The global Cyber Security Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 13.4% during the forecast period, to Reach USD 376.32 Billion by 2029, from USD 139.77 Billion in 2021
The global “cyber security market” size is anticipated to reach USD 376.32 billion by 2029 and exhibit a CAGR of 13.4% during the forecast period. The surging number of e-commerce platforms and the growing integration of machine learning, internet-of-things (IoT), and cloud are expected to boost the market’s growth. Fortune Business Insights™ has presented this information in its report titled, “Cyber Security Market, 2022-2029”. The market size stood at USD 139.77 billion in 2021 and is expected to reach USD 155.83 billion in 2022.
As per the report by the European Cybersecurity Organization, the U.K. government invested nearly USD 2.30 billion in internet and network security projects for defense and research in 2020. Hence, the increasing government investments in internet security solutions to guard their confidential data and information are anticipated to stimulate market growth.
Cybersecurity Market Overview:
Market Size Value in 2021:USD 139.77 Billion
Growth Rate:CAGR of13.4% from2022-2029
Revenue forecast in 2029:USD 376.32 Billion
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Key Players in the Global Cybersecurity Market are:
- Cisco Systems, Inc. (California, U.S.)
- IBM Corporation (New York, U.S.)
- Fortinet, Inc. (California, U.S.)
- Proofpoint, Inc. (California, U.S.)
- Microsoft Corporation (Washington, U.S.)
- Palo Alto Networks, Inc. (California, U.S.)
- Broadcom, Inc. (California, U.S.)
- F5 Networks, Inc. (Washington, U.S.)
- Sophos Ltd. (United Kingdom)
- Oracle Corporation (California, U.S.)
- Cybersecurity Services (Ohio, U.S.)
Drivers and Restraints-
Increasing Government Investments to Foster Growth for Market
Incorporating machine learning, cloud, and internet-of-things (IoT) in internet security solutions are gaining immense popularity. Businesses are adopting IoT solutions to identify uncertain threats and activities. Moreover, cloud and big data help business to learn and explore potential risks. The increasing integration of these core technologies in advanced internet security solutions is anticipated to bolster the global Cyber Security Market growth.
Governments of major economies such as India, France, Qatar, Canada, Germany, and others invest in advanced security solutions to secure their heaps of confidential data. The increasing investments by governments of major economies in cybersecurity solutions are anticipated to boost market growth.
Additionally, the introduction of new network security solutions by emerging and existing market players is likely to boost the market’s growth. For instance, Palo Alto Networks Inc., launched Zero Trust Network Security in May 2022 to protect organizations from cyber risks.
However, a lack of trained professionals may hinder the market growth.
Growing Number of E-Commerce Platforms to Boost Growth in North America
North America is expected to emerge dominant in the global cyber security market share. The growing security solutions adoption due to increased cyberattacks and breaches is likely to stimulate the growth of the market. Additionally, the growing number of e-commerce platforms across Canada, and the U.S. are expected to complement Cyber Security Market growth.
Asia Pacific is expected to observe rapid growth due to the growing number of service providers. Additionally, the increasing government ad foreign investments in various security projects are likely to garner growth for the Cyber Security Market.
Europe is projected to gain monumental growth in the coming years due to surging internet security projects and the increasing investments by major businesses across Spain, U.K., Italy, and others.
The Middle East and Africa are anticipated to witness considerable growth due to increasing government and private investments.
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Based on components, the market is bifurcated into services and solutions. Based on deployment type, the market is segmented into cloud and on-premises. Based on enterprise size, the market is categorized into large enterprises and small and medium enterprises. Based on industry, the market is divided into banking, financial services and insurance (BFSI), retail, manufacturing, IT and telecommunications, healthcare, energy and utilities, travel and transportation, government, and others. Geographically, the market is classified into Europe, South America, Asia Pacific, North America, and the Middle East and Africa.
- The report envisions a detailed review of the mentioned market.
- The report integrates Porters’ Five Forces Analysis for a certain market calculation.
- It further accentuates diverse Cyber Security Market segments; constituents, organization size, industry, deployment category, as well as others.
- The report focuses on growth tactics for companies to paddle through COVID-19.
- The report emphasizes on the market’s competitive scenario and explicates newest industry developments, novel product presentations, fundamental market trends, and so on.
The global pandemic has severely impacted the global economic structure and stagnated the growth of several industries and markets. The disruptions in the supply chain networks, lack of resources, job crunches, and the short-term shutdown of production plants have negatively impacted the market’s growth. Startups and small-scale businesses have suffered the most significant impact of the humanitarian crisis. However, the demand for internet security solutions has risen astronomically in the manufacturing, government, and healthcare sectors, which have bolstered the market’s growth. The market is expected to witness robust growth in the coming years.
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Key Players Adopt Ingenious Strategies to Capture Growth
The key players emphasize developing advanced security solutions with the incorporation of emerging technologies. The vital players functioning in the market focus on organic development strategies such as extensive research and development activities for making technological advancements and introducing new security solutions to the market. Additional tactics include collaborations, partnerships, procurements, and so on, to enhance market presence. For instance, Check Point Software Technologies announced the acquisition of Cymplify in 2019 to integrate the former company’s IoT solutions.
- February 2020:GE Healthcare introduced an AI-based network security service to connect AI, medical devices, and process management tools and help hospitals to evade It threats.
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