Cyber security Market Expanding at a Moderate CAGR of 7.6% during (2020-2028), & to Reach US$ 311.73 Bn by 2028
Rising adoption of machine-to-machine learning and Internet of Things are key factors driving growth of the cyber security market
VANCOUVER, BC, CANADA, April 5, 2022 /EINPresswire.com/ — The global cyber security market size is expected to reach USD 311.73 Billion at a steady CAGR of 7.6% in 2028, according to latest analysis by Emergen Research. Steady cyber security market revenue growth is due to increase in the number of data breaches and increasing deployment to the cloud, driven by the digitization shift across various industries, sectors, and verticals.
Adoption of cloud-based services in various industries has increased thus driving growth of the cyber security market to a significant extent. Enterprises are increasingly adopting cloud-based services as this is less expensive and does not require an IT infrastructure setup. Cloud deployment leads to vulnerabilities in software and makes information easily accessible by cyber criminals. Companies are focused on improving their cyber security software to protect their data from cyber-attacks.
The researchers have considered all the factors influencing the growth of the Cyber Security market on the global and regional scale. The report considers the COVID-19 pandemic as one of the key influencing factors of the Cyber Security market. The pandemic has disrupted the supply chains and economic scenario of the market and has hindered the growth of the market. The report discusses in detail the overall impact of the COVID-19 pandemic on the Cyber Security market and its key segments. The report also offers a current and future impact of the COVID-19 pandemic on the market.
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Some Key Highlights from the Report
• In March 2021, NFP introduced new cybersecurity product to suit the personalized coverage need of customers. DigitalShield solution was made possible due to the company’s partnership with CyberScout, which is a cyber-specialist claims management provider. DigitalShield offers protection for a variety of cyber-crimes, such as ransomware, cyber-attacks, identity theft, cyber bullying, and cyber stalking, among others.
• Encryption is a cyber-security measure which protects personal and private data through the use of unique codes that scramble the data and make it almost impossible for intruders to read. Even if there is a data breach, encryption ensures institution’s private data is safe even when cyber criminals get past the firewall.
• The professional services segment accounted for largest revenue share in 2020. Increased demand is due to use of cyber security software in enterprise risk assessment, penetration testing, employee training, physical security testing, and cyber security defense. With the use of extensive information and knowledge, companies could reduce additional costs.
The competitive landscape of the report has been formulated by considering all the vital parameters such as company profiling, market share, recent developments and advancements, gross margins, product portfolio, revenue generation, financial standing, market position, and expansion plans. The report also discusses in detail the recent mergers and acquisitions, joint ventures, collaborations, product launches and brand promotions, agreements, corporate and government deals, and partnerships, among others. The report also sheds light on the recent technological developments and product advancements in the Cyber Security market.
Furthermore, the report provides details about the new players entering the market, entry-level barriers and offers strategic recommendations to overcome those barriers to gain a substantial industry presence.
Key Players operating in the Cyber Security industry are:
IBM Corporation, Cisco Systems, Juniper Networks, CyberArk, Forcepoint, McAfee, Microsoft, F5 Networks, Oracle, and Fortinet.
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