As per a report by P&S Intelligence, the global cyber security market is predicted to reach a value of $433.6 billion by 2030, and is projected to progress at a 12.6% CAGR during the time period 2020–2030. The demand for cyber security is growing due to the increasing number of data breaches, stringent government regulations for data privacy, rising implementation of next-generation technologies, such as computer vision and machine learning, and increased internet penetration.
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The solutions category accounted for the major share of the cyber security market in 2019, which is because of the increasing need for digitization, rising preference for bring-your-own-device policy at workplaces, growing need for data protection, shift toward a multi-cloud environment. Owing to these factors, various industries, including IT & telecom, banking, financial services, & insurance, retail, and healthcare, are increasingly making use of advanced cyber security solutions.
The objective of this research includes;
Among the various cyber security solutions, the identity & access management division dominated the cyber security market in 2019. This can be ascribed to the rising requirement for full control of user access in enterprises, secured collaboration with external stakeholders, protection of sensitive data, and automation of repetitive tasks for reducing the IT expenditure. On the basis of deployment, the cloud division held the larger share of the market in 2019.
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This is because of the rising adoption of cloud services, owing to their ability of matching the dynamic and highly automated operations in a manner which is cost-effective, and growing number of cloud security challenges, including misconfiguration, increased user access to cloud data and applications, and visibility and control of cloud data, are leading to the growth of the cyber security market. Ascribed to this, players in the domain are focusing on developing cloud-enabled solutions which would improve support for cloud operations.
The research includes detailed analysis of;
Based on Component
Based on Security Type
Based on Deployment
Based on Enterprise
Based on Use Case
Based on Industry
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