With the emergence and long-term Impact of COVID-19, the Global Cyber Security Market to reach USD 399.16 Billion by 2028
Bizwit Research & Consulting LLP’s Recent Analysis on Global Cyber Security Market is poised to raised USD 399.16 billion by 2028. The increasing incidences of cyber-attacks and the growing cost of data breaches as well as strategic initiatives from leading market players are key factors accelerating Market Growth. For instance, according to Federal Bureau of Investigation (FBI) estimates – in 2020, in the USA around 6.95 million new phishing and scam pages were created, making it the most common attack in 2020. Moreover, as per GOV.UK (a United Kingdom public sector information website) – during 2019, around 32% of the total UK businesses reported cyber-attacks, and it further increased to 39% in 2022. In addition, 39% of UK businesses who reported cyber-attack, the most prevalent type of attack was phishing attempts (83%). Further, according to a report from the European Cyber Security Organization, the UK government allocated roughly USD 2.3 billion in 2020 to fund several network and internet security programs for both research and defense.
The key regions considered for the Global Cyber Security Market study includes Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region in terms of revenue owing to the dominance of early availability of technologies which consistently dominated the market in past years, as well as the presence of leading market players in the region. The Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as increasing usage of cloud computing, Internet of Things (IoT) Devices and the increasing number of data centers in the region.
The Global Cyber Security Market is highly competitive owing to the presence of several key manufacturers such as Cisco Systems, Inc., Palo Alto Networks, McAfee, Inc., Broadcom Inc., Trend Micro Incorporated, CrowdStrike Holdings Inc., Check Point Software Technologies Ltd., International Business Machine (IBM), Fortinet Inc., Zscaler, Inc.
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Global Cyber Security Market Size study, by Component (Hardware, Software, Services) by Security Type (Endpoint Security, Cloud Security, Network Security, Application Security, Infrastructure Protection, Data Security, Others), by Solution (Unified Threat Management (UTM), IDS/IPS, DLP, IAM, SIEM, DDoS, Risk and Compliance Management, Others), by Services (Professional Services, Managed Services), by Deployment (Cloud-based, On-premises), by Organization Size (SMEs, Large Enterprises), by Application(IT & Telecom, Retail, BFSI, Healthcare, Defense/Government, Manufacturing, Energy, Others) and Regional Forecasts 2022-2028
Key findings of the study suggest:
- Global Cyber Security Market is anticipated to grow with a healthy growth rate of more than 12% over the forecast period 2022-2028
- In the Security Type segment, Infrastructure Protection emerged as the leading market segment in 2022.
- North America is the leading/significant region across the world in terms of market share owing to the dominance of early availability of technologies that consistently dominated the market in past years, as well as the presence of leading market players in the region.
- Asia-Pacific is expected to grow at a higher rate during 2022-2028
Bizwit Research & Consulting has considered the following segments for the study:
By Security Type:
- Endpoint Security
- Cloud Security
- Network Security
- Application Security
- Infrastructure Protection
- Data Security
- Unified Threat Management (UTM)
- Risk and Compliance Management
- Professional Services
- Managed Services
By Organization Size:
- Large Enterprises
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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