DUBLIN--(BUSINESS WIRE)--The "Cyber Security Market Research Report: By Component, Security Type, Deployment, Enterprise, Use Case, Industry - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
In 2019, 1,473 data breaches in the U.S. led to the exposure of 164,683,455 confidential records, as per the Identity Theft Resource Center (ITRC). Additionally, in May 2020 alone, 841,529 records were exposed in 108 data breach incidents. The records ranged from people's financial and medical information to strongly protected national secrets. Weak passwords, improper configuration, complex access permissions, and malware attacks are the major reasons behind data breaches. Moreover, with more companies transitioning to the cloud, the threat is becoming even more real.
As per the publisher, due to the rising number of such attacks, the cyber security market will grow from $119.9 billion in 2019 to $433.6 billion by 2030, at a 12.6% CAGR between 2020 and 2030. Most people associate cyber security with a simple antivirus, but it is a lot more than that, encompassing application, enterprise, endpoint, network, database, cloud, email, and information security. Among these, the demand for enterprise security solutions is the highest, as organizations are becoming aware about keeping their entire IT infrastructure safe from cyber miscreants.
In the coming years though, the requirement for cloud security solutions is expected to rise the fastest, on account of the burgeoning usage of cloud computing. Cloud allows companies to minimize their IT infrastructure requirement, access the data from anywhere, at any time, and scale up and down the storage capacity as per usage. The 2020 State of the Cloud Report says that by 2023, around $500 billion will be publicly spent on cloud around the world. In 2019, McAfee had said that in any company, around 9% of the cloud applications in use are highly vulnerable to cyberattacks.
Apart from the increasing cyberattack incidence, another key driver for the cyber security market is the stringent compliance regulations in numerous countries. To encourage companies to take steps for safeguarding their reputation and avoid losses and protect customers' confidential data, several acts mandating a robust cybersecurity infrastructure have been passed. Examples of these laws are the 2018 California Consumer Privacy Act (CCPA), 1999 Gramm-Leach-Bliley Act, 1996 Health Insurance Portability and Accountability Act (HIPAA), Federal Information Security Management Act (FISMA), 2002 Homeland Security Act, General Data Protection Union (GDPR), and Payment Card Industry Data Security Standard (PCI DSS).
Presently, North American people are the most significant users of cybersecurity solutions, due to the wide usage of data analysis tools, increasing number of data centers, rapid adoption of cloud computing, fast-paced digitization, high download rate of mobile applications, and rising usage of electronic health records (EHRs). In the immediate future, the demand for cybersecurity solutions is expected to boom in Asia-Pacific (APAC), due to the increasing awareness about thwarting cyberattacks, rising adoption of data encryption and protection solutions, growing penetration of mobile internet, and government support.
Market Dynamics
Trends
- Increasing preference for bring your own device (BYOD)
- Rise in number of mergers & acquisitions in the market
Drivers
- Increasing number of data breaches
- Rising usage of mobile devices
- Stringent government regulations for data privacy
- Impact analysis of drivers on market forecast
Restraints
- Lack of awareness for cyber security among SMEs
- Restricted budget for cyber security
- Impact analysis of restraints on market forecast
Opportunities
- Increasing adoption of cyber security solutions by healthcare industry
Companies Mentioned
- Cisco Systems Inc.
- Check Point Software Technologies Ltd.
- Fortinet Inc.
- Juniper Networks Inc.
- Palo Alto Networks Inc.
- FireEye Inc.
- IBM Corporation
- McAfee LLC
- Broadcom Inc.
- Trend Micro Incorporated
For more information about this report visit https://www.researchandmarkets.com/r/l1uh52
