Cybersecurity Market Size and Huge Growth Rate Analysis 2022: Latest Trends by Regions, Business Strategies and Demand Forecast to 2028

Market Overview:
The Global Cybersecurity Market Size Was Valued at USD 133.13 Billion In 2021, And Is Projected to Reach USD 254.20 Billion By 2028, Growing at A CAGR of 9.68% From 2022 To 2028.

Cybersecurity as a service is a method of protecting various internet-connected devices from multiple online threats. Protect sensitive data, protect money and intellectual property, and manage corporate network security. In recent years, with the digitization of various operations, cyber security has become an important part of every industry, and internal networks have become a major challenge for several industries. This service provides monitoring, Office 365 monitoring, dark web monitoring, SIEM solutions, security awareness training, multi-factor authentication, advanced email filtering, device configuration backup, advanced endpoint protection, WAF/DNS protection, and more. The adoption of advanced technologies such as IoT, AI, cloud security, and the emergence of online e-commerce platforms are driving the growth of cybersecurity as a service market. Additionally, market players emphasized the development of Cyber Security as a Service solution. For example, Fortinet Inc. launched its January 2021 FortiXDR, an AI-based, fully automated online XDR solution for cyber threat detection that supports market growth.

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Market Dynamics:
Driver:
Growing cases of cyber hacking among the various sectors promote the demand for Cybersecurity. This service offers various benefits such as it reduces the time of the response, minimizing the breach impact, increasing security, and they keep the business informed of the risk. Additionally, the various sectors adopt the cloud infrastructure which leads to generating a large amount of data that provides growth for the Cybersecurity as a Service Market

Opportunities:
The growing launching of advanced by key players as well as the government will provide a lucrative opportunity for the Cybersecurity market. Additionally, rising merger and acquisition among the major players in Cybersecurity also fuels the market. Additionally, the growing IT sectors worldwide which generate large data thereby increasing the concern about security that creates a lucrative opportunity for Cybersecurity as a service market.

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Market Segmentation:
Segmentation Analysis Of Cybersecurity Market
By Type, the Service segment is expected to dominate Cybersecurity Market during the forecasted period. Businesses are turning to cyber security service providers to protect vital infrastructure in government, utilities, and other industries against assaults. Through its global delivery or Security Operation Centers, security service vendors assist in the troubleshooting of software issues and provide fast support services (SOCs). In addition, the requirement to monitor threat actors' activities in real-time and manage changes in the regulatory landscape is likely to drive segment growth throughout the forecast period.
• Solution
• Services

By Deployment, the On-Premises segment dominates the Cybersecurity Market. Organizations prefer to keep sensitive data on their premises rather than entrusting it to cloud services. Storing data in-house eliminates reliance on third-party organizations and aids in the explicit protection and monitoring of data. Furthermore, on-premise systems allow for direct ownership and control of security monitoring, resulting in flexible and adaptable security. Over the projected period, this is expected to increase demand for on-premise implementation. In recent years, there has been a progressive move toward cloud deployment. Low upfront and infrastructure maintenance costs are driving the transfer of on-premise systems to the cloud. Furthermore, the requirement to access apps from a variety of devices and locations is fueling the segment's rise.
• Cloud
• On-Premise

By End User, the Healthcare segment is anticipated to be dominating in the Cybersecurity Market. Data breaches are becoming increasingly common in the healthcare industry. According to the Healthcare Information and Management Systems Society (HIMSS), personal data breaches would affect over 40 million patients by 2021. More data breaches have occurred in the healthcare industry than in any other industry. Medical databases are being attacked more frequently because cybercriminals are increasingly interested in personal health information, which is more valuable in the black market than credit card credentials or standard Personally Identifiable Information (PII). Other industries, according to the Center for Internet Security (CIS), pay an average of USD 158 per stolen record. A data breach in the healthcare industry, on the other hand, can cost up to USD 355. Phishing is the most common sort of cybercrime in healthcare organizations, and it employs emails to deceive recipients. According to CISCO's 2021 cybersecurity study, phishing attacks were responsible for more than 80% of personal data theft.
• BFSI
• IT and Telecommunications
• Retail
• Healthcare
• Government
• Manufacturing
• Travel and Transportation
• Energy and Utilities

Regional Analysis Of Cybersecurity Market
North America is expected to have the largest cybersecurity market share. The growing frequency of high-profile security breaches in the area is driving demand for cloud application security solutions. In nations like the United States and Canada, the growing number of online e-commerce platforms is boosting the market growth. To provide better security measures to businesses, the government uses advanced network security protocols. The adoption of security solutions is boosted by end-user investment and strong demand for enterprise security solutions.

The Asia Pacific is predicted to grow significantly in Cybersecurity Market. Due to the strong presence of multiple market incumbents, as well as recent security risks in the region, these solutions are projected to accelerate even further. India has seen a tremendous rise in cybercrime registrations, placing sixth in the world in terms of overall DNS hijackings. According to Gemalto, India is responsible for 37% of worldwide breaches in terms of data compromised or stolen. In March 2021, Microsoft implicated a Chinese cyber-espionage outfit for assaults on its mail server software.
• APAC (Japan, China, South Korea, Australia, India, and Rest of APAC)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
• North America (U.S., Canada, and Mexico)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (Saudi Arabia, UAE, South Africa)

Top Key Players Covered In Cybersecurity Market
• International Business Machines (IBM) Corporation
• Hewlett Packard Enterprise
• Mcafee LLC
• Trend Micro Inc.
• Symantec Corporation
• Check Point Software Technologies
• Cisco Systems Inc.
• Palo Alto Networks Inc.
• Juniper Networks Inc.
• Fortinet Inc.
• Fireeye Inc.
• Sophos Ltd.
• AVG Technologies
• Cyber-Ark Software Ltd
• Dell Technologies Inc.
• FireEye Inc.
• Fortinet Inc.
• IBM Corporation
• Imperva Inc.
• Intel Corporation
• Proofpoint Inc.
• Rapid7 Inc.
• Trend Micro Inc.

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Key Industry Developments In Cybersecurity Market
July 2021 - To accelerate DevSecOps, Fortinet, Inc. purchased application security innovator Sken.ai. Sken.ai offers comprehensive testing for all major languages and frameworks, as well as all types of scans (SAST, DAST, SCA, Secrets, and more). Machine learning (ML) is used by Sken.ai to correlate and assign a security risk level to each vulnerability discovered across multiple scan kinds and apps.

May 2021, Kenna Security, Inc., a cybersecurity firm, was bought by Cisco Systems, Inc. This purchase allows for a reduction in the attack surface as well as the time it takes to identify and respond to threats. By collaborating cross-functionally, organizations employ Kenna's risk-based vulnerability management solution to swiftly discover, prioritize, and mitigate cyber threats.

The Cybersecurity Market research report provides all the information related to the industry. It gives the markets outlook by giving authentic data to its client which helps to make essential decisions. It gives an overview of the market which includes its definition, applications and developments, and manufacturing technology. This Cybersecurity market research report tracks all the recent developments and innovations in the market. It gives the data regarding the obstacles while establishing the business and guides to overcome the upcoming challenges and obstacles.

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