Cyber security Market Eyeing Remarkable Growth due to Rise in Phishing Threats and Malware amid Enterprises. Increasing Adoption of BYOD and CYOD to Boost Cyber security Market Growth. The global cybersecurity market will touch USD 407.6 billion at a 14.50% CAGR by 2032, as per the recent Market Research Future report.
Increasing Adoption of BYOD and CYOD to Boost Market Growth:
Due to the growing acceptance of BYOD and CYOD policies by end-user organizations, the market is anticipated to continue expanding. With the growing BYOD trend, many professionals throughout the globe are expected to carry on working from distant locations or their homes. Employees who use the CYOD & BYOD models can access company data via cloud platforms, putting them susceptible to data theft.
Eminent market players profiled in the global cybersecurity market report include
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Market Size by 2032
USD 407.6 Billion
CAGR during 2023-2032
Rise in Phishing Threats and Malware amid Enterprises to offer Robust Opportunities:
Malware, including viruses & Trojan horses, has largely increased its capacity for infiltrating, taking over, and damaging entire electronic information networks. Commonly cybercriminals employ malware to take control of equipment or devices in order to steal money. This is done to enable the device to be instantly utilized for illegal or fraudulent activities. Furthermore, sectors like BFSI, healthcare, & government are mainly vulnerable to such attacks due to the importance of the data generated in these enterprises. As a result, one of the key factors propelling the cybersecurity industry ahead is a rise in the danger of malware & phishing assaults.
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Restraints and Challenges:
Budget Constraints to act as Market Restraint:
The budget constraints amid organizations coupled with complexities of the device security may act as market restraints over the forecast period.
The global cybersecurity market is bifurcated based on application, organization size, deployment, security type, and component.
Based on component, services will lead the market over the forecast period.
By security type, cloud security will domineer the market over the forecast period.
By deployment, cloud will spearhead the market over the forecast period.
By organization size, SMEs will spur the market over the forecast period.
By application, defense and government will head the market over the forecast period.
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It is believed that the COVID-19 outbreak would benefit the development of the cyber security sector. Due to the COVID-19 outbreak, businesses will be able to handle security concerns and provide secured information access at the time of operating remotely by using cyber security services. Additionally, as internet traffic has increased, the risk of cyberattacks has substantially increased in many businesses, necessitating the deployment of the cyber security services. The growth of the market has been spurred by innovations and developments in the cyber security solutions like cloud security & AI-integrated solutions, as well as a rise in cyberattacks since the start of the epidemic.
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North America to Command Cybersecurity Market:
Due to early accessibility and adoption of new technologies, the North American sector will dominate. Additionally, the expansion of IT marketplaces and their expanding enterprises will stimulate market expansion in this area. Cyberspace is steadily growing in North America as new cutting-edge technologies like big data & the Internet of Things continue to flourish. The expansion of IT firms and their many lines of business in the area are also driving a need for endpoint device protection. The governments of the United States and Canada too are pursuing a number of projects to raise organization-wide knowledge of cyber security and to promote and assist them in implementing suitable cyber security measures.
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