P&S Intelligence

Increasing Number of Data Breaches Is a Major Driver Resulting in the Growth of Cyber Security Market

 

New York City, NY -- (SBWIRE) -- 09/04/2020 -- With the increasing data breach cases, the global cyber security market is projected to grow to $433.6 billion by 2030, from $119.9 billion in 2019, at a 12.6% CAGR between 2020 and 2030, according to the market research study published by P&S Intelligence.

The COVID-19 pandemic is working like a charm for the cyber security market, as, with companies shifting to the work-from-home model and focus on essential healthcare services rising around the world, the incidence of cyber-attacks is also surging. During this period, not only are the IT departments finding it hard to detect cyber threats on individual employees' computers, but a large number of fake COVID-related websites with malicious intentions are also being created. This has led to a sharp surge in the demand for cybersecurity solutions, thereby benefitting the market.

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The growth of the cyber security market is also predicted to occur due to the outbreak of COVID-19 in the coming months. Because of the virus, a large number of companies have opted for work-from-home model, which is predicted to result in a rise in number of cyber-attacks on personal devices. For example, as per the Check Point Software Technologies Ltd., a 30% rise in COVID-19-related cyber-attacks occurred in May 2020, as compared to previous weeks that included a total of 192,000 incidents in past three weeks.

Among the various cyber security solutions, the identity & access management division dominated the cyber security market in 2019. This can be ascribed to the rising requirement for full control of user access in enterprises, secured collaboration with external stakeholders, protection of sensitive data, and automation of repetitive tasks for reducing the IT expenditure. On the basis of deployment, the cloud division held the larger share of the market in 2019.

This is because of the rising adoption of cloud services, owing to their ability of matching the dynamic and highly automated operations in a manner which is cost-effective, and growing number of cloud security challenges, including misconfiguration, increased user access to cloud data and applications, and visibility and control of cloud data, are leading to the growth of the cyber security market. Ascribed to this, players in the domain are focusing on developing cloud-enabled solutions which would improve support for cloud operations.

Browse report overview with detailed TOC on "Cyber Security Market Research Report: By Component (Solutions, Services), Security Type (Application, Network, Endpoint, Cloud, Enterprise), Deployment (On-Premises, Cloud), Enterprise (Large Enterprises, SME), Use Case (Security Monitoring, Network Traffic Analysis, Threat Hunting, Incident Response, Data Exfiltration), Industry (Aerospace & Defense, Government, BFSI, Healthcare, Retail, IT & Telecom, Manufacturing) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/cyber-security-market

Geographically, Asia-Pacific is expected to register the fastest growth during 2020–2030 in the cyber security market, which can primarily be owing to the surging need for a centralized view of the network infrastructure, increasing awareness regarding combating cyber-attacks, growing focus on encryption solutions, immediate need for data protection solutions, rising government support in the form of implementation of cyber security laws, and surging mobile internet penetration in the region.

The research includes detailed analysis of;

Based on Component
- Solutions
- Services

Based on Security Type
- Application
- Network
- Endpoint
- Cloud
- Enterprise

Based on Deployment
- On-Premises
- Cloud

Based on Enterprise
- Large Enterprises
- Small and Medium Enterprises (SMEs)

Based on Use Case
- Security Monitoring
- Network Traffic Analysis
- Threat Hunting
- Incident Response
- Data Exfiltration

Based on Industry
- Aerospace & Defense
- Government
- Banking, Financial Services, and Insurance (BFSI)
- Healthcare
- Retail
- Information Technology (IT) & Telecom
- Manufacturing

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