Cyber Security Market to reach USD 390.2 Billion, with a 14.50% CAGR by 2030

The global cybersecurity market, according to the report by Market Research Future (MRFR), is slated to register a CAGR of moderate 14.50% during the forecast period to reach an exponential market valuation of USD 390.2 billion by 2030.

The type of data stored online and on the cloud is steering the cybersecurity market positively as data is an extremely sensitive asset. The increased intensity of cyberattacks is expected to bolster the cybersecurity market in the coming period. Escalated expenditure being diverted towards the use of cybersecurity is various residential and commercial applications is expected to stimulate the cybersecurity market globally.

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Segmentation:

The global cybersecurity market has been segmented on the basis of component, deployment, organization size, security type, and vertical.

Based on the component, the global cybersecurity market has been bifurcated into solutions and services. The solutions segment is sub-sub-segmented into antivirus, data loss prevention, disaster recovery, firewall, identity and access management, risk and compliance management, security information and event management, unified threat management, web filtering, and others.

The services segment of the market has been bifurcated into professional services and managed services. The professional service is further segmented into consulting, support & maintenance, training & education, and design & integration.

The deployment of cybersecurity solutions and services is done over the cloud and on-premise.

The organization sizes operating in the global cybersecurity market are small and medium-sized enterprises (SMEs) and large enterprises.

The security services offered by the market players include application security, cloud security, endpoint security, network security, wireless security, and others.

The applications of cybersecurity are found in industrial verticals such as aerospace & defense, BFSI, government, healthcare, IT & telecommunication, manufacturing, retail, and others.

Detailed Regional Analysis

The regional evaluation of the cybersecurity market is carried out on the basis of the Americas, Europe, APAC & MEA. As per the analysis, the North American region is controlling the market for cybersecurity. The nations like the US and Canada are well advanced in the arena of technology and also some of the chief companies who provide cybersecurity options are located in the North American region. The European region is credited for the next principal market segment in the cybersecurity market. The European region holds a considerably major share in the global market which is presently increasing with a noteworthy CAGR. The key motive behind this is some nations of Europe have a decent command over the technology, and most of the companies in the European region update their cybersecurity model periodically. Asia Pacific and MEA are fastest growing market for cybersecurity.

Competitive Analysis

The optimistic synchronization achieved in the factors that encourage market growth has increased substantially. The upgrades seen in the raw materials utilized by the market are expected to motivate market progress in the coming years. The market is presently undergoing a phase of meteoric developments. The recalibration of the supply chains to incorporate leanness and efficiency is expected to intensify consumer satisfaction, further adding to the future expansion in the market. The availability of better production facilities in a strategic location is helping the competitors to offer better product experiences. The revitalization of capital venture inflow is expected to add strength to the market’s boom in the forecast period. The establishment of constructive trade policies by quite a few nations is expected to transform the market’s growth potential. The transformation in the economies of various developing nations around the world is estimated to reinforce the market progress outlook in the forecast period.

The central companies operating in the market for cybersecurity are Cisco Corporation, Fireeye Inc., Computer Science Corporation, Fortinet Inc, Cassidian Cybersecurity Company, Mcafee Corporation, Trend Micro Inc, Booz Allen Hamilton Corporation, Kaspersky Lab, Symantec Corporation among others.

Industry Updates:

Oct 2019 Singapore has launched a masterplan that has been unveiled to defend operational technology (OT) systems from cyber-attacks that can derail Singapore’s transport, water supply, and other critical sectors. The OT cybersecurity masterplan will strengthen defense against such cyber-attacks by increasing the talent pool and simplifying the interchange of data between the private and public sectors.

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