June 13, 2024

Cyber Security Market is Estimated to Witness High Growth Owing to Advancements in Cloud Technologies

Cyber security refers to protecting computers, networks, programs and data from unauthorized or criminal access. With increasing digitalization and adoption of cloud technologies across various industries, various types of cyber threats such as malware, ransomware, distributed denial of service (DDoS) attacks, and phishing have become more sophisticated. Cyber security solutions provide authentication, access control, encryption and integrity checks to protect valuable data and infrastructure from such threats. The global cyber security market is tremendously gaining traction as cyber threats have become more advanced, organized and prevalent in the past decade. Growth in BYOD trend and advancements in technology such as IoT, 5G, blockchain and AI are also anticipated to propel the demand for robust cyber security solutions in the coming years. The Global Cyber Security Market is estimated to be valued at US$ 218.79 Bn in 2023 and is expected to exhibit a CAGR of 8.10% over the forecast period 2023-2030.

Key Takeaways
Key players operating in the Cyber Security market are Symantec Corporation and IBM Corporation.

Growing adoption of cloud-based services and increasing number of high-profile cyber-attacks on enterprises are some of the major opportunities in the global cyber security market.

Technological advancements such as use of machine learning and artificial intelligence are helping cyber security solutions to detect even sophisticated attacks in real time.

Market drivers
The proliferation of internet of things devices and growing trend of digital transformation across various industries are majorly fueling the growth of cyber security market. According to reports, there were over 75 billion IoT devices worldwide in 2023 and this number is projected to reach over 152 billion by 2030. With increasing interconnectivity through IoT, the potential vectors for cyber threats have increased exponentially. Thus, robust cyber security solutions have become imperative for organizations to protect their networks and sensitive data. This is anticipated to be a key driver for the cyber security market over the forecast period.

Challenges
The Cyber Security market is facing many challenges currently like increasing frequency of cyber-attacks, growing sophistication of cyber threats, lack of skilled professionals in the sector, budgets constraints of organizations for cyber security spending. Many organizations are still not adopting advanced security solutions and protocols to secure their IT infrastructure and sensitive data from cyber threats which is a major concern. Lack of awareness among end-users about cyber risks is also posing challenges for the cyber security solution providers to educate them about importance of security measures.

SWOT Analysis
Strength: Growing awareness and regulations around data privacy and security is driving demand for advanced security solutions. Weakness: High dependency on third party security vendors for upgrades and support leads to additional costs. Opportunity: Increasing adoption of advanced technologies like cloud, IoT and mobility is opening up opportunities for vendors to offer customized security solutions. Threats: Evolving cyber-attack techniques by hackers and nation state actors pose constant threat to security systems.

Geographical Regions
North America currently dominates the cyber security market in terms of value due to stringent data privacy laws and high technology adoption rate. The Asia Pacific region is expected to be the fastest growing market during the forecast period supported by increasing digitalization, growing e-commerce sector and presence of many IT companies in countries like India and China. Europe and Middle East & Africa are other major revenue contributors to the global cyber security market.

Fastest Growing Geographical Region
The Asia Pacific region is poised to be the fastest growing geographical region in the cyber security market during 2023-2030. This growth can be attributed to factors like rapid digital transformation, heavy investments by both private and public sectors in cyber security, increasing number of smartphone and internet users, emergence of technologies like IoT, big data and cloud computing. Moreover, growing awareness about cyber threats and implementation of data protection laws in major countries are also driving institutions and enterprises to boost security spending in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it