According to Prophecy Market Insights “Cyber Security Market size accounted for US$ 200.26 billion in 2020 and is estimated to be US$ 471.49 billion by 2030 and is anticipated to register a CAGR of 9.0%”
Cyber Security Market
Cyber Security is the application of processes, technologies to control and protect systems, programs, data and devices from cyber-attacks. Cyber Security help in reducing threat of cyber- attack and protect against unauthorized exploitation of network, system and technologies.
Growing incidence of cyber-attacks has contributed in target market growth. Rising adoption of digital technologies, online transactions has further, anticipated to increase the demand for Cyber Security market growth.
Recent News in the Cyber Security Market
* In August 2022, True Digital launched new cyber security solution to detect threats, suspicious activities and automatically resolve situations. New launched solution is designed to transform and increase organization trust to feel safe in digital era.
* In March 2023, Kaspersky launched new and reimagined products, “Kaspersky Plus, Kaspersky Standard and Kaspersky Premium” to ensure digital protection and featured with advanced digital protection.
Who are the Top Key players operating in the Cyber Security Market?
Top Key players operating in the Cyber Security Market
* IBM (US)
* Cisco (US)
* Check Point (Israel)
* FireEye (US)
* Trend Micro (Japan)
* NortonLifeLock (US)
* Rapid7 (US)
* Micro Focus (UK)
* Microsoft (US)
* Amazon Web Services (US)
Prophecy’s Analyst View on Cyber Security Market
Growing target-based cyber-attacks and increasing number of remote working has provided lucrative opportunities in target market growth. High use of computers and internet has given rise in incidence of hacking which in turn, boost the demand for Cyber Security market growth. Various cloud-based security solutions are available in the market, positively influencing revenue generation which is expected to increase demand for Cyber Security market growth over the forecast period.
Drivers of the Cyber Security Market
* The cyber security market is being driven by a range of factors, including the increasing frequency and severity of cyber-attacks, the adoption of cloud computing and mobile devices, the digital transformation of businesses, and the need for regulatory compliance.
* These drivers are creating a growing demand for more advanced and comprehensive security solutions that can protect against a range of threats and ensure business continuity. As the importance of cyber security continues to be recognized, the cyber security market.
Restrains of the Cyber Security Market
* The cyber security market faces several restraints, including a shortage of skilled professionals, high cost of security solutions, lack of interoperability between different solutions, and compliance regulations. The shortage of skilled professionals can be a significant barrier to effective cyber security, while the high cost of security solutions can make it difficult for small and medium-sized businesses to invest in them.
* Lack of interoperability between different solutions can also pose a challenge, as can compliance regulations. These restraints can slow the growth of the cyber security market, but as the need for effective security measures continues to grow, solutions to these challenges are likely to emerge.
Opportunities in the Cyber Security Market
* The cyber security market presents several opportunities for growth and innovation, including the adoption of emerging technologies like AI, ML, and blockchain, the increasing demand for cloud security solutions, the growing IoT market, and the increasing investment in cyber security. The adoption of emerging technologies is creating opportunities for more advanced and automated security solutions, while the increasing adoption of cloud computing and IoT devices is creating a need for specific security solutions.
* Additionally, the growing recognition of the importance of cyber security is driving increased investment in security solutions, creating opportunities for both established players and new market entrants. As cyber threats continue to evolve, the demand for advanced and comprehensive security solutions is expected to grow, providing continued opportunities for growth and innovation in the cyber security market.
COVID-19 Impact on Cyber Security Market
* The COVID-19 pandemic has impacted the cyber security market in several ways. The shift to remote work has led to an increased demand for secure VPNs and email security solutions, while budget cuts resulting from the economic impact of the pandemic have left some organizations vulnerable to cyber-attacks. Additionally, as digital transformation has accelerated, there has been a greater focus on securing remote access technologies and IoT devices.
* Cyber insurance has become more prevalent, and phishing attacks have risen during the pandemic, necessitating robust email security solutions. Lastly, the pandemic has highlighted the importance of supply chain security, emphasizing the need for secure supply chain management to ensure business continuity.