Cyber Security Market Revenue, Statistics, Industry Growth and Demand Analysis Research Report by 2028

Cyber Security Market

According to the most recent report by Emergen Research, the size of the worldwide cyber security market is anticipated to reach USD 311.73 billion in 2028, growing at a consistent CAGR of 7.6%. Due to the digitization transition occurring across numerous industries, sectors, and verticals, there has been steady rise in the revenue of the cyber security market. This growth is attributed to an increase in data breaches and an increase in cloud deployment.

The adoption of cloud-based services has grown across a number of industries, significantly fueling the expansion of the cyber security market. As cloud-based services are less expensive and don’t need to be set up with IT infrastructure, businesses are adopting them at an increasing rate. Cloud deployment causes software to have vulnerabilities and gives hackers easy access to information. To safeguard their data from cyberattacks, businesses are concentrating on upgrading their cyber security software.

Numerous firms now rely on digital information as a result of digitalization’s rising popularity. Organizations are becoming more susceptible to cybercrime through a variety of channels due to the sharing of such information both internally and outside. A successful internet attack has the potential to damage a company’s reputation and brand value. Additionally, it may cause businesses to lose their competitive advantage and suffer financial consequences. The implementation of cyber security solutions and technologies is essential to secure enterprises’ data and information from potential breaches, and this is projected to continue driving market growth in the years to come.

The Chinese equivalent of Twitter, Sina Weibo, was breached in March 2020, and 172 million users’ usernames, true names, locations, genders, and phone numbers were put on the dark web market.

The most breaches occur at retailers, medical service providers, and public institutions, and malware is typically to blame for the majority of these occurrences. All industries are susceptible to corporate espionage, consumer data breaches, and customer attacks, while some are more desirable to cybercriminals who steal financial and medical data. Because cyber security breaches can lead to identity theft, extortion attempts, and the loss of crucial data, there is a growing need for more efficient cyber security solutions.

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Some Key Highlights from the Report

NFP unveiled a new cybersecurity package in March 2021 to meet clients’ demands for individualised coverage. Due to the business’s collaboration with CyberScout, a provider of claims management services with a focus on cybersecurity, the DigitalShield solution is now viable. In addition to other cybercrimes, DigitalShield provides protection against ransomware, cyberattacks, identity theft, cyberbullying, and cyberstalking.

Encryption is a cyber-security strategy that safeguards sensitive information by using one-of-a-kind codes to scramble it and make it nearly impossible for hackers to decipher. Encryption makes sure that private information at the institution is safe even if there is a data breach and hackers manage to get past the firewall.

In 2020, the professional services sector had the biggest revenue share. The usage of cyber security software for enterprise risk analysis, penetration testing, staff training, physical security testing, and cyber security defence has led to an increase in demand. Large-scale information and knowledge could help businesses cut back on extra expenses.

The highest revenue share in 2020 belonged to the major enterprises segment as a result of an increase in cyberattacks on these companies’ private databases. To safeguard client information and defend their data, large enterprises are enhancing their cyber security capabilities.

In 2019, the retail sector experienced more breaches than any other sector, as hackers used more sophisticated techniques to target large-scale asset and data retailers. Retailers are making significant investments in cutting-edge security technologies as digital commerce grows in popularity to safeguard their e-commerce platforms. Attacks at the point of sale (POS) are the most frequent because they target sensitive data including debit and credit card numbers, PINs, and details.

Due to increased government and business investment in data and information protection, the Asia Pacific market’s revenue is anticipated to grow quickly during the projected period. The most cyberattacks occurred in Japan, then India, in 2020, which fueled market expansion in the years that followed. The most frequently attacked industry in India in 2019 was finance & insurance, followed by manufacturing and professional services.

IBM Corporation, Cisco Systems, Juniper Networks, CyberArk, Forcepoint, McAfee, Microsoft, F5 Networks, Oracle, and Fortinet are important market participants.

Emergen Research has segmented the global cyber security market on the basis of component, solution, services, security type, deployment, organization size, end-use, and region:

Component Outlook (Revenue, USD Billion; 2018–2028)

  • Hardware
  • Software

Solution Outlook (Revenue, USD Billion; 2018–2028)

  • Threat Intelligence
    1. Identity and Access Management
    2. Security and Vulnerability Management
    3. Risk and Compliance Management
    4. Others (Others include threat intelligence platforms, SIEM, and incident forensics)
  • Encryption
  • Data Loss Prevention
    1. Network DLP
    2. Storage/ Data Center DLP
    3. Endpoint DLP
  • Unified Threat Management
  • Firewall
  • Antivirus/ Antimalware
  • Intrusion Detection Systems/ Intrusion Prevention Systems
    1. Network-based
    2. Host-based
    3. Wireless
  • Disaster Recovery
  • Distributed Denial of Service
  • Web Filtering
  • Others (Other solutions include application whitelisting and patch management)

Services Outlook (Revenue, USD Billion; 2018–2028)

  • Professional Services
    1. Design and Integration
    2. Risk and Threat Assessment
    3. Consulting
    4. Training and Education
    5. Support and Maintenance
  • Managed Security Services

Security Type Outlook (Revenue, USD Billion; 2018–2028)

  • Application Security
  • Network Security
  • Cloud Security
  • Endpoint Security
  • Others

Deployment Outlook (Revenue, USD Billion; 2018–2028)

  • Cloud
  • On-Premises

Organization Size Outlook (Revenue, USD Billion; 2018–2028)

  • Small and Medium Enterprises
  • Large Enterprises

End-use Outlook (Revenue, USD Billion; 2018–2028)

  • Government and Defense
  • Healthcare
  • BFSI
  • Energy and Utilities
  • Manufacturing
  • IT and Telecom
  • Retail
  • Others

Regional Outlook (Revenue, USD Billion; 2018–2028)

  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. Spain
    5. BENELUX
    6. Finland
    7. Sweden
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Taiwan
    6. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Israel
    4. Rest Of MEA

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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