The global cyber security market size is projected to reach $500,7-billion by 2030, registering a CAGR of 12,3% from 2023 to 2030, according to a new study by Grand View Research.
The global market is anticipated to be driven by the growing cyber threats and advanced malware threats across different verticals.
In recent years, disruptive and emerging technologies in the banking, retail, information technology, defense, and manufacturing sectors have provided new capabilities, facilitated automation, and improved working conditions.
They have, however, emerged as powerful forces in the evolution of the global threat landscape of exploits, vulnerabilities, and malware.
Advancements in emerging technologies, such as artificial intelligence (AI), machine learning (ML), big data analytics, Internet-of-Things (IoT), 5G, edge computing, and cloud computing, are allowing market players to introduce new solutions based on these technologies, attract potential business clients, and expand their revenue streams.
The growing preference for cyber security solutions & services in the IT & telecom industry is prompting market players to enhance their product portfolio and improve their customer base.
The ongoing digitalisation wave has resulted in significant changes in the telecom sector. Telecom companies are investing in the latest technologies, such as 5G, IoT, and cloud, which is expected to generate enormous opportunities for the IT & telecom cybersecurity market. In addition, as bring-your-own-PC (BYOPC) becomes a necessity, content migration; and device management is expected to get more critical due to remote management.
This is expected to increase the number of endpoint devices, thereby fueling the adoption of unified cyber safety solutions.
The cloud segment is expected to register a CAGR of 13% from 2023 to 2030. The shifting end-user companies’ focus toward cloud-based solutions owing to minimum hardware requirements, low operating costs, and diverse solution availability is supporting segment growth.
The market players are establishing strategic partnerships with cloud technology providers to develop DDoS protection solutions.
Cyber Security Market Report highlights include:
* The hardware segment is expected to exhibit a high growth rate of 14,8% over the forecast period. Hardware assists organizations in upgrading their IT security by enabling real-time monitoring of threats and offering protection by preventing threats from entering computing systems, supporting the adoption of hardware solutions.
* The cloud security segment is anticipated to register a CAGR of more than 15% from 2023 to 2030. Increasing adoption of cloud technologies and remote workforces is propelling the growth of cloud security solutions.
* The IDS/IPS segment is expected to register a CAGR of around 13% over the forecast period. The increasing spending on IT security and proliferation of network security products is propelling the segment growth.
* The managed services segment is expected to grow at the highest CAGR of 12,4% from 2023 to 2030. The significant growth can be attributed to the benefits of managed services, such as network monitoring, generating real-time reports, and cost-effective operating costs.
* The SMEs segment is anticipated to witness a CAGR of 13,3% from 2023 to 2030. The rising concern of cyber threats and the availability of low-cost cyber security solutions are propelling the segment growth.
* The healthcare segment is expected to register a CAGR of more than 14% from 2023 to 2030. Healthcare is an appealing target for cyber-attacks as medical data is more valuable than credit card or banking information. In addition, the recent digital transformation of the healthcare industry has increased the frequency of cyber-attacks. Due to this, the market is witnessing growing demand in the healthcare sector.
* Asia Pacific is expected to register a CAGR of more than 15% over the forecast period. The rapid digital transformation, increasing public & private investment in cyber security solutions, and significant penetration by global market players are driving the growth of the regional market.