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(Wireless-NewsWire.Com, February 06, 2024 ) According to a research report "Cybersecurity Market by Offering, Solution Type, Services (Professional and Managed), Deployment Mode (On-Premises Cloud, and Hybrid), Organization Size (large enterprises and SMEs), Security Type, Vertical and Region - Global Forecast to 2028" published by MarketsandMarkets, the global cybersecurity market size is projected to grow from USD 190.4 billion in 2023 to USD 298.5 billion by 2028 at a CAGR of 9.4% during the forecast period.
The expansion of the cybersecurity market is primarily driven by the escalating number and sophistication of cyber threats as organizations and individuals increasingly operate in a digitally interconnected world. The widespread adoption of technologies like cloud computing, the IoT, and AI further amplifies the need for robust cybersecurity measures. Additionally, stringent regulatory requirements for data protection across various industries compel businesses to enhance their cybersecurity frameworks. The rapid digital transformation, coupled with a heightened awareness of cyber risks, also plays a crucial role in fueling the growth of the cybersecurity market.
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Browse 370 market data Tables and 60 Figures spread through 365 Pages and in-depth TOC on "Cybersecurity Market - Global Forecast to 2028"
By vertical segment, the healthcare & life sciences vertical will grow at the highest CAGR during the forecasted period.
The healthcare and life sciences sector is expected to grow at the highest CAGR in the cybersecurity market for several reasons. The sector deals with vast amounts of sensitive personal health information, making it a prime target for cyberattacks. With the increasing use of technology in healthcare, such as electronic health records and connected medical devices, there is a larger surface for potential cyber threats. These technologies, while improving patient care and operational efficiency, also create vulnerabilities that need strong cybersecurity measures. Additionally, the healthcare sector must comply with stringent regulations regarding patient data protection, like HIPAA in the US. Historically, the healthcare sector has not been as heavily invested in cybersecurity as others, which means there is a lot of ground to cover quickly. Thus, the need for rapid improvement in cybersecurity, driven by both increasing threats and regulatory requirements, is why the healthcare and life sciences vertical is anticipated to see significant growth in cybersecurity investment and development.
By offerings, the solution segment holds the largest market size during the forecast period.
The solutions segment in the cybersecurity market is anticipated to have the largest market size due to several key factors. Firstly, the growing number of cyber threats, which are becoming more complex, requires sophisticated and comprehensive cybersecurity solutions. These threats are no longer limited to large organizations but affect businesses of all sizes and individuals, broadening the market for cybersecurity solutions. Secondly, the rapid digital transformation across various industries has made businesses more reliant on digital infrastructure. This shift demands robust cybersecurity measures to protect sensitive data and ensure business continuity.
Additionally, as companies increasingly adopt technologies like cloud computing, the IoT, and AI, the need for advanced security solutions to safeguard these technologies becomes more pronounced. Furthermore, regulatory requirements across the globe are becoming stricter in terms of data protection, pushing companies to invest in reliable cybersecurity solutions to comply with these regulations. All these factors contribute to the growing market size of the solutions segment in the cybersecurity landscape.
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By region, the Asia Pacific market is to grow at the highest CAGR during the forecast period.
The Asia Pacific region, encompassing well-established economies like China and Japan and emerging economies like India, is poised for the highest CAGR during the forecasted period due to several key factors. Rapid economic growth in the Asia Pacific region led to a significant increase in digitalization across businesses and government sectors, creating a larger target for cyber threats. This surge in digital activities necessitates stronger cybersecurity measures. Additionally, the region is experiencing a rapid expansion in internet usage and smartphone adoption, further increasing the need for robust digital security. Many countries in the Asia Pacific are also developing and enforcing stricter data protection regulations, compelling businesses to enhance their cybersecurity infrastructure. Moreover, as industries in the region such as banking, healthcare, and retail increasingly adopt digital technologies, they become more vulnerable to cyberattacks, thus driving the demand for advanced cybersecurity solutions. The combination of these factors contributes to the anticipated high growth rate in the cybersecurity market in the Asia Pacific region.
Market Players:
IBM (US), Cisco (US), Microsoft (US), Palo Alto Networks (US), Fortinet (US), Check Point (US), Trellix (US), Trend Micro (Japan), Rapid7 (US), Micro Focus (Open text) (UK), AWS (US), Oracle (US), Accenture (Ireland), CyberArk (US), SentinelOne (US), Qualys (US), F-secure (Finland), F5 (US), RSA Security (US), Sophos (UK), Forcepoint (US), Proofpoint (US), Juniper Networks (US), SonicWall (US), Zscaler (US), Google (US), Fortra (US), Crowdstrike (US), Broadcom (US), Redington (India), NTT (Japan), Algosec (US), Cynet (Israel), Nozomi Networks (US), Revbits (US), Aristi Labs (India), Illumio (US), Seclore (US), Securonix (US), Sejel Tech (SaudiArabia), Proficio (US), Wijungle (India), Secureden (US), Orca Security (US), Wattle Corporation (India), Open Raven (US), CPX (UAE), and Mesh Security (Israel) are the key players and other players in the cybersecurity market.
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