Cyber Security Market is more important as cutting-edge technology like the Internet of Things are adopted more widely in sectors like the automotive industry. There are numerous cloud-based security solutions on the market, which has a favourable impact on how much money is made there.
These products are in high demand due to their benefits, including the ability to manage various workloads including encryption, data backup, and web protection against cyberthreats like ransomware and web exploits. These cloud-based solutions are extremely cost-effective because they do not require an IT infrastructure, making them accessible to small and medium-sized businesses. The demand for these security services is growing as a result of vulnerabilities in various market categories, including financial institutions adopting blockchain technology.
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Cyber Security Market is expected to grow during the forecast period due to the rising usage of cloud-based security solutions for cyber security in multiple workloads, including data backups, encryption, firewall, mobile, and web security to provide protection against attacks like ransom ware, mitigating web exploits, preventing external DLLs from loading, and java applications.
Costs for cloud-based services are lower in comparison because no IT infrastructure needs to be set up.
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Analyst’s Viewpoint
A comprehensive view of the cyber Security market has led our analysts to conclude that, the market is witnessing rapid growth and is expected to expand at a CAGR of 11% during the forecast period. Currently, North America is the most prominent region as it captures substantial share of 39% in the global cyber security market.
However, Asia Pacific Excluding Japan is expected to show high growth rate by the end of 2029, owing to increasing adoption of IoT devices, rising cyber-secure IT infrastructure, and increasing awareness regarding security threats.
Cyber Security Market: Segmentation
Component
- Hardware
- Firewall Appliance
- Secure Web Gateway
- DDoS Protection Appliance
- UTM Appliance
- IDS/IPS
- Others
- Software
- Encryption
- Data Loss Prevention
- Identity & Access Management
- Security Information
Security Type
- Network Security
- Endpoint Security
- Application Security
- Database security
Deployment
- Cloud
- On-Premises
Enterprise Size
- Small & Medium Scale Enterprise
- Large Scale Enterprise
Industry
- BFSI
- & Defense
- IT & Telecom
- Retail
- Manufacturing
- Healthcare
- Others
Global
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Japan
- Middle East & Africa
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FAQ’s:
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- What are differential strategies adopted by key players to command a significant chunk of the global market share?
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