New Delhi, April 06, 2023 (GLOBE NEWSWIRE) -- The global cybersecurity market was valued at US$ 182.3 Billion in 2022, and is anticipated to reach US$ 571.1 Billion by 2031. The market is witnessing a compound annual growth rate (CAGR) of 13.40% over the forecast period 2023-2031.
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The increasing frequency and sophistication of cyber-attacks is one of the primaries behind rapid growth of the global cybersecurity market. As more and more organizations shift their operations online, the risk of data breaches and other cyber threats becomes greater. Cyber criminals are finding new and more innovative ways to steal sensitive data and valuable information, making it essential for companies to invest in robust cybersecurity solutions to protect their assets.
According to the 2021 Cybersecurity Report by Cybersecurity Ventures, cybercrime is expected to cost the world $10.5 trillion annually by 2025, up from $3 trillion in 2015. In addition, the report estimates that there will be a ransomware attack on businesses every 11 seconds in 2023, up from every 14 seconds in 2019. These statistics demonstrate the growing need for cybersecurity solutions in today's digital landscape. The financial impact of cyber-attacks can be devastating for organizations of all sizes. According to the National Cyber Security Alliance, the average cost of a cyber-attack for a small to medium-sized business is $200,000. Ransomware attacks, in particular, have seen a significant increase in 2022, with Cybersecurity Ventures reporting a 41% rise compared to 2019. The average ransom demand for such attacks was $233,817, making them a lucrative source of income for cybercriminals.
Skyrocketing Demand for Cloud Security Solutions set to Propel Global Cybersecurity Market and Generate over 31% Revenue
Cloud security has emerged as a critical aspect of cybersecurity, as organizations increasingly adopt cloud-based services for their business operations. The growing need to protect sensitive data stored in the cloud has led to the rapid growth of the cloud security market, which is expected to generate over 31% revenue of the global cybersecurity market by 2031, according to various reports. One of the main drivers behind the growth of the cloud security market is the rapid adoption of cloud services by organizations. The cloud offers numerous benefits such as scalability, flexibility, and cost-efficiency, which have made it an attractive option for businesses of all sizes. However, the use of the cloud also comes with its own set of security challenges, such as data breaches, unauthorized access, and compliance violations.
To address these challenges, cloud security solutions have been developed including firewalls, encryption, access control, and threat detection and response mechanisms, among others.
Another factor driving the growth of the cloud security market is the increasing regulatory compliance requirements. Many industries, such as finance and healthcare, are subject to strict regulatory frameworks that require them to comply with specific data security and privacy standards. Cloud security solutions can help organizations meet these requirements by providing robust security measures to protect sensitive data and maintain compliance with relevant regulations.
Moreover, the COVID-19 pandemic has accelerated the adoption of cloud services, as remote work has become the norm for many organizations. This has further fueled the growth of the cloud security market, as businesses seek to secure their cloud-based operations and protect their data from cyber threats.
Over 14% of Global Cybersecurity Market Revenue Expected to Come from Public Sector by 2031
The global market has been witnessing steady growth over the years, owing to the increasing number of cyber threats and the growing awareness among organizations regarding the importance of cybersecurity.
Public sector organizations are also at risk of suffering significant financial losses due to cyber-attacks. IBM reports that the average cost of a data breach for a public sector organization is $7.13 million, a staggering amount that can have a significant impact on an organization's budget. Small Business Trends reports that the cost of a successful phishing attack for a medium-sized company can be as high as $1.6 million.
Finally, the number of cyber-attacks on state and local governments in the United States saw a sharp increase of 55% in 2021, according to CrowdStrike. This highlights the growing risk that public sector organizations face from cybercriminals, and the need for them to take proactive measures to protect their systems and data.
Governments have become a major driver of growth in the cybersecurity market, with many countries investing heavily in cybersecurity measures to protect their critical infrastructure and sensitive data. Governments are increasingly aware of the significant risks associated with cyber threats and the potential damage that they can cause to national security, financial systems, and public safety.
The public sector has been investing in cybersecurity measures to safeguard their networks, data, and infrastructure against cyber-attacks. This includes the implementation of advanced security solutions such as firewalls, intrusion detection systems, and threat intelligence platforms, among others. Governments have also been partnering with cybersecurity firms to develop customized solutions to meet their specific security needs.
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Cisco and IBM are at Forefront of Global Cybersecurity Market
Cisco and IBM are expected to capture more than 29% of the global cybersecurity market and Cisco alone could contribute over 16% market share. This indicates that both companies have a significant presence in the market and are likely to be among the top players in the industry. Both companies have unique competitive advantages that set them apart from other players in the industry. Cisco's strengths include its strong brand reputation, extensive product offerings, and expertise in network security solutions. IBM's strengths include its extensive experience in the cybersecurity industry, strong threat intelligence capabilities, and its ability to provide end-to-end security solutions.
Cisco has a wide range of cybersecurity products and services, including firewalls, intrusion prevention systems, secure access solutions, and network security solutions. The company has established a reputation for providing reliable and effective solutions, which has helped it to maintain a loyal customer base and attract new customers. In addition to its extensive product offerings, Cisco has a strong brand reputation and is recognized as a leader in the cybersecurity industry. The company has invested heavily in research and development to stay at the forefront of the industry and provide innovative solutions to its customers.
Cisco's expertise in network security solutions is another factor that contributes to its success in the cybersecurity market. With the increasing number of cyber threats targeting networks, Cisco's network security solutions have become more important than ever for businesses of all sizes.
Some of the Top Market Players Are:
- Trend Micro Incorporated
- IBM Corporation
- BAE Systems, Inc.
- Check Point Software Technology Ltd.
- F5 Networks
- EMC Corporation
- FireEye, Inc.
- Proofpoint Inc.
- Sophos PLC
- Fortinet, Inc.
- Cisco Systems Inc.
- Symantec Corporation
- Juniper Networks
- Palo Alto Networks, Inc.
- Qualys Inc.
- Other Prominent Players
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