Cyber Security Market To Power Because of Increasing Data Breach Incidents

The cyber security market will grow at a rate of 9.4% by the end of this decade, to touch USD 352.5 billion by 2030.

This can be mostly credited to the growing count of cyberattacks, increasing expenditure on cloud computing technologies, increasing acceptance of cloud encryption solutions, increasing acceptance of BYOD, growing implementation of ML, big data analytics, computer vision, and IoT, and growing requirement to safeguard computers, network, and database from unlawful access, together with a penetrating emphasis toward meeting compliance needs.

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The growing count of data breaches is the key factor resulting in the growth of the industry. It refers to the occurrence in which confidential info, for example SSNs and credit card details, is accessed deprived of authorization. This comprises key causes for example weak passwords, unsuitable configuration, malware attacks, and intricate access permissions.

On the basis of solutions type, the IAM category had the largest share, of about 20%, in 2022. This is mostly as a result of the surge in requirement for full control of user access within organizations, defense of sensitive data, secured association with exterior stakeholders, and automation of monotonous tasks, to decrease IT spending.

Consequently, main players are launching cloud based IAM solutions for catering to the increasing requirement, to capture a larger share.

Instead, the risk and compliance management category will grow the fastest at a rate of about 15%, in the years to come. This is because of the growing focus of organizations on the way to improved visibility associated with user access control, meeting compliance guidelines, and surging consciousness about handling and predicting potential risks, for protection from monetary losses.

Consumers are making the use of mobile devices at unparalleled levels. Furthermore, those with cutting-edge competences similar to PCs are reaching the populace at a mass scale, as they provide access to email, the internet, GPS navigation, and numerous other applications.

Though, security measures, for example firewalls, and software are not updated regularly on mobile devices, making them susceptible to cyberattacks. Numerous sensitive info, for example contact details, passwords, and emails, are obtainable on these devices, and appear more tempting to cyber adversaries.

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The Europe cyber security market had about USD 35 billion in 2022, as a result of the increase in the count of cyberattacks, surge in dependance of organizations on the cloud for data stowage, increase in emphasis of the EU in the direction of the introduction of cyber security initiatives, and the intense emphasis of companies in the direction of leveraging technologies, for example ML and AI in business functions.

It is because of the increasing number of cyberattacks, the demand for cyber security solutions will continue to grow in the years to come as well.

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