Cyber Security Market Size Set For Explosive Growth | Tata Consultancy Services Limited, IBM Corporation, Broadcom, Capgemini

Cybersecurity includes the safety of assets from cybercrime, terrorism, and other network service disruptions, which could possibly affect everyday operations. Cybersecurity can be accomplished through active monitoring of IT assets, exposure of outages or malicious movement, and prompt response to interruptions. In addition, with the proliferation of cloud, mobility, and bring-your-own-device (BYOD), endpoint protection has become crucial for all security departments. Moreover, cybersecurity threats and vulnerabilities can change from day to day and even hour to hour.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market. Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%.

Effective steps to manage cyber risks are unlikely to suffice for long, thus, maintaining security in a wireless environment is challenging for most vendors in the ecosystem. Cyber threats not only affect the IT infrastructure of a company but also lead to disruption of the entire network, which impact the principal business functions and processes.

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Moreover, rise in malware & phishing threats and surge in adoption of IoT and BYOD trend among organizations are the major factors driving the market growth. However, budget constraints among organizations and complexity of device security acts as the major restraints of the market. The impact of this factor is expected to be nominal due to the introduction of new security techniques in the cybersecurity market. Furthermore, cybersecurity activities are now being prioritized and aligned to strategic business activities to minimize the damage of IT resources, which is expected to provide remunerative opportunity for the expansion of the global market.

The global cybersecurity market is segmented into component, solution/offering, deployment type, user type, industry vertical, and region. Depending on component, the market is bifurcated into solution and services. The solution segment is further categorized into hardware and software. On the basis of solution/offering, the market is fragmented into identity & access management; infrastructure security; governance, risk, & compliance; unified vulnerability management service offering; data security & privacy service offering; and others. By deployment type, it is segregated into cloud and on-premises. As per user type, it is classified into large enterprises and small & medium enterprises. In terms of industry vertical, it is differentiated into telecom, automotive, BFSI, public sector, retail, healthcare, IT, energy and utilities, manufacturing, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

KEY BENEFITS
- The study provides an in-depth cyber security market analysis of the market along with current cybersecurity industry trends & future estimations to elucidate the imminent investment pockets.
- Information about the key drivers, restraints, and opportunities and their impact analyses on the cyber security market trends is provided.
- Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global cyber security market forecast from 2019 to 2027 is provided to determine the market potential.

KEY MARKET PLAYERS PROFILED IN THE REPORT
- Cognizant
- Tata Consultancy Services Limited
- IBM Corporation
- Broadcom
- Capgemini
- F5, Inc.
- Fireeye, Inc.
- HCL Technologies Limited
- Wipro Limited
- L&T Technology Services Limited
- Infosys Limited
- Tech Mahindra Limited
- Pricewaterhousecoopers International Limited

KEY MARKET SEGMENTS

BY COMPONENT
- Solutions
- Services

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BY SOLUTION/OFFERINGS
- Identity and Access Management (IAM)
- Infrastructure security
- Governance, risk, & compliance
- Unified vulnerability management service offering
- Data security and Privacy service offering
- Others

BY DEPLOYMENT TYPE
- Cloud
- On-Premises

BY USER TYPE
- Large enterprises
- Small & medium enterprises

BY INDUSTRY VERTICALS
- Telecom
- Automotive
- BFSI
- Public sector
- Retail
- Healthcare
- IT
- Energy and Utilities
- Manufacturing
- Others

BY Region
- North America
o U.S.
o Canada

- Europe
o UK
o Germany
o France
o Russia
o Italy
o Rest of Europe

- Asia-Pacific
o China
o India
o Japan
o Australia
o Rest of Asia-Pacific

- LAMEA
o Latin America
o Middle East
o Africa

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This release was published on openPR.