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Nov 17, 2022, 07:00 ET
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SAN FRANCISCO, Nov. 17, 2022 /PRNewswire/ — The global cyber security market size is projected to reach USD 500.70 billion by 2030, registering a CAGR of 12.0% from 2022 to 2030, according to a new study by Grand View Research Inc. There has been a continued rise in the incidence of cyberattacks across different commercial sectors witnessed in recent years, particularly during the pandemic period, which has aided the growth of the industry demand. Areas such as e-commerce have witnessed meteoric growth in the past decade, with consistently high traffic, which has necessitated the presence of a strong security system to counter external threats. Furthermore, the growing usage of advanced devices that deploy technologies such as IoT and AI has also increased the risk of cyberattacks, thus increasing the appeal of cyber security solutions.
Key Industry Insights & Findings from the report:
Read 110-page full market research report with TOC, “Cyber Security Market Size, Share & Trends Analysis Report By Component, By Security Type, By Solution, By Services, By Deployment, By Organization Size, By Applications, By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.
Cyber Security Market Growth & Trends
Cyber security aids in ensuring the safety and security of computer networks and systems by preventing any unwanted disclosure of confidential information, IP or data theft, and damage to electronic data, or hardware and software of any organization’s IT infrastructure. Furthermore, it also prevents any spam information or misdirection from impacting the operations. An article by DataProt in November 2022 pointed out that the overall cyberattack damage rose to USD 6 trillion in 2022, with a cyberattack taking place every 39 seconds. Countries such as the United States and India have been at the receiving end of a substantial number of targeted cyberattacks; this points towards the importance of the presence of strong cyber security solutions, especially in regions and economies that are highly developed or are growing at a fast pace.
The industry is expected to be driven by the growing data breach costs, the implementation of stringent regulations by governments, and the presence of advanced cyber security solutions. Governments globally have recognized the benefits of ironclad security in IT and technology, and have accordingly brought forward data protection laws, which have compelled organizations in the areas of IT & telecom, energy, government, BFSI, and retail, among many others, to adopt such solutions for safeguarding their own as well as the consumer’s data. Data breaches have been known to result in significant losses with respect to revenue, brand positioning, and goodwill, while also causing sudden reductions in the workforce and significant business disruptions.
Even more significant is the cost involved in recovering such losses, as well as the risk mitigation measures involved in such incidents. For instance, as per an IBM report published in 2021, the average data breach cost for an organization was USD 4.87 million, which was a 10% increase from 2020. As such, the cyber security industry is expected to encounter several growth opportunities, particularly in large- and medium-sized organizations, through 2030. However, there are also certain roadblocks to market advancement, which include the use of unlicensed software, particularly by small-sized companies to navigate through cost restraints. Furthermore, the dearth of skilled workforce in the IT space is another factor that can hold back market growth to some extent.
Cyber Security Market Segmentation
Grand View Research has segmented the global cyber security market based on component, security type, solution, services, deployment, organization size, application, and region
Cyber Security Market – Component Outlook (Revenue, USD Million, 2018 – 2030)
Cyber Security Market – Type Outlook (Revenue, USD Million, 2018 – 2030)
Cyber Security Market – Solution Outlook (Revenue, USD Million, 2018 – 2030)
Cyber Security Market – Services Outlook (Revenue, USD Million, 2018 – 2030)
Cyber Security Market – Deployment Outlook (Revenue, USD Million, 2018 – 2030)
Cyber Security Market – Organization Size Outlook (Revenue, USD Million, 2018 – 2030)
Cyber Security Market – Application Outlook (Revenue, USD Million, 2018 – 2030)
Cyber Security Market – Regional Outlook (Revenue; USD Million, 2018 – 2030)
List of Key Players in the Cyber Security Market
Check out more related studies published by Grand View Research:
Browse through Grand View Research’s Network Security Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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