Delray Beach, FL, Oct. 14, 2024 (GLOBE NEWSWIRE) -- The Global Cybersecurity Market size is projected to grow from USD 190.4 billion in 2023 to USD 298.5 billion by 2028 at a CAGR of 9.4% during the forecast period, according to a new report by MarketsandMarkets™. The Cybersecurity market is experiencing significant growth, driven by Increased target-based cyber-attacks to draw operational disruptions, protection of business assets from growing threats, CSMA to simplify security infrastructure, rising IoT trends and the growing need for automated cybersecurity, growing demand for cyber-savvy boards, and complying with government regulations and requirements. These factors collectively underline the growing necessity and adoption of cybersecurity solutions in various sectors, which are significant factors boosting the growth of the cybersecurity market. The Cybersecurity market is on a promising growth path driven by the adoption of cloud-based cybersecurity solutions among SMEs, the growth of the endpoint security segment due to the increased BYOD trend, and the enhancement of cybersecurity with advanced technologies like AI and ML.
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Cybersecurity Market Dynamics:
Drivers:
Increased target-based cyberattacks drawing operational disruptions
Rise in need for protecting business assets from growing threats
Cybersecurity Mesh Architecture (CSMA) facilitating security infrastructure
Rise in IoT trends and need for automated cybersecurity
Growth in demand for security setups to prevent cyber threats in organizations
Demand for ensuring compliance with government regulations and requirements
Restraints:
Lack of skilled professionals
Budget constraints in SMEs and startups in emerging economies
Opportunities:
Adoption of cloud-based cybersecurity solutions among SMEs
Growth in adoption of digital applications leading to increased cyber risks
Implementation of AI revolutionizing incident response
List of Key Companies in Cybersecurity Market:
IBM (US)
Cisco (US)
Microsoft (US)
Palo Alto Networks (US)
Fortinet (US)
Check Point (US)
Trellix (US)
Trend Micro (Japan)
Rapid7 (US)
Micro Focus (Open text) (UK)
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Trend: Hybrid data centers
One of the top trends in cybersecurity is the rise of hybrid data centers. The trend is further driven by the growing adoption of cloud computing, which offers organizations unparalleled scalability. However, many organizations are adopting a hybrid approach instead of moving entirely to the cloud. In hybrid data centers, data and applications can move between on-premises and cloud-based infrastructure as needed. The flexibility allows organizations to balance their infrastructure and security needs effectively. For instance, they can keep ...
