13.57% CAGR Growth In Cyber Security Market Due To The Rising Utilization Of Mobile Devices | Technavio


(MENAFN- PR Newswire) NEW YORK, Feb. 13, 2024 /PRNewswire/ -- The
Cyber Security Market size is expected to grow by USD 203.5 billion from 2022 to 2027. Technavio's latest market research report estimates that the cyber security market will progress at a CAGR of 13.57%. The market growth is significantly influenced by the rising utilization of mobile devices. The increased prevalence of smartphones, laptops, and tablets has driven a greater need for cybersecurity solutions. This increased demand is a result of the expanded use of the Internet on these devices, which amplifies the potential for cyber threats. As mobile devices increasingly store and access important personal and work-related data, the risk of unauthorized access in cases of loss or theft has escalated. Technavio offers in-depth market insights that assist global businesses to obtain growth opportunities.
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Technavio has announced its latest market research report titled Global Cyber Security Market 2023-2027
Technavio has announced its latest market research report titled Global Cyber Security Market 2023-2027

Report Coverage

Details

Page number

180

Base year

2022

Historic period

2017 - 2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 13.57%

Market growth 2023-2027

USD 203.5 billion

Market structure

Fragmented

YoY growth
2022-2023(%)

11.69

Regional analysis

North America, APAC, Europe, Middle East and Africa, and South America

Performing market contribution

North America at 34%

Key countries

US, China, Japan, UK, and Germany

  • Deployment
    • On-premise
    • Cloud-based
  • End-user
    • Government
    • BFSI
    • ICT
    • Manufacturing
    • Others
  • Geography
    • North America
    • APAC
    • Europe
    • Middle East And Africa
    • South America

The on-premise cybersecurity segment is expected to significant growth in the market during the forecast period. The on-premise cybersecurity segment, initially valued at USD 63.27 billion in 2017 and steadily growing until 2021, faces challenges due to the increasing preference for cost-effective cloud-based solutions. Although on-premises security is strong and customizable, its market is declining due to high costs and limitations compared to cloud options. Small-medium enterprises prefer cloud-based security for its affordability, leading to reduced adoption of on-premises solutions. Despite some sectors prioritizing security over expenses, the limitations of on-premises systems, such as lack of real-time analysis and high deployment costs, are expected to hinder the market
growth.
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North America is projected to contribute around 34% to the global market's expansion during the forecast period.
The US stands as the primary revenue generator and is expected to uphold this position in the next few years. The growth in this region is primarily fueled by the increased occurrence of cyber threats, rise of technological advancements and the utilization of cloud-based data storage systems. Moreover, the rising adoption of mobile devices for both personal and professional purposes has led to an increased demand for cybersecurity solutions, positively influencing market revenues. Previous cyberattacks on North America's IT infrastructure have included mobile malware, spear phishing, distributed denial-of-service (DDoS) attacks, and email-related threats. These factors are anticipated to boost
the growth of the regional cyber security market.

Some of the major companies of the cyber security market include AO Kaspersky Lab, Booz Allen Hamilton Holding Corp., Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., Dell Technologies Inc., Fortinet Inc., F Secure Corp., General Dynamics Corp., Hewlett Packard Enterprise Co., International Business Machines Corp., Juniper Networks Inc., Lockheed Martin Corp., McAfee LLC, Microsoft Corp., Northrop Grumman Corp., Raytheon Technologies Corp., Sophos Ltd., The Boeing Co., and Trend Micro Inc.
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for information on the challenges.

The industry is fragmented, and the degree of fragmentation
will accelerate. The increase in use of mobile devices will offer immense growth opportunities. However, the High cost of deployment will hamper the growth.

Key Highlights

  • CAGR during the forecast period 2023-2027
  • Detailed information on factors that will assist growth during the next five years
  • Estimation of the size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • Analysis of the competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of vendors
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The global industry is witnessing exponential growth due to escalating cyber-attacks targeting e-commerce platforms and smart devices. The widespread deployment of cloud services has further fueled this expansion, with growth driven by the proliferation of devices equipped with the Internet of Things (IoT). As businesses adopt intelligent technologies, they become increasingly vulnerable to sophisticated cyber threats. Consequently, end-user organizations are investing heavily in robust security measures to safeguard their digital assets. With the rising complexity of cyber threats, the demand for advanced cybersecurity solutions continues to soar. The trajectory underscores the critical importance of proactive cybersecurity measures in today's interconnected world.

Related Reports:
Aviation Cyber Security Market : The size is estimated to grow at a CAGR of 9.4% between 2022 and 2027. The size is forecast to increase by USD 38.08 billion.

Secure Web Gateway Market : The secure web gateway market is estimated to grow at a CAGR of 21.52% between 2022 and 2027. The size is forecast to increase by USD 11,710.84. million.

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
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