As the number and complexity of cyber-attacks continue to rise, organizations are investing more in cybersecurity solutions to protect their systems and data, Says SNS Insider research.
The Cybersecurity Market was valued at USD 227.93 billion in 2022, and it is projected to attain USD 431.36 billion by 2030, with an estimated compound annual growth rate (CAGR) of 8.3% during the forecast period from 2023 to 2030, as per SNS Insider.
Market Overview
As the world becomes increasingly digital, the importance of cybersecurity continues to grow. Cyber-attacks can cause significant financial and reputational damage to organizations, and even lead to legal and regulatory issues. Therefore, investing in cybersecurity solutions is essential for organizations of all sizes to protect their critical assets and maintain the trust of their customers and stakeholders.
Market Analysis
The emergence of M2M/IoT connections has fueled the growth of the cybersecurity market. The adoption of IoT devices has increased significantly in recent years, with connected cars, machines, meters, wearables, and consumer electronics becoming more prevalent. However, with the increased connectivity of these devices comes an increased risk of cyber-attacks. Therefore, businesses are investing in cybersecurity solutions that can secure IoT networks and protect sensitive data transmitted between devices. The reduction of device costs has also contributed to the growth of the market, as it has made IoT devices more accessible to businesses of all sizes. The increased adoption of IoT devices has resulted in a higher number of connected devices, making it necessary for businesses to invest in cybersecurity solutions that can protect their networks and devices from cyber threats.
Key Company Profiles Listed in this Report Are:
The Key Players are IBM, Cisco, Check Point, FireEye, Trend Micro, Norton LifeLock, Rapid7, Micro Focus, Microsoft, Amazon Web Services, Oracle, Fortinet, Palo Alto Networks, Accenture, McAfee & more
Impact of Russia-Ukraine Conflict
The Russia-Ukraine conflict has both positive and negative implications for the cybersecurity market. While it has led to an increase in demand for cybersecurity solutions, it has also created new challenges and risks that cybersecurity companies will need to navigate in order to maintain their operations and continue to grow.
Key Regional Developments
The Asia Pacific region is poised to lead the global cybersecurity market due to the high deployment of cloud technologies, the proliferation of IoT devices, the increasing number of data center constructions, and the active support by companies and governments to implement data security and IoT security frameworks. With the growing threat of cyberattacks and data breaches, the demand for cybersecurity solutions is set to increase exponentially in the region, creating significant opportunities for cybersecurity vendors and service providers. Additionally, the region has a thriving startup ecosystem, with numerous innovative cybersecurity startups developing cutting-edge solutions to address emerging threats.
Key Takeaway from Cybersecurity Market Study
* The identity & access management segment is expected to play a critical role in the market in the coming years. As businesses continue to invest in cybersecurity, IAM solutions are likely to capture a significant share of the market, driven by their ability to improve security, increase productivity, and reduce costs.
* The service segment is expected to dominate the market in the coming years. As businesses continue to face growing cybersecurity threats and the need for regulatory compliance, the demand for cybersecurity services is expected to remain strong.
Recent Developments Related to Cybersecurity Market
* The iliad Group, a leading French telecommunications company, recently announced that it has acquired a majority stake in ITrust, France’s top cybersecurity specialist. This acquisition is part of iliad’s strategy to strengthen its position in the market and expand its portfolio of services. Through this acquisition, iliad aims to enhance its cybersecurity offerings and provide its customers with comprehensive security solutions.
* Guardz, a leading provider of cybersecurity solutions, has recently announced the launch of its latest platform designed specifically for Managed Service Providers (MSPs). The new platform aims to provide MSPs with an advanced cybersecurity solution that is easy to deploy and manage, while also offering comprehensive protection against cyber threats.