Major players in the cybersecurity services market are Cisco Systems, IBM Corporation, Microsoft, Check Point Software Technologies, Oracle, Trend Micro. , Cyber Ark Software Ltd. , FireEye Inc. , Imperva Inc.
New York, March 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cybersecurity Services Global Market Report 2022" - https://www.reportlinker.com/p06246485/?utm_source=GNW
, ProofPoint, Inc.,, Micro Focus, RSA Security, Sophos, Splunk, Accenture, Capgemini, Cognizant, HCL Technologies Limited, Tata Consultancy Services, Wipro Limited, Qualys, Dell Technologies Inc., AVG Technologies NV and Intel Security (Intel Corporation).
The global cybersecurity services market is expected grow from $72.92 billion in 2021 to $82.42 billion in 2022 at a compound annual growth rate (CAGR) of 13%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $134.88 billion in 2026 at a CAGR of 13.1%.
The cybersecurity services market consists of sales of cybersecurity services that are used in IT and telecommunications and other industries.Cybersecurity refers to the collection of technologies, processes and practices designed to secure networks, computers, software and data against online attacks, destruction or data theft.
Cybersecurity can also be identified as the security of information technology.
The main security types of cybersecurity services are network security, endpoint security, application security, cloud security and others.Endpoint security is the process of preventing malicious actors and campaigns from exploiting endpoints or entry points of end-user devices such as desktops, laptops, and mobile devices.
The services are used by large enterprises, small and medium enterprises of various industry verticals such as aerospace and defense, BFSI, public sector, retail, healthcare, IT and telecom, energy and utilities, manufacturing and others.
North America was the largest region in the cybersecurity services market in 2021.Asia Pacific was the second largest region in the cybersecurity services market.
The regions covered in the cybersecurity services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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.
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.
Use of Pirated and open source cybersecurity solutions, Dearth of cybersecurity expertise for proactive strategic planning, Limited security budget among SMEs, Lack of interoperability with the existing information systems, High cost of innovations and budget constraints for SMEs, and Lack of training and inadequate workforce are the major factors hampering the growth of 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 worlds ’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 June 2020, the firm received an investment of more than $75 million from General Catalyst and plans to extend the use of AI to secure inboxes all over the globe.
Cybersecurity specialists are therefore leveraging AI and machine learning technology to resolve the emerging cyber threats facing individuals, companies and governments.
The countries covered in the cybersecurity services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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