Cyber Security Market to Witness Growth on the Back of Increasing Number of Unethical Cyber Penetration and Data Breach Incidents at a CAGR of nearly 11% throughout 2022-2031; Global Market to be Worth Approximately USD 156 Billion by 2031
Kenneth Research published a report titled “Cyber Security Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the cyber security in terms of market segmentation component, security type, deployment model, organization size, industry vertical, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global cyber security market is estimated to garner around USD 156 billion in revenue by the end of 2031, and further grow at a CAGR of ~11% throughout the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing number of unethical cyber penetration and data breach incidents. For instance, in 2020, over 45,000 personal data breach incidences were reported to the IC3, which is the internet crime reporting arm of the Federal Bureau of Investigation (FBI). The market is segmented by deployment model into on-premises and cloud. Organisations are increasingly migrating their operations into cloud infrastructure as it offers several benefits, such as increased operations speed, scalability, and enhanced security. Owing to this factor, the cloud segment is estimated to grow at the highest rate over the forecast period.
Geographically, the global cyber security market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, Asia Pacific region is estimated to witness highest market growth over the forecast period. The growth of the market in the region can be attributed to the strong presence of several market players and increasing cases of cyber breach in several countries in the region, such as India and South Korea.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Demand for Cyber Security over Increasing Cyber Threats to Boost Market Growth
The rising number of cyber threats globally is increasingly shifting focus towards protection and safeguarding data and information. Work from home (WFH) and bring-your-own-devices (BYOD) trends among organisations are further driving the need for cyber security. In 2020, cyber security spending, globally, was estimated to be nearly USD 125 billion. These factors are expected to boost the market growth in upcoming years.
However, high setup and maintenance cost of cyber security solutions and services, and lack of skilled professionals for proper management are expected to operate as barriers to the growth of the global cyber security market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global cyber security market which includes company profiling of IBM, Cisco Systems, Inc., Avast Software s.r.o., Broadcom, Dell Inc., Check Point Software Technologies Ltd., CyberArk Software Ltd., FireEye, Fortinet, Inc., Imperva, and others.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global cyber security market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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