Cyber Security Market Drivers Shaping Future Growth, Revenue USD 478.68 Billion by 2030 | CAGR 9.5%
A rise in demand for cloud-based solutions propels the growth of the global cybersecurity market.
PORTLAND, PORTLAND, OR, UNITED STATE, February 9, 2023 /EINPresswire.com/ — According to a recent report published by Allied Market Research, the global cybersecurity market size was valued at $197.36 billion in 2020, and is projected to reach $478.68 billion by 2030, growing at a CAGR of 9.5% from 2021 to 2030.
The increase in malware and phishing threats among enterprises, the rise in demand for cloud-based cyber security solutions and the surge in adoption of IoT and BYOD trends drive the growth of the global cyber security market. However, budget constraints among organizations and complexities of device security hamper market growth.
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On the contrary, the need for strong authentication methods, an increase in the adoption of mobile device applications and platforms, and a transformation in the traditional antivirus software industry is expected to open lucrative opportunities for the market players in the future.”
The global cyber security market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is projected to manifest the highest CAGR during the forecast period. However, the market across North America is estimated to hold the largest share during the forecast period.
The key factor that drives the growth of the cyber security market includes a rise in malware and phishing threats among enterprises and the increase in the adoption of IoT and BYOD trend is boosting the growth of the global cyber security market. In addition, the surge in demand for cloud-based cybersecurity solutions positively impacts the growth of the market.
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However, budget constraints among organizations and complexities of device security hamper the cyber security market growth. On the contrary, the increase in the adoption of mobile device applications and platforms, the need for strong authentication methods, and the transformation in the traditional antivirus software industry are expected to offer remunerative opportunities for the expansion of the market during the forecast period.
The key players profiled in the cyber security market analysis are Accenture, Broadcom Inc., Capgemini, Cognizant, F5 Networks Inc., FireEye Inc., HCL Technologies Limited, IBM Corporation, Infosys Limited, L&T Technology Services Limited, PwC International Limited Broadcom Inc., Tata Consultancy Services, Tech Mahindra Limited, and Wipro Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the cybersecurity industry.
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In the wake of COVID-19 pandemic, many cybersecurity industry vendors are adopting various business and marketing strategies, including innovating their product portfolio and trying to come up with more advanced & suitable solutions as per clients’ needs.
For instance, in September 2020, Mandiant announced the launch of new cybersecurity services to support Microsoft technologies. New services bring together Mandiant expertise and intelligence with Microsoft security products to provide an unprecedented level of security capabilities for customers.
Key Findings Of The Study:
• By component, the software segment accounted for the largest cybersecurity market share in 2020.
• By region, North America generated the highest revenue in 2020.
• By enterprise size, the large enterprise generated the highest revenue in 2020.
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