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Exploring the Surge in Demand for Telecom Cyber Security Solutions: Market Insights and Size Analysis
Telecom Cyber Security Solution Global Market Report 2024
According to The Business Research Company's, The telecom cyber security solution market size has grown rapidly in recent years. It will grow from $32.51 billion in 2023 to $38.15 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to rise of mobile connectivity, increasing reliance on digital communication, growing cyber threats, historic data breaches, legacy infrastructure vulnerabilities.
The telecom cyber security solution market size is expected to see rapid growth in the next few years. It will grow to $71.76 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to expansion of cloud services, proliferation of connected devices, emphasis on privacy protection, evolving threat landscape, demand for managed security services. Major trends in the forecast period include shift towards zero-trust architecture, focus on identity and access management, emphasis on privacy and data protection regulations, development of telecom-specific security standards.
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Market Drivers and Trends:
The rise in cyber-attack incidents is expected to propel the growth of the telecom cyber security solution market going forward. A cyberattack is a malicious attempt by an individual or organization to compromise computer systems, networks, or digital devices, often with the intent of stealing sensitive data, disrupting operations, or causing damage. The rise in cyber-attack incidents can be attributed to increasing connectivity and the growing digital landscape, creating more opportunities for malicious actors. Telecom cybersecurity solutions mitigate cyber-attack incidents by implementing robust threat detection, encryption protocols, and network segmentation to safeguard against vulnerabilities and unauthorized access in the telecom industry. For instance, according to the Internet Crime Report 2022 published by the Federal Bureau of Investigation (FBI), a US-based national security agency and law enforcement organization, the Internet Crime Complaint Center (IC3) received 300,497 phishing complaints in 2022, with financial losses attributed to phishing complaints amounting to $0.052 billion, while in the preceding year of 2021, the corresponding figure stood at $0.044 billion. Therefore, the rise in cyber-attack incidents is driving the growth of the telecom cyber-security solution market.
Major companies operating in the telecom cyber security solution market are increasing their focus on developing advanced solutions, such as advanced generative AI (artificial intelligence) technology for the telecom industry, to enhance security measures and resilience within the telecom industry. It leverages machine learning algorithms to create innovative cybersecurity solutions autonomously, improving threat detection and response capabilities. For instance, in September 2023, Netcracker Technology, a US-based software technology company, launched the GenAI Telco Solution. This platform features secure integration of popular generative AI models, robust security measures, an observability framework for accurate outcomes, and a unified approach for optimal business outcomes. This integration of artificial intelligence (AI) and machine learning (ML) ensures efficient processing of telco data, enhances customer interactions and strengthens data protection, addressing critical security concerns in the telecom cybersecurity solution market.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
Microsoft Corporation, International Business Machines Corporation, Cisco Systems Inc., PricewaterhouseCoopers International Limited, Schneider Electric SE, Broadcom Inc., Tata Consultancy Services, Bae Systems Inc., Capgemini, Cognizant, Infosys Limited, HCL Technologies Limited, Wipro Limited, Rockwell Automation Inc., Tech Mahindra Limited, Palo Alto Networks Inc., Juniper Networks Inc., Fortinet Inc., Symantec Corporation (NortonLifeLock Inc.), F5 Networks Inc., Splunk Inc., Check Point Software Technology Ltd., Trend Micro Incorporated, AO Kaspersky Lab, L&T Technology Services Limited (LTTS), Rapid7 Inc., CyberArk Software Ltd.
Telecom Cyber Security Solution Market 2024 Key Insights:
• The telecom cyber security solution market size is expected to grow to $71.76 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%.
• Rise In Cyber-Attack Incidents Boosts Telecom Cyber Security Solution Market
• Major Telecom Cybersecurity Players Innovate With Advanced Generative AI (Artificial Intelligence) Solutions
• North America was the largest region in the telecom cyber security solution market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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