The cyber security market is anticipated to grow at a CAGR of 11.22% from US$213.618 billion in 2022 to US$449.572 billion by 2029.

NOIDA, UTTAR PARDESH, INDIA, March 21, 2024 /EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the cyber security market is projected to grow at a CAGR of 11.22% between 2022 and 2029 to reach US$449.572 billion by 2029.

The rising number of malware and phishing assaults is the primary driver of the worldwide cybersecurity industry. The fast use of sophisticated technologies such as the Internet of Things (IoT) has raised the risk of cyberattacks across numerous industrial sectors.

Cybersecurity, often known as information security, is the process of safeguarding computer systems, networks, devices, and data from unauthorized access, cyberattacks, data breaches, and other unwanted activity. It refers to a combination of technologies, procedures, and practices used to protect digital assets and assure the confidentiality, integrity, and availability of information.

The growing popularity of cloud-based cybersecurity solutions, as well as the increased use of mobile devices within organizations, is driving the adoption of cybersecurity solutions and services for managing and tracking data flow in various systems while protecting critical information by monitoring, classifying, and resolving various types of cyberattacks.

As companies become more digitally integrated, key stakeholders are improving their abilities to assist firms in anticipating, detecting, and responding to cyber-attacks. This has resulted in greater breach risks and corporate risk, pushing firms to spend extensively on cybersecurity solutions to ensure a risk-free environment.

For example, in October 2023, Cybellum, the award-winning Product Security Platform developers, announced the launch of Cybellum Academy. The purpose of this school is to combat the growing number of cyberattacks on mission-critical equipment by defining standard procedures and techniques, as well as providing expert content, guidance, and training on product security.

There are many product launches and developments that are taking place in the cyber security market during the forecast period. For instance, in March 2023 Viasat Inc. announced the launching of its Trusted Cybersecurity Services (TCS) solution, a hosted intrusion detection service that integrates secret government threat information to identify present, potential, and emerging threats on an organization's network.

Access sample report or view details: https://www.knowledge-sourcing.com/report/global-cybersecurity-market

The global cyber security market, based on different components is categorized into- solutions and services. Cybersecurity solutions include firewalls, anti-virus software, intrusion detection systems, encryption tools, endpoint security, SIEM, IAM, and data loss prevention, as well as network traffic monitoring and user identity management.

Cybersecurity services are professional, managed services that help organizations examine, implement, and manage cybersecurity solutions. They include consultancy, security assessments, penetration testing, incident response, forensics, managed security services, and security training programs. Consulting firms create plans, evaluate risks, and execute best practices.

The global cyber security market, based on deployment model is categorized into- on-premise and cloud. On-premise cybersecurity solutions are deployed and managed directly within an organization's IT infrastructure, giving administrators more control and flexibility over security options. Organizations are responsible for hardware acquisition, software licensing, upgrades, and updates; therefore they demand considerable upfront capital expenditure as well as continuous maintenance expenses.

Cloud-based cybersecurity solutions, hosted by third-party service providers in faraway data centers, provide consumers with scalability, flexibility, and accessibility. They use a subscription-based pricing plan, which makes them both affordable and predictable. However, organizations may be concerned about data privacy, compliance, and security threats.

The global cyber security market, based on enterprise size is categorized into- small, medium, and large. Small businesses, which have a smaller workforce, revenue, and operational scale, are more vulnerable to cybersecurity attacks because they rely on simpler, less expensive solutions. Despite facing comparable dangers, they may have varying risk tolerances and financial limits.

Medium organizations, which range from small to big, have more cybersecurity resources but may still confront financial limits. To address their specific security demands, they want solutions that strike a mix of efficacy, price, and scalability.

Large corporations, with their large workforces, significant revenue, and complex organizational structures, frequently have dedicated cybersecurity teams, significant IT budgets, and sophisticated security infrastructure, necessitating advanced solutions to combat sophisticated cyberattacks and targeted threats.

The global cyber security market, based on applications is categorized into- application security, infrastructure security, identity and access management, data security and privacy, government risk and compliance, and others. Application security protects software programs from security threats and vulnerabilities throughout their lifespan by implementing secure coding techniques, application testing, and runtime protection measures to prevent and mitigate security breaches.

Infrastructure security is vital for defending key IT infrastructure against cyberattacks, such as networks, servers, and endpoints. Firewalls, intrusion detection systems, antivirus software, and security monitoring are all part of the solution. Identity and Access Management (IAM) systems manage user identities, access rights, and permissions to guarantee that only authorized persons may access resources and data.

Data security and privacy solutions secure sensitive data against unauthorized access, disclosure, and manipulation, while also assuring regulatory compliance and privacy rights. They consist of encryption, data loss prevention, safe storage, and privacy-enhancing technology. Government risk and compliance solutions assist organizations in complying with industry laws, standards, and regulatory obligations of cybersecurity and data protection.

The global cyber security market, based on industry vertical is categorized into- BFSI, aerospace and defense, retail, IT and telecom, healthcare, energy and utilities, and others. BFSI enterprises, including banks, financial institutions, insurance companies, and investment firms, are vulnerable to cyber assaults since they handle sensitive financial data and transactions.

The aerospace and defense industries, retail enterprises, and the IT and telecommunications sectors are all vulnerable to cyber assaults because of their sensitive information, while retail businesses face dangers such as credit card data theft, e-commerce fraud, and supply chain disruptions. These sectors underpin digital infrastructure and communication networks, making them prime targets for cyberattacks.

The healthcare business, which includes hospitals, clinics, pharmaceutical firms, and medical device makers, is vulnerable to cyber assaults because it handles sensitive patient data. The energy and utilities industry, which includes corporations that produce, transfer, and distribute energy, is likewise vulnerable owing to its increasingly networked and digitally based infrastructure.

The worldwide cybersecurity market is split into six regions: North America, South America, Europe, the Middle East, Africa, and Asia Pacific. North America is projected to dominate because of rising cyberattacks and stringent restrictions. Governments are expanding their financial allocations for cybersecurity solutions, with an emphasis on mitigating these risks.

The Asia-Pacific area is predicted to have a substantial CAGR in cybersecurity due to an increase in cyberattacks and ransomware assaults in nations such as India, the Philippines, and South Korea. The use of BYOD policies, particularly in small and medium-sized businesses, is increasing the risk of cyberattacks. Government initiatives and data security rules are also fueling this expansion.

As a part of the report, the major players operating in the global cyber security market that have been covered are Cognizant, Tata Consultancy Services Limited, Capgemini, IBM, HCL Technologies Limited, Accenture, McAfee LLC., VMware Inc., and Quick Heal Technologies Limited.

The market analytics report segments the global cybersecurity market using the following criteria:

• By Component

o Solutions
o Services

• By Deployment Model

o On-premise
o Cloud

• By Enterprise Size

o Small
o Medium
o Large

• By Application

o Application Security
o Infrastructure Security
o Identity and Access Management
o Data Security and Privacy
o Government Risk and Compliance
o Others

• By Industry Vertical

o BFSI
o Aerospace and Defense
o Retail
o IT and Telecom
o Healthcare
o Energy and Utilities
o Others

• By Geography

o North America

• USA
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• UK
• Germany
• France
• Spain
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Israel
• Others

o Asia Pacific

• China
• Japan
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others

Companies Mentioned:

• Cognizant
• Tata Consultancy Services Limited
• Capgemini
• IBM
• HCL Technologies Limited
• Accenture
• McAfee, LLC
• VMware, Inc
• Quick Heal Technologies Limited

Explore More Reports:

• Global Enterprise Endpoint Security Market: https://www.knowledge-sourcing.com/report/global-enterprise-endpoint-security-market

• Cyber Security Consulting Services Market: https://www.knowledge-sourcing.com/report/cyber-security-consulting-services-market

• Global Security Advisory Services Market: https://www.knowledge-sourcing.com/report/global-security-advisory-services-market

Ankit Mishra
Knowledge Sourcing Intelligence LLP
+1 850-250-1698
email us here
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