Comprehensive Analysis Of The Cybersecurity Market: Market Size, Major Driver, Top Trend And Key Segments - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, March 27, 2023 /PRNewswire/ -- As per The Business Research Company's Cybersecurity Global Market Report 2023, the global cybersecurity market size will grow from $201.3 billion in 2022 to $223.7 billion in 2023 at a compound annual growth rate (CAGR) of about 11%. The global cybersecurity market size is then expected to grow to $338.8 billion in 2027 at a CAGR of more than 10%.
An increase in the adoption of IoT technology among cybersecurity companies is expected to drive the cybersecurity services market in the forecast period. The emerging IoT among organizations has made devices and applications more exposed to Advanced Persistent Threats (APTs). In addition, the increase in the number of mobile devices within organizations makes it difficult for IT teams to manage and track the data flow in various systems. Therefore, organizations are adopting cybersecurity systems to protect crucial information by monitoring, classifying and resolving all kinds of attacks, which will drive cybersecurity market growth.
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Leveraging Artificial Intelligence (AI), machine learning and blockchain technologies for cyber defense is a key trend in the cybersecurity market. For example, in February 2023, TIFAC (Technology Information Forecasting Assessment Council)-CORE (Centre of Relevance and Excellence), an autonomous body under the Department of Science and Technology, Government of India, in Cyber Security, organized a Two-week Hybrid Faculty Development Program on Recent Advances and Challenges in Artificial Intelligence, Machine Learning & Blockchain Technology (RACAMBT – 2023). The program aims to offer a hands-on demonstration of AI & ML algorithms for real-world applications, smart contract development and security challenges in these areas.
Other market-trend-based strategies for the cybersecurity market include focusing on cloud-based cybersecurity strategies, offering app-based 2FA to help organizations become safer and less vulnerable to cyber-attacks, taking up ITIL/ISO certifications to align software services with business requirements and focusing on automation and integration to improve efficiency.
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The global cybersecurity market segments are categorized –
1) By Solution: Network Security, Cloud Application Security, End-point Security, Secure Web Gateway, Internet Security, Other Solutions
2) By Enterprise Size: Small & Medium Enterprise, Large Enterprise
3) By Deployment Type: Cloud, On Premises
4) By End-Use: BFSI, IT & Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities, Other End-Uses
The top opportunities in the cybersecurity market segmented by solution will arise in the infrastructure protection segment, by enterprise size will arise in the large enterprise segment, by deployment type will arise in the on-premises segment, by end-user will arise in the BFSI segment.
According to the cybersecurity market overview, Asia Pacific was the largest region in the market, accounting for 38.7% of the total cybersecurity market share in 2022. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the cybersecurity market will be South America, and, Middle East.
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