The global Cyber Security Market accrued earnings worth approximately 139(USD Billion) in 2021 and is predicted to gain revenue of about 210(USD Billion) by 2028, is set to record a CAGR of nearly 10.1% over the period from 2022 to 2028. The study provides assessment and analysis of the Cyber Security Market on a global & regional level. It offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2021 along with a forecast from 2022 to 2028 based on revenue (USD Billion).
Cyber security is the use of technologies, processes, and controls for protecting networks, devices, and confidential data from cyber-attacks. Furthermore, cyber security tools also protect computer system against theft, information disclosure, and software & hardware damage as well as disruption of electronic information in coded format. Moreover, there are various kinds of cyber threats including malware, formjacking, backdoors, cryptojacking, DNS poisoning attacks, and DDoS attacks. Hence, to counter such cyber-attacks, strong cyber security has become a need of the moment.
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Rise in cybercrimes over last few years has led to massive financial losses for business, thereby boosting demand for cyber security systems. Additionally, rise in use of e-commerce tools and breakthroughs in disruptive technologies including AI and connected things has resulted in surge of cyber-crimes that can take undue advantage of weak cyber-security. Hence, need for strong cyber-security due to growing cyber security concerns will drive market trends. In addition to this, rise in need for cloud security has resulted in massive necessity of cyber security technologies, thereby boosting cyber security market trends.
Furthermore, rapid expansion of security services in healthcare, manufacturing, and government sectors will proliferate size of cyber security market. In addition to this, key players are focusing on introducing robust security solutions for safeguarding industrial functions along with combating cyber terrorism. This will promulgate scope of cyber security market growth. Citing an instance, in December 2020, IBM Corporation introduced IBM security X-Force for determining cyber-attacks. Apart from this, the firm introduced phishing campaign across nearly six countries.
The Global Cyber Security Market is Segmented on the basis of Product Type, Application, And Geography.
Cyber Security Market, By Product Type
• Security Software
• Security Hardware
• Security Services
Cyber Security Market, By Application
Cyber Security Market: Competitive Landscape
Key participants profiled in report and influencing growth of market are McAfee Corp., Symantec Corporation, Zscaler, Inc., Microsoft Corporation, Booz Allen Hamilton Holding Corporation, Sophos Ltd., IBM Corporation, Northrop Grumman Corporation, Palo Alto Networks, Inc., Broadcom, Inc., Fortinet, Inc., and Cisco Systems, Inc.
Our market analysis also includes a part dedicated only to such large firms, in which our experts present an overview of all of the main players’ financial statements, as well as product benchmarking and SWOT analysis. The competitive landscape section also contains an analysis of the above-mentioned players’ global development strategies, market share, and market position.
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