Cyber Security Market Is Driven by Increasing Number of Data Breaches

The cyber security market was USD 171.9 billion in 2022, and it is projected to reach USD 352.5 billion by 2030, at a rate of 9.4% during the forecast period as per a report by P&S Intelligence.

This can be credited to the rising number of cyberattacks, computing technologies, ML implementation, big data analytics, adoption of cloud encryption solutions, computer vision, and the growing need for computers, databases, and network protection from unauthorized access.

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The largest cyber security solutions industry was North America, which is credited to the immense focus on adoption of a multi-cloud environment, leveraging advanced data analytics tools, presence of key cloud service providers, and data center services implementation.

APAC is expected to reach USD 80 billion by 2030 because of the growing requirement for a centralized view of network infrastructure, increasing awareness to combat cyberattacks, rising focus toward encryption solutions, rising necessity for data protection solutions, rising adoption of mobile internet, and growing support toward the implementation of data privacy and protection laws by the government.

The growing number of data breaches is the main reason for the cyber security market growth. It refers to an incident of unauthorized access to confidential information, such as Social Security numbers and credit card details.

Improper configuration, malware attacks, complex access permission, and the use of weak passwords are the major reasons for the incidence of data breaches.

Identity and Access Management Security accounted for the largest share, of approximately 20%, in 2022. This is credited to the increasing demand for full control of user access within organizations, secured collaboration with stakeholders, automation of repetitive tasks, and protection of sensitive data.

The fastest growth is projected in the risk and management category, propelling at a rate of approximately 15%, by 2030. This is because of the rising focus of organizations toward following regulations, improved visibility related to user access control, and rising awareness about managing and forecasting potential risks, to prevent them from financial losses.

With approximately 25% share, the BFSI category dominated the industry in 2022.

This is credited to the growing requirement for the elimination of malicious messages and phishing, the rising number of data breaches in banks, the adoption of digital channels for communicating with customers, the growing need of encryption solutions for emails, and the adoption of advanced technologies by venture capital firms, asset management companies, banks, and other organizations.

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In 2022, Europe generated approximately USD 35 billion revenue, due to the rising number of cyberattacks, the surge in dependency of organizations for cloud data storage, and the growing focus of companies on ML and AI.

Likewise, LATAM will propel at over 7% CAGR till 2030. This can be credited to the increasing number of initiatives toward data protection.

Due to the increasing number of cyberattacks, growing need for data protection, and rising expenditure on cloud computing technologies, the industry will grow significantly in the coming years.

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