Cybersecurity Market To Reach USD 408.6 Billion By 2032, Says DataHorizzon Research
The cybersecurity market was valued at USD 179.8 Billion in 2022 and is expected to reach USD 408.6 Billion by 2032 and is expected to have a CAGR of 8.6%.
Fort Collins, Colorado, April 25, 2024 (GLOBE NEWSWIRE) —
Increasing Adoption of Artificial Intelligence and Machine Learning in Cybersecurity
The cybersecurity industry includes products, services, and solutions for safeguarding digital systems, networks, and data against cyber threats such malware, ransomware, phishing attacks, and data breaches. With the increasing digitization of enterprises and the sophistication of cyber threats, cybersecurity has become a key concern for organizations across all industries. The cybersecurity market is dynamic and rapidly developing in response to the constantly evolving threat landscape and technical breakthroughs. As businesses continue to invest in cybersecurity to safeguard their assets and reduce risks, the industry is projected to expand and innovate in the future years.
The increasing use of artificial intelligence (AI) and machine learning (ML) technology in cybersecurity creates a substantial market opportunity. AI and machine learning-powered cybersecurity solutions can assist enterprises in detecting and responding to cyber threats in real time, especially as the volume and complexity of threats increases. The use of AI and ML into cybersecurity solutions can enable automated threat identification, risk assessment, and incident response, increasing the overall effectiveness of cybersecurity measures while decreasing the workload on human analysts. As cyber attacks become more complex, enterprises will need to incorporate AI and machine learning technology in cybersecurity to remain ahead of the expanding threat landscape.
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Segmentation Overview:
The cybersecurity market has been segmented into component, deployment, enterprise size, security type, end-user and region.
Increase in demand for consultation services
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Based on the component, the market is divided into solutions and services. The service segment has dominated the global market for components, accounting for more than half of the revenue share. The segment’s growth is driven by an increase in demand for consultation services as well as frequent system updates for small and medium-sized businesses. Furthermore, following the pandemic, several businesses have continued to operate solely remotely, while others have permanently transferred their headquarters to remote locations. This has helped to accelerate the expansion of the cybersecurity sector.
Cloud-based security solutions registered huge growth
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Based on the deployment, the cybersecurity market is segmented into cloud and on-premises. The cloud-based segment currently leads the total industry in terms of implementation, due to cybersecurity software and services. Cloud-based security solutions are simple to maintain and relatively inexpensive, which is one of the primary reasons driving the market. Cloud solutions are the best option for deployment because they can be accessed remotely from several devices. In addition, the cloud sector saves on infrastructure costs.
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Cybersecurity Market Report Highlights:
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The increasing frequency and sophistication of cyber threats are important driving forces in the cybersecurity sector. As businesses and individuals depend more on digital technologies, the risk of cyber-attacks, data breaches, and other criminal acts increases. According to the World Economic Forum’s Global Risks Report 2021, cybersecurity failure ranks among the top ten global risks in terms of likelihood and impact. Furthermore, the growing popularity of remote work and digital transformation programs in the aftermath of the COVID-19 epidemic has increased the attack surface for cybercriminals.
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The North America region dominates the cybersecurity market. The primary cause is the early adoption of emerging technologies such as big data analytics, cloud computing, and IoT.
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Some prominent players in the cybersecurity market report include Symantec Corporation, IBM Corporation, Palo Alto Networks, Google LLC, Cisco Systems, Intel Security, EMC Corporation, BAE Systems, and BAE Systems.
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About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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CONTACT: Mail: sales@datahorizzonresearch.com Ph: +1-970-672-0390 Website: https://www.datahorizzonresearch.com
