Global Cyber Security Market Report (2022 to 2027) - IoT Security to Play a Vital Role in Cybersecurity - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Cyber Security Market by Component (Software, Hardware, and Services), Software (IAM, Encryption and Tokenization, and Other Software), Security Type, Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global cyber security market size is expected to grow from an estimated value of USD 173.5 billion in 2022 to USD 266.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 8.9% from 2022 to 2027.

The increased number of data breaches across the globe, the ability of malicious actors to operate from anywhere in the world, the linkages between cyberspace and physical systems, and the difficulty of reducing vulnerabilities and consequences in complex cyber networks are some factors which are driving the cyber security market growth. However, the lack of cyber security professionals and the lack of budget constraints among SMEs and start-ups in developing economies are expected to hinder the market growth.

By Organization size, SMEs to grow at the highest CAGR during the forecasted period

Small and medium-sized businesses (SMEs) from a variety of industries are going through a digital transformation and using cloud computing to streamline operations, increase mobility, get rid of on-premises technology, and save costs. To protect their online applications and Application Programming Interfaces (APIs) against unwanted access, vulnerabilities, and attacks, SMEs are using cybersecurity solutions and services. Cybercriminals use automated techniques to attack SMEs' networks in order to take advantage of their weak security infrastructures.

Therefore, in order to save money, time, and resources, SMEs are seeking cyber security solutions. Additionally, governments are acting to safeguard SMEs in their own nations. But significant problems including operational activity budget restrictions, a lack of capital funding, and a shortage of qualified workers are anticipated to impede market expansion for SMEs in developing nations.

SMEs are vulnerable to new security problems as they implement digitalization at an increasing rate. As a result, the IT departments of SMEs make investments in implementing cyber security solutions. Thus, the SMEs are to grow at the highest CAGR during the forecasted period.

By Vertical, the aerospace and defence vertical account for a larger market size during the forecasted period

The civil and military aerospace and defence procurements are included in the aerospace and defence verticals. The rate of growth of security risks in the aerospace and defence sectors is alarming. This vertical is intended to harvest extremely sensitive and confidential data from important sectors, such as the government, prime contractors, and suppliers. Big data and increased digitization in nearly every element of the armed forces raise the likelihood of cybercriminal attacks.

The use of IT and telecommunications tools like RADARs and encryption-based wireless technologies for secure communication are the main drivers, and they will assist in expanding the markets. Additionally, the sector is undergoing a significant digital change, which has increased the need for cyber security services and solutions. Thus the aerospace and defence vertical accounts for a larger market share during the forecasted period.

By Organization size, large enterprises to grow at the highest market size during the forecasted period

Large enterprises and SMEs may protect themselves with the help of cyber security solutions from cyberattacks that aim to breach and undermine their IT infrastructure. For the purpose of protecting their critical assets, large organizations throughout the world continue to implement cyber security solutions at a rapid rate.

In order to include security solutions and services for defending vital assets from cyberattacks, large organisations are redesigning their security policies and architecture. To protect networks, endpoints, data centres, devices, users, and applications against unauthorised use and harmful ransomware attacks, they heavily rely on cyber security.

Large businesses are increasingly using access management tools to enable privileged access to servers and online applications, which promotes market expansion. Large enterprises are more likely to employ cyber security solutions as a result of huge budgets implementing top-notch security solutions and the strong demand for real-time auditing and monitoring of the growing IoT traffic. Thus large enterprises are to have the highest market growth during the forecasted period.

Market Dynamics

Drivers

• Increased Target-Based Cyber-Attacks to Draw Operational Disruptions
• Cybersecurity Mesh Architecture (Csma) to Simplify Security Infrastructure
• Growing Demand for Cyber-Savvy Boards

Restraints

• Lack of Cybersecurity Professionals
• Lack of Budget Among SMEs and Start-Ups in Developing Economies

Opportunities

• IoT Security to Play a Vital Role in Cybersecurity Market
• Adoption of Cloud-Based Cybersecurity Solutions Among SMEs
• Growth of Endpoint Security Segment due to Increased Byod Trend

Challenges

• Challenges in Deploying and Implementing Cybersecurity Design Solutions
• Diverse Nature of Sophisticated Threats
• Difficulties in Addressing Complexity of Advanced Threats

Companies Mentioned

• Accenture
• Algosec
• Amazon Web Services
• Aristi Labs
• Bluvector
• Check Point
• Cisco
• Cyberark
• Cynet
• Datavisor
• F-Secure
• F5
• Forcepoint
• Fortinet
• Ibm
• Imperva
• Juniper Networks
• Micro Focus
• Microsoft
• Nortonlifelock
• Nozomi Networks
• Oracle
• Palo Alto Networks
• Proofpoint
• Qualys
• Rapid
• Revbits
• Rsa Security
• Securden
• Sentinelone
• Sonicwall
• Sophos
• Splunk
• Trellix
• Trend Micro
• Wijungle
• Zscaler

For more information about this report visit https://www.researchandmarkets.com/r/epnajg