Global cybersecurity market to reach valuation of US$425B by 2030, growing at a 13.8% CAGR during 2023-2030 period; growing adoption of cybersecurity technologies to eliminate cyber threats drives demand for network security solutions: report

May 3, 2023 (press release) –

The global cyber security market size is estimated to display strong growth by reaching USD 424.97 billion by 2030. Fortune Business Insights™ in its report titled “Cyber Security Market Size, Share & COVID-19 Impact Analysis, By Security Type (Network Security, Cloud Application Security, End-point Security, Secure Web Gateway, Application Security, and Others), By Enterprise Size (Small & Medium Enterprise and Large Enterprises), By Industry (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities, and Others), and Region Forecast, 2023-2030 ” observes that the market size in 2022 stood at USD 153.65 billion and is expected to reach 172.32 billion in 2023. The market is expected to witness a strong CAGR of 13.8% during 2023-2030. The growing adoption of cyber security technologies to eliminate cyber threats drives the demand for network security solutions. Market players have been focusing on developing advanced cyber security solutions.

GE Healthcare Launched an Artificial Intelligence-based Network Security Service Platform

In February 2020, GE Healthcare launched an artificial intelligence-based network security service platform. The service is developed to connect medical devices, AI, and process management tools to aid hospital groups in combating cyber security threats. Key players have been integrating core technologies, which is further boosting the adoption of new technologies.

Pandemic Significantly Impacted the Demand for Internet Security Solutions and Services

The COVID-19 pandemic led to the shutdown of numerous small & medium businesses across the globe. As per NBER in 2020, 43% of respondents in the U.S. reported the temporary shutdown of small & medium businesses as pandemic impacted small companies and start-ups globally. This significantly impacted the demand for internet security solutions and services. Key players have been launching various security solutions to secure industrial operations against severe cyber-attacks.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/cyber-security-market-101165

Integration of New and Advanced Technologies in Security Solutions to Propel Market Development

Integration of new and advanced technologies in security solutions is predicted to drive the cyber security market growth. With rise of the IoT market, IoT-based solutions have been gaining popularity across various information security applications which has led to the adoption of advanced technologies in internet security. Moreover, big data and cloud technology support enterprises in learning and exploring potential risks. Market players including Cisco Systems, IBM Corporation, and others have been focusing on developing cloud computing-based cybersecurity solutions. These cloud computing services are designed on the Analytics as a Service (AaaS) platform, assisting users in identifying and mitigating threats rapidly.

Launch of Advanced Features by the Market Players to Boost Market Growth

Key players of the market have been opting for collaboration and partnership strategies. Cisco Systems, Inc., IBM Corporation, Microsoft Corporation, Palo Alto Network, Inc., Broadcom, Inc., and others are some of the key market players. In June 2021, Broadcom Inc. launched an advanced feature called Adaptive Protection, which is included in Symantec Endpoint Security. Adaptive Protection utilizes advanced machine learning techniques based on the ages of Symantec endpoint security experience to deliver additional security that is automated and personalized for each customer's environment, with no impact on productivity. Adaptive Protection uses businesses to keep aware of cyber assaults and prevent breaches before they occur.

Notable Industry Development

• January 2023: Trend Micro Inc. launched CTOne, a new subsidiary company, which is focused on enhancing the 5G network security. Organizations will integrate resources to battle the threats in the private 5G networks more effectively.

List of Key Companies Profiled in the Report:

• Cisco Systems, Inc. (U.S.)
• IBM Corporation (U.S.)
• Fortinet, Inc. (U.S.)
• Proofpoint, Inc. (U.S.)
• Microsoft Corporation (U.S.)
• Palo Alto Networks, Inc. (U.S.)
• Zscaler, Inc. (U.S.)
• Broadcom, Inc. (U.S.)
• F5 Networks, Inc. (U.S.)
• Check Point Software Technologies (Israel)
• Sophos Ltd. (U.K.)

Further Report Findings

• The market in North America stood at USD 67.77 billion in 2022 due to increasing number of online e-commerce platforms, thereby boosting the market growth in countries, such as the U.S. and Canada, which is expected to expand the cyber security market share.
• Global providers in the market, such as Palo Alto Networks, Inc., Microsoft Corporation, IBM Corporation, and others, have been investing in development of advanced network security solutions.
• Europe is estimated to have a notable CAGR with increasing number of security projects and investments by prime companies. Key providers install advanced IT security solutions to secure the highly intimate information related to manufacturing operations and increase their productivity.

Table of Segmentation

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.