Cybersecurity market Market Scope
The cybersecurity market refers to the industry involved in providing products, services, and solutions to protect computer systems, networks, and data from unauthorized access, breaches, and other cyber threats. It encompasses a wide range of technologies, practices, and processes aimed at safeguarding digital assets and ensuring the confidentiality, integrity, and availability of information. This market has been experiencing significant growth in recent years due to the escalating number and complexity of cyber threats. The increased adoption of digital technologies, cloud computing, and the Internet of Things (IoT) has expanded the attack surface, making organizations more vulnerable to cyber attacks. As a result, businesses and individuals alike are investing in cybersecurity solutions to mitigate risks and protect sensitive data.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | FortiRecon (United States), Kenna Security, Inc. (United States), Cisco (United States), Palo Alto (United States), Accenture (Ireland), Broadcom Inc. (United States), HCL Technologies Limited (India), IBM Corporation (United States), Infosys (India) and Tata Consultancy Services (India) |
CAGR | % |
The introduction of devices with artificial intelligence and machine learning capabilities by players in the cyber security market is helping businesses automate their IT security. A new iteration of Palo Alto Networks' Cortex XDR platform was unveiled. The new version is anticipated to increase the investigation, monitoring, and detection capabilities, providing the security operation centre (SOC) teams with broader and better protection
FortiRecon (United States), Kenna Security, Inc. (United States), Cisco (United States), Palo Alto (United States), Accenture (Ireland), Broadcom Inc. (United States), HCL Technologies Limited (India), IBM Corporation (United States), Infosys (India) and Tata Consultancy Services (India) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Cybersecurity market market by Type and Region with country level break-up.
On the basis of geography, the market of Cybersecurity market has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
A leader in cybersecurity, Kenna Security, Inc., was acquired by Cisco. It provides a risk-based vulnerability management platform that ranks vulnerability risks. Organisations may collaborate cross-functionally to quickly detect, prioritise, and address cyber risks thanks to Kenna's risk-based vulnerability management platform
FortiRecon, a complete Digital Risk Protection Service (DRPS) product that manages a company's risk posture and recommends actionable steps to protect its brand reputation, enterprise assets, and data, was introduced by Fortinet in June 2022. With External Attack Surface Management (EASM), Brand Protection (BP), and Adversary-Centric Intelligence (ACI), it offers an exceptional triple offering of outside-in protection
Influencing Trend:
Recently there is rise of Identity-Centric Security which has become a critical component of cybersecurity strategies
Market Growth Drivers:
The frequency and sophistication of cyber threats, such as malware, ransomware, data breaches, and advanced persistent threats (APTs), continue to rise which increases demand for cybersecurity and The ongoing digital transformation across industries has led to a proliferation of connected devices, cloud computing, IoT, and other technologies
Challenges:
The number, breadth, and sophistication of targeted attacks keep growing. It has become difficult to understand the different types of attacks due to the diversity of threats
Restraints:
Budgets set aside to solve cyber security issues are not keeping up with the requirements' rapid growth. In order to protect their networks and IT infrastructures from various cyber-attacks, the majority of small businesses lack the financial resources and IT security experience to implement upgraded cyber security solutions
Opportunities:
As the Internet of Things (IoT) expands, there is a critical need for securing IoT devices and networks. Cybersecurity companies can capitalize on this opportunity and There is an opportunity for cybersecurity providers to develop and offer cloud security services that address the unique challenges associated with securing cloud-based infrastructure, data, and applications
Key Target Audience
• BFSI, • Public Sector, • Retail, • Healthcare, • IT and • Energy & Utilities