Cyber Security Market The Rise of Demand Market Analysis and Growth Expectations in 2030 | International Business Machine (IBM) Corporation

The cyber security market provides security solutions to protect systems, networks, and programs from digital attacks. This includes solutions like encryption, antivirus, identity access management etc. which are widely used by private as well as public organizations across industries to protect critical information infrastructure and ensure data privacy.

The global cyber security market was estimated to account for US$ 1,02,859 Mn in terms of value by the end of 2019

Market Dynamics:

The cyber security market is expected to witness significant growth over the forecast period owing to increased instances of cyber threats such as data breaches, ransomware attacks, phishing etc. Cybercrimes have intensified over the years as advanced technologies keep emerging and complexities around digital infrastructure continue to rise. This has pushed organizations to focus on bolstering their cyber defenses and invest substantially in the latest security strategies, solutions and services. Additionally, stringent data privacy regulations around the globe are necessitating businesses to strictly adhere to compliance mandates, which is further propelling demand in this market.

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Major Drivers for the Growth of the Cyber Security Market

Increased need for data protection due to growing cyber-attacks

With the rise of digitalization and dependency on digital systems for storing data, there has been a significant increase in cyber-attacks globally. Cybercriminals are getting more sophisticated by the day and targeting organizations to steal sensitive data for financial gains or political motivations. This has increased the need for robust cyber security solutions to prevent data breaches and leakage of sensitive information. Most organizations have realized that investing in advanced cyber security systems is imperative to safeguard their data and ensure business continuity.

Rapid adoption of cloud computing and IoT technologies

The widespread adoption of cloud computing and Internet of Things (IoT) technologies has introduced new vulnerabilities in the cyber environment. As more businesses and individuals storing data online and accessing it via various devices simultaneously, it opens up multiple entry points for hackers. Also, most IoT devices have poor security which can allow unauthorized access. This has compelled organizations to strengthen their cyber security measures when adopting cloud and IoT to protect sensitive data from external threats. The growth of cloud and IoT will further drive the demand for associated cyber security solutions.

Key Company Profiles:

International Business Machine (IBM) Corporation, Dell EMC, Hewlett Packard Enterprise (HPE), Intel Corporation, Sophos, Symantec Corporation, McAfee, FireEye Incorporated, Cisco Systems, and Trend Micro Incorporated

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Major restrain for the Cyber Security Market

Difficulty in hiring experienced cybersecurity professionals

While the demand for cyber security professionals is growing exponentially, there is a huge shortage of skilled workers with expertise in this domain. Developing expertise in the cyber landscape requires extensive training and hands-on experience. However, it is challenging for companies to find and retain security analysts, engineers, forensic investigators and other specialized profiles. The ever-evolving nature of cyber threats also means security personnel need to constantly upgrade their skills which requires huge investments. This technical skills gap has emerged as a major concern for effective implementation of advanced security controls and acts as a roadblock in the market's growth.

Major opportunity in the Cyber Security Market

Growing security requirements of SMEs

Most small and medium enterprises (SMEs) collect, store and process critical customer and business data online which remains an untapped target for hackers due to poor security measures. However, with increased cyber attacks on SMEs resulting in business disruptions and financial losses, this segment is realizing the need to safeguard themselves with proper security infrastructure and protocols. As SMEs contribute significantly to global GDP, cyber security vendors have a massive opportunity to develop tailored and affordable solutions for this entire customer base. By offering services like monitoring, managed detection and response, firewall and antivirus software on a subscription basis, SMEs can boost their security posture on a limited budget.

Major trend in the Cyber Security Market

Rise of AI and machine learning technologies

With cyber threats becoming sophisticated by the day, traditional signature-based security controls are failing to detect new and unknown malware variants. As a result, major players in the market are increasingly focusing on developing next-gen solutions powered by Artificial Intelligence (AI) and machine learning technologies. These intelligent systems can analyze huge volumes of data in real-time to identify anomalies and abnormalities that may indicate a cyber-attack. AI is also helping strengthen areas like threat intelligence, fraud detection, Vulnerability assessment etc. Integration of AI/ML across existing security products and services is seen as a significant trend that will define the future course of the cyber security industry.

Key Insights of Report:

Based on the product, the wheel Cyber Security Market
segment is expected to dominate the market over the forecast period.

Based on the application, the Cyber Security Market
segment is expected to grow significantly during the forecast period.

Based on region, the North American region is expected to dominate the market over the forecast period.

Evaluate your own strategic posture in light of this information by comparing the quantity of Cyber Security Market items and the level of innovation in significant domains of application and indications.

Be aware of the significance and benefits of both rapid and gradual innovation in the various contexts and fields of today.

Carefully consider where innovation comes into your portfolio of Cyber Security Market

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This release was published on openPR.