Rising Number of Data Breaches Driving Cyber Security Market Growth

A number of factors, such as the increasing number of cyber threats, surging penetration of smartphones and the internet, rapid growth in digitization, rising adoption of cloud computing, stringent government regulations for data privacy and the increasing requirement to safeguard customers' confidential data, as a result, are expected to drive the growth of the cyber security market at a CAGR of 12.6% during the forecast period (2020-2030). According to P&S Intelligence, the market generated $119.9 billion revenue in 2019, and it is expected to reach $433.6 billion by 2030.

One of the prime factors driving the cyber security market is the increasing number of data breaches. The major reasons behind these incidents include weak passwords, improper configurations, complex access permissions, and malware attacks. Moreover, the number is increasing due to the surging focus of companies on shifting their database to cloud networks. Hence, the need for cyberattack prevention in the current business landscape is surging. Cybersecurity solutions can prevent data breaches as they avert unauthorized access and examine and recognize cyber threats and vulnerabilities at an early stage.

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Another key factor driving the demand for cybersecurity solutions is the surging adoption of mobile devices. Devices with advanced features, such as laptops, personal computers, and smartphones, are being bought at a large scale as they offer access to the internet, emails, and several other applications. Smartphone penetration across the globe stood at around 65% in 2019, and it is projected to reach nearly 80% in 2025. However, security solutions like firewalls are not updated on a regular basis on these devices, which makes them vulnerable to cyberattacks.

The cyber security market is bifurcated into large enterprises and small and medium enterprises (SMEs), based on enterprise. Between the two, large enterprises accounted for the larger market share in 2019 owing to their surging focus on digital transformation, increasing requirement for enhanced digital security to secure vast amounts of data, complex network infrastructure, and shifting database to the cloud network. SMEs are projected to observe the higher CAGR during the forecast period due to their increasing focus on protecting confidential data and rising adoption of the cloud computing technology.

Moreover, the industry segment of the cyber security market is categorized into banking, financial services, and insurance (BFSI), aerospace & defense, retail, government, healthcare, information technology (IT) & telecom, and manufacturing. Among these, the BFSI industry accounted for the highest revenue in 2019 in the market. This is ascribed to the surging need of the sector to meet compliance regulations, increasing adoption of digital technologies, rising number of financial institutions, and increasing need to protect communication channels from cyberattacks.

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Geographically, the cyber security market in the Asia-Pacific (APAC) region will observe the fastest growth during the forecast period. This can be ascribed to the surging traffic on online platforms, rising number of cyber threats, increasing adoption of big data analytics, growing focus of governments on data security, and surging deployment of the cloud computing technology. Additionally, the growing e-commerce sector, rapid digital transformation, increasing need to safeguard the data of customers, rising adoption of connected devices, and growing awareness regarding cybersecurity are driving the regional market growth.

Thus, the increasing number of data breaches, surging deployment of mobile devices, and rising adoption of the cloud computing technology across the globe are expected to propel the market growth during the forecast period.

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This release was published on openPR.