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

/EIN News/ -- 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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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 sensitive data and applications on-premises while utilizing the cloud for resources requiring more scalability. The use of orchestration and connected infrastructure in hybrid data centers enhances their ability to respond dynamically to various demands, making them a key focus in modern cybersecurity strategies.

Trend: AI usage in cyberattacks

Another significant trend is the use of AI in cyberattacks, which has already seen rapid growth. The development of generative AI technologies, like ChatGPT, has transformed the landscape of cybersecurity. These AI tools have been adopted by cyber threat actors to improve the efficiency and effectiveness of cyberattacks. For instance, AI is used to create convincing phishing emails or even write malware. It represents a new frontier in cyber threats, where the power of AI is leveraged to launch sophisticated attacks. On the flip side, AI also presents numerous defensive opportunities for cybersecurity, creating an arms race between attackers and defenders. The effectiveness of AI in cybersecurity depends on how innovatively and efficiently it is utilized by each side, significantly impacting the future of cyber threats and security measures.  

By solution, the software solution segment accounts for a larger market size.

The software solution segment holds the largest market size in the cybersecurity market due to its crucial role in providing comprehensive protection against an increasingly complex array of cyber threats. In today's digital age, businesses and organizations are heavily reliant on various software systems for their operations, making them vulnerable to cyberattacks. This vulnerability drives the demand for advanced cybersecurity software solutions that offer robust protection. These software solutions are not only versatile, catering to different cybersecurity needs, but also scalable, allowing them to adapt to the growing and changing requirements of organizations of all sizes. Moreover, the continuous evolution of cyber threats necessitates regular updates and advancements in cybersecurity software, ensuring ongoing protection and compliance with regulatory standards. The constant need for up-to-date and sophisticated software solutions contributes significantly to the segment's large market size in the cybersecurity industry.  

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By deployment mode, the cloud segment accounts for the highest CAGR.

By deployment, the cloud segment in the cybersecurity market is anticipated to exhibit the highest CAGR during the forecast period. The anticipated growth is largely attributed to its growing popularity and effectiveness in modern digital environments. The shift towards cloud computing offers numerous advantages, such as scalability, flexibility, and cost savings, making it an attractive option for businesses of all sizes. Cloud-based cybersecurity solutions are easier to implement and maintain, providing businesses with sophisticated security measures without the need for extensive in-house infrastructure or expertise. Additionally, as remote working and mobile device usage continue to rise, cloud security becomes essential for protecting data outside the traditional network perimeter. The trend towards cloud adoption, combined with the need for effective and accessible cybersecurity solutions, drives the rapid growth of the cloud deployment mode in the cybersecurity market.   

Opportunity: Growth of endpoint security segment due to increased BYOD trend  

The endpoint security segment in the cybersecurity market is witnessing significant growth, primarily driven by the increasing trend of BYOD in workplaces. As more employees use their devices for professional purposes, the number of endpoints that need to be secured within an organization multiplies. Each device, ranging from smartphones to laptops, potentially serves as an entry point for cyber threats, especially if they are not adequately secured. The rise in BYOD culture necessitates robust endpoint security solutions that manage and protect a diverse array of devices across various platforms and operating systems. Businesses are recognizing the need to invest in comprehensive endpoint security to safeguard their networks and data against vulnerabilities introduced by personal devices. Growing awareness and the subsequent rise in the adoption of endpoint security measures are key factors contributing to the growth of the endpoint security segment in the cybersecurity market.  

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