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The Rise of Cybersecurity Market: A $298.5 billion Industry Dominated by Tech Giants - IBM (US), Cisco (US), Microsoft (US)| MarketsandMarkets™

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.

Browse in-depth TOC on "Cybersecurity Market"

726- Tables 68 - Figures 597 - Pages

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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 ...