| Source: STRATEGIC MARKET RESEARCH LLP STRATEGIC MARKET RESEARCH LLP
New York,USA, Aug. 25, 2022 (GLOBE NEWSWIRE) — The cyber security market worth was USD 216.11 Billion in 2021 and is forecasted to reach USD 478.68 Billion by the year 2030 with a 9.51% CAGR. Cyber security is defined as the practice of safeguarding mobile devices, networks, servers, and various electronic devices from different types of malicious attacks, the continuous growth in the Number of Targeted Assault Cases, Online Scams, and Specialized Sophisticated Cyber-attacks to fuel the Market Growth Exponentially.
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Notable Factors for Cyber Security Market:
List of factors propelling the cyber security market growth:
(Rise in the number of cyber-attack cases, the prevalence of new E-Commerce cyber security trends, and usage of targeted assaults are enhancing the market growth rate)
Cyber Security Market: A Thorough Segmentation Analysis
The worldwide cyber security market is segmented into Component, Security Type, Deployment Outlook, Applications, & Geography.
For Security Type
For Deployment Outlook,
APAC or Asia-Pacific
Rest of World
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The Service segment held the maximum share of 51.77% for the component sector. This is due to the rise in demand for IT outsourcing services for the monitoring and maintenance of cyber security solutions. It is also regarded as one of the most efficient ways to save time and money, as these external service providers can handle some serious issues of cyber security skill gaps in the it sectors worldwide. Cybersecurity Ventures revealed that across the globe, the usage of IT outsourcing services surged by (21 to 30) % in 2022 as compared to last year.
The infrastructure security segment of the security type section dominated the market comprehensively with a share of 26.11%. Infrastructure security helps to identify the list of systems and assets that are more vulnerable to cyber-attacks across a variety of industries like Energy, Transportation, Oil & Gas, Manufacturing, Chemical, etc. Moreover, an exponential rise in the usage of IoT devices are fuelling the growth rate of this sector. SMR’s study has reported that around 24 billion IoT devices exist currently across the globe, out of which almost 32% are used for protection against malicious cyber-attacks.
For deployment outlook, the on-premises segment held the maximum market share of 58.21%. The on premises deployment highly reduces the rate of dependency on the 3rd party organizations for providing explicit cyber security monitoring and data protection. SMR conducted a global survey where it was discovered that around 54% of respondents stated that almost 50% of the sales of software platforms were deployed on premises. Around 32% of respondents stated that (50 to70) % of their software was deployed on premises, and nearly 6% of respondents stated that approximately 90% of their software sales were deployed on premises.
For the application section, the government and defence sector accounted for the maximum market share of 21.23%. The government and defence organizations are much more vulnerable to cyber-attacks as the criminals are always on the hunt to penetrate through the websites that contain some highly confidential information about these sectors. Hence, the Japanese government increased its defence-budget to almost USD 47.26 billion in 2022, out of which it allotted nearly USD 300 million for strengthening its defence against the dangerous cyber-attacks.
For the regional section, North-America comprehensively led the overall growth of the market with a share of nearly 43.78%. The US government has taken some serious steps to mitigate the risks of cyber-attacks by investing huge funds into this sector. Last year, in the USA, around 13,654 cyber-attacks were reported by federal agencies, out of which 5.6% of the cases were of data-breaching.
APAC region registered the fastest growth rate of 15.88% of the cybersecurity market due to the rise in usage of IoT devices in the countries like India, Japan, and China. In 2020, nearly 4.2 billion IoT connections were established in China, out of which nearly 47% were developed for protection against cyber-attacks.
Players operating in Cyber Security Market:
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