2024 Information Technology (IT) And Telecom Cyber Security Market Report: Market Size, Growth Drivers, And Key Trends | Dell Technologies Inc., Intel Corporation, International Business Machines Corporation, Cisco Systems Inc

"The information technology (IT) and telecom cyber security market size has grown rapidly in recent years. It will grow from $39.20 billion in 2023 to $44.39 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to growing reliance on digital infrastructure, rising cybercrime activities, increasing complexity of IT (information technology) ecosystems, high-profile data breaches, awareness of cybersecurity importance.

The information technology (IT) and telecom cyber security market size is expected to see rapid growth in the next few years. It will grow to $71.12 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to emergence of new attack vectors, adoption of cloud computing, proliferation of mobile devices, rise in remote work and digital transformation, expansion of Internet of Things (IoT). Major trends in the forecast period include rise of zero trust architecture, focus on threat intelligence sharing, growth of ransomware and extortion attacks, emphasis on privacy and data protection regulations, increased demand for managed security services.

Market Overview -
Information technology (IT) and telecom cyber security refers to the set of measures, practices, and technologies designed to protect information technology systems, networks, devices, and data within the telecommunications industry from cyber threats and unauthorized access. It safeguards telecommunications infrastructure, networks, and services against cyber threats and ensures the privacy, integrity, and availability of sensitive information and communications through a multi-layered approach that integrates technology, processes, and people to identify, assess, and mitigate security risks effectively.

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Growing Adoption Of Cloud Computing Fuels IT And Telecom Cyber Security Market Growth
The growing adoption of cloud computing is expected to propel the growth of the information technology (IT) and telecom cyber security market going forward. Cloud computing is a technology that allows users to access and utilize computing resources, such as storage, processing power, and applications, over the internet on a pay-per-use basis. The growing adoption of cloud computing is driven by its ability to deliver cost-effective, scalable, flexible, accessible, and secure IT solutions that support business agility, innovation, and growth in an increasingly digital and interconnected world. Adopting cloud computing raises concerns about data privacy, compliance, and regulatory requirements, especially in industries with stringent data protection regulations, such as healthcare, finance, and government. Organizations implement cybersecurity solutions that ensure data privacy, compliance with regulations, and protection against data breaches and unauthorized access within the cloud and during data transfer. For instance, according to the statistics published by the European Commission (EC), the Belgium-based executive body of the European Union (EU), the adoption of cloud-based solutions in the European Union increased by 4.2% in 2023, with 45.2% of enterprises purchasing cloud computing services, indicating a significant surge compared to 2021. Therefore, the growing adoption of cloud computing drives the growth of the information technology (IT) and telecom cyber security markets.

Competitive Landscape -
Major companies operating in the information technology (IT) and telecom cyber security market are Dell Technologies Inc., Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Broadcom, Telefonaktiebolaget Lm Ericsson, Bae Systems Inc., Palo Alto Networks Inc., Juniper Networks Inc., Fortinet Inc., Akamai Technologies Inc., Symantec Corporation, Splunk Inc., Micro Focus International, Check Point Software Technology Ltd., CrowdStrike, McAfee LLC, Trend Micro Incorporated, Zscaler Inc., Proofpoint Inc., AO Kaspersky Lab, Tenable Holdings Inc., Rapid7, Sophos, CyberArk Software Ltd., FireEye Inc., SecureWorks Corp., Qualys Inc., Varonis Systems Inc., Mimecast Ltd., Okta Inc.

Major Cyber Security Companies Embrace Generative AI Solutions For Competitive Edge
Major companies operating in the information technology (IT) and telecom cyber security market are increasing their focus on developing advanced solutions, such as Sentra Jagger, a generative AI (artificial intelligence) assistant for cloud data security, to gain a competitive edge in the market. This generative AI assistant for cloud data security is a software solution that utilizes artificial intelligence techniques to autonomously generate and implement security measures, policies, and protocols to protect data stored in cloud environments. For instance, in March 2024, Sentra, an Israel-based cloud data security company, launched the Sentra Jagger. This platform boasts features such as swift threat analysis and rapid incident response, reducing response times by up to 80% and fortifying cybersecurity operations in the IT (information technology) and telecom sectors. This highlights a pivotal shift towards artificial intelligence (AI) and automation in cybersecurity, enabling advanced threat analysis, real-time insights, and heightened efficiency in addressing evolving cyber threats and safeguarding critical data assets in information technology (IT) and telecom cyber security.

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Key Segments -
The information technology (IT) and telecom cyber security market covered in this report is segmented -
1) By Security Type: Network Security, Endpoint Security, Application Security, Cloud Security, Other Security Types
2) By Organization Size: Small And Medium Enterprises, Large Enterprises
3) By Deployment Mode: On-Premises, Cloud-Based
4) By End-User Industry: Telecom Service Providers, E-commerce, Enterprises, Utilities, Government And Defense

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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