USD 374+ Bn Cyber Security Market is Expected to Grow at a CAGR of over 9.5% During 2022-2028 | Vantage Market Research

WASHINGTON, April 25, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research's recent analysis of the Global Cyber Security Market finds that the increase in globalized threat of ransomware is expediting market growth. Primarily driven by rising adoption of IoT, the total Global Cyber Security Market is estimated to reach USD 374.9 Billion by 2028.

The market stood at a revenue of USD 217.5 Billion in the year 2021, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.5%.

Furthermore, the growing adoption of artificial intelligence and blockchain technology for risk analytics is also anticipated to augment the growth of the Global Cyber Security Market, states Vantage Market Research, in a report, titled "Cyber Security Market Size, Share & Trends Analysis Report by Component (Hardware, Software, Services), by Software (APT, Threat Intelligence Platform, SIEM, Security and Vulnerability Management), by Security Type (Network Security, Endpoint Security, Application Security, Cloud Security), by Deployment Type (Cloud, On- Premises), by Organization Size (Large Enterprise, SMEs), by Verticals (Aerospace and Defense, Government, BFSI, IT), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".

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Market Dynamics:

Driver: Increase in Globalized Threat of Ransomware to Fuel Global Cyber Security Market

Ransomware denies users and system administrator's access to files or entire networks. Once this type of malware infects systems, threat actors will send a ransom note typically demanding payment in Bitcoin. These threats can be found in every industry including government, BFSI, IT, healthcare, retail, and manufacturing, among others. According to 2021 ransomware report by The Health Sector Cybersecurity Coordination Centre, total of 82 ransomware incidents impacting the healthcare sector were found across the globe till May 25, 2021 and 48 of these ransomware attacks which is approximately 60% impacted the health sector in United States. Further, as per the 2021 survey of HPH organizations 34% of healthcare organizations were hit by ransomware in the last year and 65% that were hit by ransomware said the cybercriminals succeeded in encrypting their data in the last year. Many such ransomware attacks have been taking place since few decades across various sectors and cyber security provides protection against all such malwares and safeguards devices connected to the internet and hence which is expected to result in increase in the demand of cyber insurance across the globe.

Key Insights & Findings from the Report:

• According to our primary respondents' research, the Cyber Security market is predicted to grow at a CAGR of roughly 9.5% during the forecast period.
• The Cyber Security market was estimated to be worth roughly USD 217.5 Billion in 2021 and is expected to reach USD 374.9 Billion by 2028; based on primary research.
• On the basis of region, Asia Pacific is projected to dominate the worldwide Cyber Security market.
  

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Segmentation of the Global Cyber Security Market:

• Component
  • Hardware
  • Software
  • Services
• Software
  • APT
  • Threat Intelligence Platform
  • SIEM
  • Security and Vulnerability Management
  • Network Access Control
  • Antivirus/Antimalware
  • Firewall
  • Secure Web Gateway
  • SOAR
  • IAM
  • Encryption
  • Disaster Recovery
  • IDS/IPS
  • Risk and Compliance Management
  • Others
• Security Type
  • Network Security
  • Endpoint Security
  • Application Security
  • Cloud Security
  • Others
• Deployment Type
  • Cloud
  • On- Premises
• Organization Size
  • Large Enterprise
  • SMEs
• Verticals
  • Aerospace and Defense
  • Government
  • BFSI
  • IT
  • Healthcare
  • Retail
  • Manufacturing
  • Energy and Utilities
  • Telecommunications
  • Media and Entertainment
  • Others
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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Driver: Increasing Adoption of IoT to Stimulate Market Growth

The increase in adoption of IoT is anticipated to augment the growth of the Cyber Security Market within the estimated period. More than 21 billion active internet of things (IoT) devices exist today, and this trend is expected to continue in the years to come. Most of the industries such as manufacturing, transportation/mobility, energy and utilities retail, and healthcare, among others have integrated IoT technology in their operations. The major issue with IoT devices is that they make it possible for anyone to conduct different cyber-attacks and hackers will find malicious ways to hack the organizations data and operations. IoT devices are considered to be the end points and are prone to cyber-attacks by the hackers. Hence, the demand for cyber security increases with increase in these devices with rising cyber- attacks.

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. Short Term Dynamics

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The report on Cyber Security Market highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates and Forecast
• Company Profiles
• Global and Regional Dynamics
  

Regional Analysis:

North America to Dominate the Global Cyber Security Market

North America has dominated the Global Cyber Security Market in 2021 and is likely to continue the same trend during the forecast period. The US dominated the North America region in 2021. This is attributable to the presence of prominent security vendors in the region. Furthermore, rising stringency of data privacy and security standards along with increasing spending on security solutions and services across various industries are also anticipated to encourage the adoption of cyber security.

Asia Pacific is expected to grow at a fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the rising security threats in the region. Additionally, the growing initiatives in developing a strong cyber defense ecosystem is also expected to support the regional growth of the market in the years to come. Further, increasing investments by governments and investors along with rising number of service providers in the region is also expected to support the growth of the market within the estimated timeframe.

List of Prominent Players in the Cyber Security Market:

• IBM (US)
• Cisco (US)
• Check Point (Israel)
• FireEye (US)
• Trend Micro (Japan)
• Norton Life Lock (US)
• Rapid7 (US)
• Micro Focus (UK)
• Microsoft (US)
• Amazon Web Services (US)
• Oracle (US)
• Fortinet (US)
• Palo Alto Networks (US)
• Accenture (Ireland)
• McAfee (US)
• RSA Security (US)
• Forcepoint (US)
• Sophos PLC (UK)
• Imperva (US)
• Proofpoint (US)
• Juniper Network (US)
• Splunk (US)
• SonicWall (US)
• CyberArk (US)
• F-secure (Finland)
• Qualys (US)
• F5 (US)
• Algo Sec (US)
• Sentinel One (US)
• Data Visor (US)
• Rev Bits (US)
• Wi-Jungle (India)
• Blu Vector (US)
• Aristi Labs (India)
• Securden (US)
  

Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on "Cyber Security Market Size, Share & Trends Analysis Report by Component (Hardware, Software, Services), by Software (APT, Threat Intelligence Platform, SIEM, Security and Vulnerability Management), by Security Type (Network Security, Endpoint Security, Application Security, Cloud Security), by Deployment Type (Cloud, On- Premises), by Organization Size (Large Enterprise, SMEs), by Verticals (Aerospace and Defense, Government, BFSI, IT), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/cyber-security-market-157978

Recent Developments:

December, 2020: IBM Security announced new technology initiatives leveraging Amazon Web Services (AWS), designed to help clients simplify and extend their security visibility across AWS and hybrid cloud environments. Through a unique combination of security technology and services that embrace AWS services, IBM Security can work to help clients securely migrate to AWS and modernize workloads as part of their broader hybrid cloud strategy.

December, 2019: Deloitte and Google Cloud announced their collaboration to leverage the strength of their portfolios in cyber and cloud solutions to provide customers with end-to-end secure cloud transformation services and solutions in support of their digital transformation journeys and to better combat cyber threats.

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the Cyber Security Market?
• How will the Cyber Security Market change in the upcoming six years?
• Which application and product will take a lion's share of the Cyber Security Market?
• What is the Cyber Security market drivers and restrictions?
• What will be the CAGR and size of the Cyber Security Market throughout the forecast period?           

This market titled "Cyber Security Market" will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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