Cyber Security Market Likely to Enjoy Explosive Growth by 2030 | Broadcom Inc., Capgemini, Cognizant, F5 Networks Inc.

The market across Asia-Pacific is projected to manifest the highest CAGR during the forecast period. However, the market across North America is estimated to hold the largest share during the forecast period.

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According to a recent report published by Allied Market Research, the global cybersecurity market size was valued at $197.36 billion in 2020, and is projected to reach $478.68 billion by 2030, growing at a CAGR of 9.5% from 2021 to 2030.

The global cyber security market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is projected to manifest the highest CAGR during the forecast period. However, the market across North America is estimated to hold the largest share during the forecast period.

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Increase in malware and phishing threats among enterprises, rise in demand for cloud-based cyber security solutions, and surge in adoption of IoT and BYOD trends drive the growth of the global cyber security market. However, budget constraints among organizations and complexities of device security hamper the market growth.

On the contrary, need for strong authentication methods, increase in adoption of mobile device applications and platforms, and transformation in traditional antivirus software industry are expected to open lucrative opportunities for the market players in the future.

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Based on component, the solutions segment held more than two-thirds of the total share, and is estimated to maintain its lead position in terms of revenue throughout the forecast period. This is due to rise in requirements regarding monitoring of external and in-house attacks in large and small & medium enterprises.

On the basis of solutions/ offering, the data security & privacy services offering segment is expected to hold the highest share during the forecast period. The report includes an in-depth analysis of other segments such as identity & access management, infrastructure security, governance, risk & compliance, unified vulnerability management service offering, and others.

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With the wake of COVID-19 pandemic, many cyber security industry vendors are adopting various business and marketing strategies, including innovating their product portfolio and trying to come up with more advanced & suitable solutions as per clients' needs. For instance, in September 2020, Mandiant announced the launch of new cyber security services to support Microsoft technologies. New services bring together Mandiant expertise and intelligence with Microsoft security products to provide an unprecedented level of security capabilities for customers.

The key players profiled in the cyber security market analysis are Broadcom Inc., Capgemini, Cognizant, F5 Networks Inc., FireEye Inc., HCL Technologies Limited, IBM Corporation, Infosys Limited, L&T Technology Services Limited, PwC International Limited Broadcom Inc., Tata Consultancy Services, Tech Mahindra Limited, and Wipro Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the cybersecurity industry.

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