Rising Cyber Threats to Push the Global Cyber Security Market to Gain $308.75 Billion by 2028

As per an analysis by Triton Market Research, the global cyber security market, which generated $124.18 billion in 2019, will progress at a CAGR of 10.65% by the year 2028.

A study by Triton Market Research with the title ‘Global Cyber Security Market,’ covers the Global Analysis and Forecast for 2019-2028 by Organization Size (SMEs, Large Organizations), by Deployment (On-premises, Cloud), by Application (Data Security & Privacy Service Offering; Identity & Access Management; Governance, Risk & Compliance; Unified Vulnerability Management Service Offering; Infrastructure Security; Others), by Components (Service, Solution), and by Geographical Region (Europe, North America, Middle East and Africa, Latin America, Asia-Pacific).

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According to the report, the global cyber security market is predicted to reach $308.75 billion by 2028, growing with a CAGR of 10.65% during the estimated period 2019-2028.

Cyber security is a technique used to defend computers, mobile devices, servers, networks and electronic systems from cyber attacks. It focuses on keeping these systems free of cyber threats.

The rising threats of viruses in industries, including the healthcare, BFSI and government sectors, are estimated to drive the growth of the global cyber security market. Most of the cyber attacks are performed to conduct fraudulent transactions from the affected machine directly. There is a growing trend of adopting cloud-based models among organizations owing to their powerful infrastructure option. This is another factor driving the global market growth. However, the lack of skilled cyber security personnel is restraining the growth of the global market. There is a huge gap between the demand and supply of these skilled workforces.

The cyber security market is primarily segmented into organization size, deployment, application and components. The first segment, organization size, bifurcates into SMEs and large organizations. The second segment, deployment, includes on-premises and cloud. The third segment, application, is classified into data security & privacy service offering; identity & access management; governance, risk & compliance; unified vulnerability management service offering; infrastructure security and others. The last segment, components, includes service and solution.

As per the regional landscape, Asia-Pacific will be the fastest-growing region for cyber security in the estimated period. Countries like India and South Korea are highly vulnerable to cyber attacks, but they do not have the proper capacity to cope with them. This is estimated to push the demand for cyber security in the region. Moreover, there is a tremendous increase in the number of cyber attack cases in the recent past. This is also estimated to fuel the growth of the studied market in the Asia-Pacific.

Some of the eminent players in the cyber security market are Imperva, AVG Technologies (Acquired By Avast Software sro), Proofpoint Inc, Dell Technologies Inc, Symantec Corporation (Broadcom Inc), FireEye Inc, Cyber Ark Software Ltd, Rapid7, Intel Security (Intel Corporation), Fortinet Inc, Palo Alto Networks Inc, Check Point Software Technologies Ltd, Trend Micro Incorporated, International Business Machines Corporation and Cisco Systems Inc.

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Question & Answer: Cyber Security Market

Question 1: Which factors are estimated to drive the growth of the global cyber security market?
Answer: The rising threats of viruses in industries, including the healthcare, BFSI and government sectors, are estimated to drive the growth of the global cyber security market. Most of the cyber attacks are performed to conduct fraudulent transactions from the affected machine directly. There is a growing trend of adopting cloud-based models among organizations owing to their powerful infrastructure option. This is another factor driving the global market growth.

Question 2: What is restraining the growth of the global cyber security market?
Answer: The lack of skilled cyber security personnel is restraining the growth of the global market. There is a huge gap between the demand and supply of these skilled workforces.

Question 3: How is Asia-Pacific impacting the cyber security market outlook?
Answer: As per the regional landscape, Asia-Pacific will be the fastest-growing region for cyber security in the estimated period. Countries like India and South Korea are highly vulnerable to cyber attacks, but they do not have the proper capacity to cope with them. This is estimated to push the demand for cyber security in the region. Moreover, there is a tremendous increase in the number of cyber attack cases in the recent past. This is also estimated to fuel the growth of the studied market in the Asia-Pacific.

Question 4: Which are some of the eminent players mentioned in the competitive landscape of the cyber security market report?
Answer: Some of the eminent players in the cyber security market are Imperva, AVG Technologies (Acquired By Avast Software sro), Proofpoint Inc, Dell Technologies Inc, Symantec Corporation (Broadcom Inc), FireEye Inc, Cyber Ark Software Ltd, Rapid7, Intel Security (Intel Corporation), Fortinet Inc, Palo Alto Networks Inc, Check Point Software Technologies Ltd, Trend Micro Incorporated, International Business Machines Corporation and Cisco Systems Inc.

Related Report:
Global Complaint Management Software Market

The Global Complaint Management Software Market is estimated to display growth at $4950.32 million by the year 2028, with a CAGR of 11.10% during the forthcoming years 2019-2028.

There is an increasing need to protect brand reputation and increase consumer satisfaction in companies among different industries. Moreover, due to the rising adoption of customer-centric strategies, there is an increasing need to adopt complaint management software for efficiently addressing customer complaints. Customers often demand prompt and correct responses to their queries. This factor is likely to boost the growth of the studied market in the projected period.

There is an increasing adoption of cloud-based technologies among organizations. This is mainly to reduce the cost of implementation of complaint management software and to improve the response and closure times while handling the complaints. Due to the continuous flow of complaints, there is a need for a proper systematic automation system for complaint handling. All these factors are indicating the growth of the complaint management software market. Moreover, many large vendors are increasingly adopting advanced technologies associated with complaint management to resolve customer complaints.

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