Published on : Nov 22, 2022
Major cyber security market participants include BAE Systems, Inc., IBM Corporation, Palo Alto Networks, Inc., Dell Technologies Inc., DXC Technology Company, F5, Inc., Fortinet, Inc., Cisco Systems, Inc., Intel Corporation, Oracle Corporation, Microsoft Corporation, and others.
The cyber security market valuation is expected to cross USD 900 billion by 2032, as reported in a research study by Global Market Insights Inc.
The growing need for the protection of sensitive personal data in the IT & telecommunications sector has led to an increase in the demand for cybersecurity solutions. Since telcos are a key component of the infrastructure that supports the functioning of communications, the telecom sector has been a major target of cyber risks. Customer data is another traditional high-impact target associated with the industry. Moreover, government authorities are enforcing an increasing number of cybersecurity compliance regulations. To safeguard servers, data centers, and virtual information systems, businesses are implementing security solutions, which is foreseen to supplement the cyber security market growth.
Limited awareness about IAAM solutions may impede product adoption
The lack of awareness among organizations about the numerous benefits of identity and access management (IAAM) systems is negatively affecting business statistics. As these solutions are vital for protecting businesses against cyberattacks and allowing the right user access to sensitive information, the absence of a robust cybersecurity infrastructure puts a firm’s data at risk.
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Automatic system update feature to amplify unified threat management demand
The unified threat management (UTM) network security segment is projected to grow at more than 20% CAGR from 2023 to 2032. UTM’s capability to automatically update with recent security upgrades, anti-virus definitions, and new features is likely to impel segment uptake in the future.
Proliferation of integrated security solutions and IP traffic to expand network security market share
The network security segment held around 15% of the cybersecurity market share in 2022 and is anticipated to observe significant growth rate through 2032. Companies find it challenging to manage the complexity of contemporary networks as new network architectures proliferate. Thus, the demand of the network security solutions market is forecast to be driven by the increasing IP traffic and penetration of integrated security solutions.
Rising inclination towards digitalization and automation to fuel product demand by SMEs
Based on organization, the SME segment is slated to depict nearly 15% growth between 2023 and 2032. The rising inclination of SMEs toward automation, digitalization, IoT, and smart manufacturing has led to the adoption of information technology, the conversion of physical assets into digital assets, and zero tolerance for information security violations. All communications, transactions, and documents are now digital and exchanged online. However, this makes SMEs a prime target for online intruders and hackers, which is speculated to increase the need for cybersecurity solutions in these organizations.
Technological advancements in vehicles to promote transportation segment expansion
The cybersecurity market from the transportation end-user segment is estimated to showcase over 10% gains through 2032 owing to the growing adoption of IIoT, smart logistics, and digital infrastructure. Furthermore, a variety of electronics, sensors, and computer systems are required for the development of new technologies, such as advanced driver support technologies in autonomous vehicles. Companies are focused on establishing robust cybersecurity infrastructure to combat hazards as they investigate the safety advantages of these new car technologies, which is primed to support segment expansion.
Burgeoning use of smart devices to boost LATAM market revenues
The Latin America cyber security market is anticipated to exceed USD 100 billion by 2032. The challenges and vulnerabilities related to cybersecurity have grown as a result of the rapidly changing digital environment in the LATAM region. The growing use of smart devices, coupled with rising government spending on broadband infrastructure, contributes largely to regional revenue share.
Expansion tactics to define the competitive landscape
BAE Systems, Inc., IBM Corporation, Palo Alto Networks, Inc., Dell Technologies Inc., DXC Technology Company, F5, Inc., Fortinet, Inc., Cisco Systems, Inc., Intel Corporation, Oracle Corporation, Microsoft Corporation, and others are some key companies functioning in the competitive landscape of the cyber security market.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Cybersecurity industry 3600 synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Product type trends
2.5 Organization type trends
2.6 Industry trends
Chapter 3 Cybersecurity Industry Insights
3.2 Impact of COVID-19 outbreak
3.3 Cybersecurity ecosystem analysis
3.4 Cybersecurity evolution
3.5 Regulatory landscape
3.6 Technology and innovation landscape
3.7 Patent analysis
3.8 Investment portfolio
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.2 Industry pitfalls & challenges
3.11 Cybersecurity statistics
3.12 Porter’s analysis
3.13 PESTEL analysis