Cyber Security Market Is Projected to Reach USD 478.68 Million by 2030 | By AMR

As per the report published by Allied Market Research, the global cyber security market is projected to reach $304.91 billion by 2027, registering a CAGR of 9.4% from 2020 to 2027. The report highlights market characteristics, market potential, and growth by segmentation, and competitive landscape.

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The increase in malware and phishing threats among enterprises, rise in demand for cloud-based cyber security solutions, and surge in the 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 market growth.

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

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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.

Based on component, the services segment is expected to showcase the highest CAGR from 2020 to 2027. However, the solutions segment is anticipated to maintain its dominance in terms of revenue gathered during the forecast period.

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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.

The global cyber security market report includes an in-depth analysis of the major market players such as Cognizant, Capgemini, FireEye Inc., F5 Networks Inc., IBM Corporation, HCL Technologies Limited, L&T Technology Services Limited, Infosys Limited, Tata Consultancy Services, PwC International Limited Broadcom Inc., Wipro Limited, and Tech Mahindra Limited.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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