Market size is expected to reach USD 372.04
billion by 2028, registering a CAGR of 10.9% over the forecast period,
according to a new report by Grand View Research, Inc. An increase in the
number and intensity of data breaches across enterprise networks is
driving the adoption of cyber security solutions and services globally.
Developments in the field of digital applications and cloud-based solutions are
driving the volume of cyber threat vectors and vulnerabilities. Thus, continued
cyber threats and cyber-attacks are leading to a rise in sustained investment
into security services and advanced solutions driving the market.
Add-ons and upgrades in the existing solutions with new
features are creating avenues for threat vulnerabilities. Cyber threat actors
aim to infiltrate and access unauthorized information from such
vulnerabilities. To combat such threat activities, enterprises and governments
across countries are implementing and timely updating their cyber security
development strategies. These development strategies are inclined toward
upgrading the existing security infrastructures, improving awareness, and
establishing a cyber-defense workforce. For instance, in 2020, the Malaysian
government introduced the Malaysian Cyber Security Strategy and allocated
around USD 0.44 billion (RM 1.8 billion) for national cyber security
preparedness.
The strategy comprised five pillars consisting of 113
programs, 35 action plans, and 12 strategies. The continued rise in
electronification across several industries/sectors is exponentially increasing
data breach risks. Market players, such as financial service providers,
retailers, and telecom vendors, are relying extensively on digital channels and
technologies. This, in turn, increases exposure to risks, and a cyber attack
can have a multi-fold negative impact on the financial and operational aspects
of an organization. The scenario has increased the emphasis on data protection
and securing critical IT infrastructures.
Furthermore, growing stringency in regulations for data
privacy and safety is compelling organizations to create an additional layer in
the security framework, driving the market growth. The market in Asia Pacific
is anticipated to register the fastest CAGR over the forecast period. The
growing instances of cybercrimes in Asian countries over the years and the
increasing adoption of advanced technologies and mobile endpoints across
businesses are driving the regional market. Disruption in technologies is
increasing the market fragmentation and competition among market players.
Leading players focus on product updates, new product launches, and strategic
initiatives, such as mergers & acquisitions, to enhance their market
position.
Related Press
Release @ Cyber
Security Market Report
Cyber Security Market Report Highlights
- The
need to develop a cyber defense framework and safeguard the evolving IT
infrastructure from targeted ransomware, vulnerabilities in applications,
phishing attacks, and malware is compelling enterprises to adopt cyber
security solutions, thereby, driving the market growth
- The
increased risk of data breaches across networking systems in critical
infrastructures is compelling enterprises to adopt hardware solutions,
such as encrypted drives and intrusion detection systems
- These
solutions help enterprises safeguard the outgoing and incoming network
traffic on IP addresses
- The
growing usage of mobile devices, coupled with the implementation of
Bring-Your-Own-Device (BYOD) concepts across businesses, is driving the
adoption of endpoint security solutions & services to defend against
fraudulent email activities, ransomware, and malware
- In
terms of deployment, the cloud-based segment is expected to register the
fastest CAGR over the forecast period. This can be attributed to its
low-cost infrastructure maintenance and flexibility in data sharing across
devices and remote places
- The
large enterprise segment held the maximum revenue share in 2020 due to the
increased spending on security solutions and services by large-scale
organizations
- The
demand for security solutions and services among healthcare institutions
is expected to register a significant CAGR over the forecast period owing
to the proliferation of digital applications and stringency in data
protection standards and laws
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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Email: sales@grandviewresearch.com
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