Cyber Security Market by Component (Hardware, Software, and Services), Security (Network Security, Endpoint Security, Application Security, Cloud Security, and Others) Deployment Mode (Cloud and On-Premise), Organization Size (Small & Medium-Sized Enterprises and Large Enterprises), Vertical (BFSI, IT & Telecommunication, Healthcare, Retail, Manufacturing, Energy & Utilities, Government, Travel & Transportation, and Others)- Global Opportunity Analysis and Industry Forecast 2022–2030
New York, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cyber Security Market by Component, Security Deployment Mode, Organization Size, Vertical - Global Opportunity Analysis and Industry Forecast 2022–2030" - https://www.reportlinker.com/p06371378/?utm_source=GNW
Cyber security market size was valued at USD 197.4 billion in 2021, and is predicted to reach USD 657.02 billion by 2030 with a CAGR of 12.8% during the forecast period, 2022 to 2030.
Rise in number of cyber-attacks from hackers and data miners, which can maliciously disable computers, steal data, or use a breached computer as a launch point for other attacks is thus expected to fuel the Cyber security market share.
However, high cost for small and medium size enterprises hinders the cyber security market trends. On the contrary, introduction of blockchain cybersecurity is expected to create ample opportunities for key players operating in the cyber security industry during the coming decade.
The global Cyber security market is segmented on the basis of component, security, deployment mode, organization size, vertical, and region.
- By component, the market is classified into hardware, software, and services.
- By security, the market is segmented into network security, endpoint security, application security, cloud security, and others.
- By deployment mode, the market is categorized into cloud and on-premise.
- By organization size, the market is divided into small & medium-sized enterprises and large enterprises.
- By vertical, the market is divided into BFSI, IT & telecommunication, healthcare, retail, manufacturing, energy & utilities, government, travel & transportation, and others.
- Region wise, the market is segmented into North America, Europe, Asia-Pacific, and RoW.
North America market is projected to hold a dominant share by 2030.
North America dominates the Cyber security market share and is potently expected to remain dominant throughout the forecast period. This is attributed to high adoption of cyber security solutions owing to surging cases of cyber-attacks in North America, especially in government and education sectors propel growth of the market. For instance, in February 2020, the economy ministry of Mexico detected an intrusion on some of its servers, but no sensitive information got leaked as some Internet Service Providers (ISPs) temporarily isolated their networks and servers.
In addition, introduction of various laws and regulations to prevent cybercrimes in the region further increases growth of the market. For instance, in June 2022, the government of Canada introduced Bill C-26, an Act Respecting Cyber Security (ARCS). This proposed legislation protects Canadians and bolster cyber security across financial, telecommunications, energy, and transportation sectors, which in turn drives the cyber security market growth.
Key Market Players
Emerging and efficient key players in the cyber security industry research include companies such as:
• Cisco Systems Ltd.
• Norton Lifelock
• Fortinet Inc.
• Check Point Software Technologies Ltd.
• Trend Micro
• Amazon Web Services
• Proofpoint Inc.
• Palo Alto Networks
Norton LifeLock announced its commitment of Cybersecurity Awareness Month campaign, "It’s Easy to Stay Safe Online." Cybersecurity Awareness month will provide access to resources that help keep people safe and secure online. These resources are available to all consumers, small and medium-sized businesses, corporations, educational institutions, and young people worldwide.
Fortinet Inc announced the launch of Security Awareness and Training service for companies for protection of their security posture by advancing their employees’ cybersecurity skillsets and knowledge.
IBM aquired cybersecurity platform Randori, as Randori helps in identify external-facing assets, both on-premise or in the cloud, that are visible to attackers. The company also announced that by this acquisition the company will strengthens its portfolio of AI-powered cybersecurity products and services.
Microsoft launched three new cybersecurity services for businesses in an effort to provide more support in the battle against ransomware and other online threats. The three new services will be placed under an umbrella service category that also includes Microsoft’s pre-existing security services such as Microsoft Security Services for Incident Response.
Cisco System Ltd launched a cybersecurity assessment tool to enable small and medium-sized businesses (SMBs) in the Asia Pacific for understanding their overall security posture. The new online assessment tool assesses the "cybersecurity readiness" of each organization through the lens of "Zero Trust," the concept that all attempts to access an organization’s network architecture is not granted until trust can be verified.
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