Cyber Security Market Research Insights 2023-29

According to Precision Business Insights (PBI), the latest report, the cyber security market size was valued at USD 155.83 billion in 2022 and is poised to grow at a CAGR of 13.4% during the forecast period 2023 to 2029. The primary drivers of the expansion of the global Cyber Security market include the increasing penetration of connected devices or system, increase in adoption of cloud-based technology solutions which allows their customer tom access the data directly from the cloud which in turn increases the risk of cyber-attacks and crimes, and this is expected to increase the market demand and market value of cyber security market in the forecasted years.

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Defense/Government Segment is expected to Dominate the Cyber Security Market:
Based on the applications, the global Cyber Security market is segmented into IT & Telecom, Retail, BFSI, Healthcare, Defense/Government, Manufacturing, Energy, Others. The Defence/Government segment is expected to account for a larger revenue share in the global Cyber Security market, with a value share worldwide. As the criminals continuously targeting to steal or modify government data. In order to protect the government sensitive data, the government of countries across the globe are developing cyber defence system which in turn expected to increase the demand for cyber security and increase the market share value in the forecasted years.

North America Cyber Security Market:
The North America market is expected to increase in the global Cyber Security market over the forecast period. The North America market is expanding as a result of the increased cyberattacks in this region and increased revenue by the Artificial Intelligence-based security technology in this region. The presence of government regulations like General Data Protection Regulation, California Consumer Privacy act also fuels the market growth of cyber security market. The use of AI and sophisticated tools to detect the cyber-attack more efficiently, drives the market growth in this region. North America is expected to significantly increase market share during the estimated period owing to the presence of well-developed infrastructure and global key market players in this region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global Cyber Security market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

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Key players' profiles in the cyber security market report 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, Wipro Limited, OX Securities, Quad Nations

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This release was published on openPR.