The cyber security market is estimated to be valued at US$ 188.94 Bn or Mn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cyber security refers to the protection of internet-connected systems, including hardware, software and data, from cyber attacks. Cyber attacks such as hacking, phishing and ransomware have increased significantly in recent years. Cyber security solutions ensure the safety of confidential data by preventing unauthorized access and unlawful distribution. Key cyber security products and services include antivirus, firewalls, identity and access management, risk and compliance management, data loss prevention and intrusion detection systems. These solutions are widely adopted across various industry verticals such as BFSI, healthcare, manufacturing and government among others.
Market Dynamics:
The increasing prevalence of cyber attacks is a major growth driver for the cyber security market. Cyber criminals leverage advanced technologies to launch sophisticated attacks to steal confidential data and disrupt normal operations of organizations. Moreover, the rising adoption of cloud-based services and Bring Your Own Device (BYOD) policies have increased vulnerabilities which in turn is fueling the demand for robust cyber security solutions for effective threat detection and mitigation. Additionally, supportive government regulations regarding data privacy and protection are also augmenting market growth. However, the lack of skilled cyber security professionals and budget constraints among small and medium enterprises hamper the market growth.
SWOT Analysis
Strength: The Cyber Security Market Scope has strong growth prospects due to the increasing threat of cybercrimes and hacking. Many organizations are focused on implementing advanced security solutions to protect critical data and infrastructure. There is a rise in investments by businesses to secure their IT networks and adopt platforms that ensure data privacy and system integrity.
Weakness: High upfront costs involved in procurement and deployment of cyber security solutions can restrain its adoption rates among budget-constrained small enterprises. Lack of skilled security personnel is another challenge for effectively maintaining security networks and responding to new threats.
Opportunity: The rapid digital transformation and shift towards remote working models has opened up opportunities for cyber security vendors to offer integrated solutions. Rising usage of Internet of Things and increase in BYOD trend among organizations also calls for strengthened security measures.
Threats: Sophisticated hacking techniques and evolving attack strategies by perpetrators continuously pose threats. Insider breaches due to inadvertent or intentional employee errors is another challenge for cyber security.
Key Takeaways
The global cyber security market is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing digitalization of processes across industries. Widespread adoption of cloud computing and mobility solutions have enabled remote access to critical data, accelerating the need for robust security systems to protect business applications and customer information.
Regional analysis: North America dominated the cyber security market in 2023, accounting for over 35% of the global share. Presence of leading security solution providers and strict data protection regulations have encouraged large-scale deployment of advanced defense measures among organizations based in the US and Canada. Asia Pacific is identified as the fastest growing regional market, driven by supportive government initiatives and rising threat of cyber-attacks associated with growing Internet penetration in China, India and other developing nations.
Key players operating in the cyber security market are IBM (US), Cisco (US), Check Point (Israel), Trellix (US), Trend Micro (Japan), NortonLifeLock (US), Rapid7 (US), Micro Focus (UK), Microsoft (US), Amazon Web Services (AWS) (US), Oracle (US), Fortinet (US), Palo Alto Networks (US), Accenture (Ireland) and many more. They are focusing on product innovation and mergers & acquisitions to consolidate their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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