Forecast shows cybersecurity market will surpass $471.49 billion by 2030, growing at a CAGR of 9% from 2020 to 2030

The cybersecurity market has experienced growth due to the increasing incidence of cyber-attacks. In 2020, the cybersecurity market size reached US$ 200.26 billion, and analysts estimate it will increase to US$ 471.49 billion by 2030 with an anticipated CAGR of 9.0%. The rising adoption of digital technologies and online transactions is expected to drive further demand for cybersecurity market growth.

Cybersecurity involves implementing processes and technologies to control and safeguard systems, programs, data, and devices against cyber-attacks. It aims to mitigate the risk of illegally exploiting networks, systems, and technologies.

In August 2022, True Digital introduced a new cybersecurity solution to identify threats and suspicious activities and automatically respond to such incidents. This new solution enhances organizational trust and ensures safety in the digital age.

In March 2023, Kaspersky released “Kaspersky Plus, Kaspersky Standard, and Kaspersky Premium,” new and improved products that provide advanced digital protection. These products are designed to safeguard against potential digital threats and ensure users’ safety online.

Key drivers of the cybersecurity market

Several factors are driving the growth of the cybersecurity market, including the rise in frequency and severity of cyber-attacks, the adoption of mobile devices and cloud computing, the digital transformation of businesses, and the necessity of regulatory compliance.

These factors contribute to a growing demand for more sophisticated and comprehensive security solutions to safeguard against various threats and ensure business continuity. The cybersecurity market may expand as cybersecurity gains recognition for its importance.

The impact of Covid-19 on the cybersecurity market

The market has been affected by various aspects of the COVID-19 pandemic. The shift to remote work has increased the demand for secure VPNs and email security solutions. However, budget cuts due to the pandemic have left some organizations vulnerable to cyber-attacks. Furthermore, as digital transformation has accelerated, there has been a greater need to secure remote access technologies and IoT devices.

Cyber insurance has become more widespread, and phishing attacks have surged during the pandemic, requiring robust email security solutions. Finally, the pandemic has highlighted the significance of supply chain security, underscoring the importance of secure supply chain management to ensure business continuity.

Growth opportunities

The cybersecurity market offers numerous possibilities for growth and innovation, including integrating emerging technologies such as AI, ML, and blockchain, the rising demand for cloud security solutions, the expanding IoT market, and the increased investment in cybersecurity.

Emerging technologies have paved the way for more sophisticated and automated security solutions. At the same time, the growing popularity of cloud computing and IoT devices has necessitated the development of targeted security solutions.

Moreover, the growing awareness of the significance of cybersecurity is spurring an increase in investment in security solutions, creating opportunities for both established players and new entrants to the market.

Projected trends indicate that the need for advanced and comprehensive security solutions will increase as cyber threats evolve, creating ongoing opportunities for growth and innovation in the cybersecurity market.

Key Players

IBM (US)
Cisco (US)
Check Point (Israel)
FireEye (US)
Trend Micro (Japan)
NortonLifeLock (US)
Rapid7 (US)
Micro Focus (UK)
Microsoft (US)
Amazon Web Services (US)

WRITTEN BY

Team Eela

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