Cybersecurity Services Market to Hit $141.46B by 2028 at 11.2% CAGR, Driven by AI, IoT, and Blockchain Integration

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Cybersecurity Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $141.46 billion In 2028 At A CAGR Of 11.2%:

The cybersecurity services market size has grown strongly in recent years. It will grow from $85.23 billion in 2023 to $92.44 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rise in disposable income, high valuations of software companies and technology development.

The cybersecurity services market size is expected to see rapid growth in the next few years. It will grow to $141.46 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to increase in the frequency and sophistication of cyberattacks, internet of things (iot), increase in internet penetration, need for authentication techniques and emergence. Major trends in the forecast period include focusing on leveraging ai, machine learning and blockchain technologies for cyber defense, offering cloud-based cybersecurity services, using data analysis to enhance cybersecurity services, adopting itil and iso 9001 standards to deliver quality services and adopting automation and integration in cybersecurity.

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Cybersecurity Services Market Major Segments
The cybersecurity services market covered in this report is segmented -
1) By Security Type: Network Security, Endpoint Security, Application Security, Cloud Security, Other Security Types
2) By User Type: Large Enterprises, Small & Medium Enterprises
3) By Industry Verticals: Aerospace and Defense, BFSI, Public sector, Retail, Healthcare, IT and Telecom, Energy and Utilities, Manufacturing, Other Industry Verticals

Key Driver - Epidemic Of Cyber-Attacks Spurs Soaring Demand For Cybersecurity Services

The increasing instances of massive cyber-attacks are a key factor driving the growth of the cybersecurity services market. The primary motive behind cybercrimes is political competition, financial gain, negative credibility, foreign competition, and radical involvement of religious groups. Most cyber-attacks are for financial gain. WannaCry, Petya, NotPetya, and BadRabbit are some of the main ransomware products that have targeted large-scale businesses and government organizations. For instance, in July 2021, according to cyber security experts, ransomware threats rose by 40% to 199.7 million attacks worldwide in Q3 of 2020. In Q3 2020, Ryuk ransomware threats rose to 67.3 million, which is 33.7% of all ransomware incidents this year. The ransomware implications included inaccessibility to various municipal facilities, information leakage, and economic loss. Therefore, the increasing instances of massive cyber-attacks compel companies to integrate cybersecurity in their systems and functionality to prevent crashing thereby driving the growth of the cybersecurity services market.

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Prominent Trend - Harnessing Ai, Machine Learning, And Blockchain For Cutting-Edge Cyber Defense In The Cybersecurity Services Market

Leveraging AI, machine learning, and blockchain technologies for cyber defense is a key trend in the cybersecurity services market. Cybersecurity vendors integrate artificial intelligence (AI) and machine learning principles into their solutions to tackle crucial hyper-connected workplace risks, with quicker identification, prevention, and responsiveness capabilities, the advances in technology, such as AI and machine learning, turn the tables against cybercrime. Vade Secure is one of the world's largest e-mail security firms, leveraging artificial intelligence and machine learning to defend more than 600 million mailboxes in 76 countries from a range of attacks comprising spear phishing, ransomware, and malware. In August 2023, Abnormal Security, a US-based AI-based email security platform, launched CheckGPT, an AI-generated email detector. The new feature establishes when it is likely that generative AI technologies were used to produce email threats, such as business email compromise (BEC) and other socially-engineered attacks. Cybersecurity specialists are therefore leveraging AI and machine learning technology to resolve the emerging cyber threats facing individuals, companies, and governments.

Cybersecurity Services Market Players
Major companies operating in the cybersecurity services market report are International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Palo Alto Networks Inc., Cisco Systems Inc., Proofpoint Inc., Fortinet Inc., Check Point Software Technologies Ltd., Sophos Group, Splunk Inc., StratoKey, QuintessenceLabs, Antiy Labs, Vkansee, AhnLab, Banff Cyber Technologies, Cyberops Infosec LLP, eSec Forte Technologies, MARLABS INC, Trend Micro, Mimecast, Ernst & Young (EY), Clearswift, PricewaterhouseCoopers (PwC), Becrypt, 6WIND, Barracuda Networks Inc., 8ack GmbH, Accelerated IT Services & Consulting oHG, IOActive, Armor, BT, BAE, Avast, Bitdefender, Kaspersky, Rostelecom, SafeTech, Anect, Cyber Dacians, AEC, Symantec, FireEye, BlackBerry, McAfee, Herjavec Group, Absolute, Arctic Wolf, Packetlabs Ltd., Clean Cloud, PhishX, Ibliss, Site Blindado, Safeway, Auth0, CoinFabrik, Groundworks Technologies, Nektra Advanced Computing, Aqua Security, BigID, Cato Networks, Checkmarx, Smartym Pro, Redwerk, TAIOS, Cyberbit, CyberArk, Westech, AVeS Cyber Security, Vance Cyber Security, CyberSec (Pty) Ltd, Lafont Innovation LLC, Enovise, Techinnovar Limited, CyberSOC, DataSixth, Onealliance.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the cybersecurity services market in 2023. Asia-Pacific was the second largest region in the global cybersecurity services market. The regions covered in the cybersecurity services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cybersecurity Services Market Report Structure
3. Cybersecurity Services Market Trends And Strategies
4. Cybersecurity Services Market - Macro Economic Scenario
5. Cybersecurity Services Market Size And Growth
…..
27. Cybersecurity Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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