Global Cyber Security Market to Grow at a CAGR of 8.8% During 2024-2032, Aided by the Rising Incidences of Cyber Attacks Worldwide

The global cyber security industry is being driven by the increasing incidences of cyber attacks across the globe. The growing expenditure by the large and small enterprises in the adoption of advanced cyber security solutions to mitigate the risk of an unprecedented attack is supporting the growth of the market. In this regard, the companies are focusing on integrating cloud networks and digital services, fuelled by the rapid digitalisation across industries worldwide. Additionally, the imposition of stringent data security and privacy standards is leading to the adoption of effective cyber security services. Further, the rapid technological breakthroughs and the integration of advanced technologies like blockchain, artificial intelligence (AI), and machine learning (ML), among others to develop innovative cyber security solutions are expected to supplement the growth of the market in the forecast years.

The growing investments by the leading market players in the expansion and improvement of their cybersecurity operations are projected to bolster the market growth in the forecast period. For instance, in February 2022, IBM Corporation (NYSE: IBM) announced multi-million expenditure on its cybersecurity services with the opening of its new IBM Security Command Center in Bengaluru, India. It is set to be the first of its kind facility in the Asia Pacific for training cybersecurity response techniques through the use of realistic simulated cyber attacks. Meanwhile, in December 2021, Dell Technologies Inc. (NYSE: DELL) and Amazon Web Services, Inc. (NASDAQ: AMZN) announced the launch of Dell EMC PowerProtect Cyber Recovery for AWS in an endeavour to provide data protection to its customers, along with a public cloud vault, operational air gap, and improved security. This cloud vault will help secure, isolate, and recover data amid a ransomware attack.

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Market Breakup by Component, Deployment, Security Type, Organisation Size, End Use, and Region:

• The market is divided, based on component, into solution and services.

• On the basis of deployment, the market can be distributed into cloud, and on-premises, among others.

• Based on security type, the industry is segregated into cloud security, application security, endpoint security, data security, network security, and infrastructure protection, among others.

• The industry is segmented, on the basis of organisation size, into large enterprises, and small and medium enterprises, among others.

• Based on end use, the market can be classified into BFSI, government and defence, energy and utilities, healthcare, IT and Telecom, manufacturing, and retail, among others.

• Region-wise, the global market for cyber security can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for cyber security is being driven by the increasing number of cyber attacks worldwide.

• The growing digitalisation and the adoption of digital services across industry verticals have significantly contributed to the market expansion.

• Increased expenditure by the large and small enterprises in improving their organisational security is also aiding the industry growth.

• The rapid technological advancements are further propelling the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for cyber security for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the components, deployment, security types, organisation size, end uses, and regions of cyber security.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global cyber security market are Cisco Systems, Inc., Palo Alto Networks, Inc., Fortinet, Inc., Broadcom inc., Trend Micro Inc, IBM Corporation, Microsoft Corporation, Check Point Software Technologies Ltd., McAfee Corp, CrowdStrike Holdings, Inc., Sophos Ltd., and ESET, spol. s r.o., among others.. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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