Cybersecurity Market Growth Factors, Segmentation, Trends, Opportunities, Key Players and Forecast | Evolve Business Intelligence

Key Highlights:
• The global Cybersecurity Market size was valued at USD 218.2 billion in 2022 growing at a CAGR of 9.7% from 2023 to 2033.
• North America dominated the market in 2022
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033

As per the study initiated by Evolve Business Intelligence, the global Cybersecurity Market size accounted for USD 218.2 Billion in 2022, growing at a CAGR of 9.7% from 2023 to 2033. The cybersecurity market is a broad and ever-evolving industry that encompasses a wide range of products, services, and solutions designed to protect computer systems, networks, and data from unauthorized access, use, disclosure, disruption, modification, or destruction. It is a complex and rapidly growing market, driven by a number of factors, including the increasing reliance on technology, the growing sophistication of cyberattacks, and the rising cost of data breaches.

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The cybersecurity market is dynamic and continually evolving to counter new and emerging threats. Organizations across various industries invest in cybersecurity solutions to protect sensitive information, maintain the trust of their stakeholders, and ensure the integrity and availability of their digital assets. The market is driven by factors such as regulatory compliance, increasing cyber threats, and the growing awareness of the importance of cybersecurity in the digital age.

Key Players
Some of the major Cybersecurity Market players holding high market shares include AlgoSec, BAE Systems Inc., Centrify Corporation, Cisco Systems Inc., CyberArk, DataVisor, EMC Corporation, F5, Fortinet, Inc.. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Palo Alto Networks, Proofpoint Inc., Qualys, RevBits, SentinelOne, SonicWall, Symantec Corporation and Wi-Jungle.

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Segmental Analysis
Based on Deployment mode, the Cybersecurity Market is segmented into on premise and cloud-based. Cloud based deployment segment is expected to dominate the cyber security market over the forecast period due to increasing market demand for storage applications that need to keep and safeguard data using advanced safety approaches. Furthermore, cloud-based safety technologies are simple and inexpensive to adopt, maintain, and update, which in turn will attract new businesses, propelling segment market growth.
Based on End User, the Cybersecurity Market is segmented into BFSI, IT & Telecom, Healthcare, Retail, Defense and Government and Travel and Hospitality. The healthcare segment is expected to grow at a considerable pace throughout the forecast period. Cyberattacks are especially concerning in the healthcare market because they can directly jeopardize the safety of networks and data, as well as the wellness & security of individuals. Increasing awareness regarding cyber safety along with rising cyberattacks across the globe is expected to increase the segment growth.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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