Today, it is more important than ever for businesses to have the proper security measures in place to protect their data. The increasing number of phishing attacks and the rise of IoT and the Bring Your Own Device (BYOD) trend are some of the factors driving the cyber security market’s growth. However, the complexity of device security and the lack of a proper budget for the implementation of security solutions are some of the factors that are hindering the market’s development.
The global cyber security market is valued at around USD 217.5 billion. It is expected to reach a value of around USD 374.9 billion by the year 2028. The growth of the market is attributed to the increasing number of cyber security incidents and the technological advancements in the industry. The global market is expected to grow at a CAGR of 9.5% during the next several years.
Increase in IoT
The increasing number of Internet of Things (IoT) devices is expected to drive the cyber security market’s growth during the next few years. More than 21 billion connected devices have already been installed globally, and this figure is expected to continue growing. Some of the key industries that benefit from the increasing number of IoT devices are healthcare, transportation, and energy and utilities retail, among others. Due to the nature of the devices that are connected to the internet, they are susceptible to various types of cyber-attacks. Hackers can easily access an organization’s data and operations by using the IoT devices. The increasing number of connected devices is expected to drive the demand for cyber security solutions during the next few years.
Key Players in Cybersecurity Market
As technologies continue to advance and IoT devices become increasingly integrated into daily life, competition between big players in the cybersecurity market is also expected to increase innovation. Some key players including Cisco, IBM, NortonLifeLock, Microsoft, Amazon Web Services, and McAfee, operate in the Global Cybersecurity Market. The increasing demand for digital privacy and comprehensive security solutions from various sectors such as banking, financial, and insurance are driving the cyber security market’s development.
The Future of the Cybersecurity Market
Due to the increasing number of sensitive and private information stored in databases, it is important to stay on top of cutting-edge security technologies. The future success of an organization depends on how it uses the technologies of today in order to prevent unauthorized access to data. The U.S. is the largest and fastest-growing region in the Global Cybersecurity Market. The presence of various security vendors in the region is expected to drive the demand for cyber security solutions during the next few years. In addition, the increasing number of security standards and the rising spending on security solutions are also expected to fuel the market’s development in the coming years.