Market Research Future Insights
The estimated market size of the Cyber Security Market for the projected period 2022-2030 is predicted to be valued at around $390.2 Billion. Also, the CAGR growth rate of the Cyber Security Market is 14.50%.
The reason behind this CAGR rate, is because the Cyber Security solutions plays a very crucial role in the field of IT industry as it protects the data, computers, programs, networks from unauthorized access and improper activities. In this digital era, the rapid rise in new technology and trends has led to an increase in cybercrime. Any small loophole in the security, can be taken as a due advantage by the criminal who’s been behind the screen. Access to sensitive data by the criminals which belongs to the customers or companies may put them in trouble. In order to deal with all this, Several parameters have been taken into account by the potential cyber security industries, like antivirus software, firewalls, and other softwares to prevent the companies from insider attacks, Trojans, phishing, and so on. This shows that the Cyber Security Market has a large scope for the forecasted period.
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The key manufacturers of this Cyber Security Market are Cisco Corporation, Mcafee Corporation, Fortinet Inc, Trend Micro Inc, Cassidian Cybersecurity Company, Computer Science Corporation, Booz Allen Hamilton Corporation, Kaspersky Lab, Fireeye inc & Symantec Corporation. These key companies offer different security solutions with a wide range of advanced features.
The Storm of Covid-19, has been largely impacted on the production & sale of various industries. But due to strict rules & regulations from the government, there’s been an adoption of Work from home culture, this culture has become one of the key reasons for the industries to adopt cyber security solutions. Which has increased the growth of the Cyber Security Market.
The cyber Security Market is been segmented into various segments like on the basis of Component, Software, Security Type, Deployment type, Organization Size & Verticals
On the basis of Component, the market is segmented between Software & Services. On the basis of Software, it’s been divided into various subsegments like APT, Threat Intelligence Platform, SIEM, Security and Vulnerability Management, Network Access Control, Antivirus/Antimalware, Firewall, Secure Web Gateway, SOAR, Encryption, Disaster Recovery, IDS/IPS & Risk & Compliance Management.
Moreover, Based on security type, it’s been divided into Network security, Endpoint security, Application security & Cloud security.
Further on the basis of Deployment, it’s been Segmented between Cloud & On-Premises. Moving to the next based on organization size, the market is split between Large Enterprises & SMEs. Lastly, on the basis of Verticals, the market is been divided into Aerospace and Defense,
Government, BFSI, IT, Healthcare, Retail, Manufacturing, Energy and Utilities, Telecommunications & Media and Entertainment.
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In terms of geographical analysis, of this market, the Asia Pacific region is expected to dominate the market with a CAGR rate of more than 15%. The growth of this region is due to an increase in the number of cloud technologies, the proliferation of Internet of things (IOT) devices, Massive working population and a large number of data center constructions. Apart from this, there’s also an increase in the government spendings in the defense sectors across the countries like China, India, Japan, South Korea, and others to safeguard themselves from cyber warfare is expected to drive market growth in the Asia Pacific region.
Another region which is anticipated to dominate the market is North America then followed by Europe. This is because of the availability & adaptability of advanced technologies and the High number of IT & Capital markets dominating the region.
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