WESTFORD, Mass., June 24, 2024 /PRNewswire/ — As per SkyQuest, the Global Cyber Security Market was valued at USD 150.02 Billion in 2022 and is poised to grow from USD 168.04 Billion in 2023 to USD 452.08 Billion by 2031, growing at a CAGR of 13.38% during the forecast period (2024-2031).
The global cybersecurity market is growing exponentially and is expected to continue to rise. A major factor in this growth is the frequent and dramatic increase in cyber threats targeting businesses, governments, and individuals. The increasing integration of digital technologies into critical infrastructure, such as strength grids, transportation systems, and healthcare facilities, has appreciably intensified the potential damages due to cyber-attacks.
Cybersecurity is growing as international organizations adopt technology like cloud computing, artificial intelligence (AI), the Internet of Things (IoT), and large information analytics as a part of their virtual transformation tasks. This enormous shift might present corporations that adopt virtual transformation with the chance of encountering new and unexpectedly converting cybersecurity threats.
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Cybersecurity Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 168.04 billion
Estimated Value by 2031
$ 452.08 billion
Growth Rate
Poised to grow at a CAGR of 13.38%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Industry, Deployment Mode and Organization Size
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Integration of Quantum Cryptography Represents a Pivotal Opportunity
Key Market Drivers
The Adoption of AI-powered Security Solutions Offers Substantial Growth Prospects for Participants Within Market
Segments covered in Cybersecurity Market are as follows:
TypeData Privacy, Data Security, Cloud Security, Industry Security, Integrated Risk Management, Consumer Security Software, Identity Access Management, Network Security Equipment, Infrastructure Protection, Security Services (Professional Services (Risk & Threat Management, Professional Services, Design, Consulting, And Implementation, Training & Education, Support & Maintenance), Managed Services), and Others (Antivirus/Antimalware, Patch Management, Security Information and Event Management (SIEM), OthersIndustryAerospace & Defence, Government, BFSI, Healthcare, IT, Telecommunication, Manufacturing, Retail, Energy & Utilities, Media & Entertainment, and OthersDeployment ModeCloud, On-premises, & HybridOrganization SizeSmall Enterprises, Medium Enterprises, and Large Enterprises
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Palo Alto Networks
Palo Alto Networks is a global leader in the global cybersecurity market, known for its advanced security programs and a wide range of services designed to protect against a variety of cyber threats The company focuses on breeding the next generation of firewalls on a large scale, including the use of artificial intelligence (AI) and machine learning identify and mitigate threats strength. Bolstered by acquisitions like io and RedLock, which has enhanced their Prisma cloud security suite Palo Alto Networks is also a strong proponent of zero trust architecture, which ensures strict access controls to mitigate vulnerability under various types.
In recent news, the acquisition of Sider Security in 2023 aims to strengthen its capabilities in supply chain security, addressing growing concerns about software supply attacks. The company’s hybrid of AI and machine learning sets a high standard in their security measures and continuous threat detection and prevention, contributing significantly to the global cybersecurity agenda.
Cisco Systems
Cisco Systems, a leading force in the cybersecurity landscape, leverages its extensive networking expertise to deliver robust security solutions. One of its key strategies is Secure Access Service Base (SASE) integration, which encompasses networking and security functions combine into a unified cloud-native service offering comprehensive solutions to enhance threat detection, detection and response. Their secure network analytics use network behavior analytics to detect and address anomalies in real time.
While the recent acquisition of Kenna Security enhanced Cisco’s risk-based vulnerability management capabilities, enabling them to better prioritize threats, Duo Security’s ongoing expansion enhances multifactor authentication and zero trust capabilities. Adding security to Cisco’s networking products provides enterprises with simple and scalable solutions, dramatically improving enterprise security worldwide.
Crowd Protection
CrowdStrike has created a strong niche in the global cybersecurity market with its cloud-native Falcon platform, which specializes in endpoint security, threat intelligence, and cyberattack response services. The company’s cloud-native approach scales. Ensures feasible and efficient security solutions. CrowdStrike places a strong emphasis on threat intelligence, providing deep insights to anticipate, prevent, and respond effectively to cyber threats. Their Managed Detection Response (MDR) service delivers proactive monitoring and response, helping companies better manage security operations.
Recent developments have enhanced their existing platform to enable expansion with the introduction of the Falcon XDR year 2023 in the country Cisco Systems, a leading force in the cybersecurity landscape, leverages its extensive networking expertise to deliver robust security solutions.
Check Point Software Technology
Check Point Software Technologies is known for its comprehensive threat mitigation and comprehensive security solutions. The company’s Infinity architecture combines multiple security applications, including threat mitigation, mobile security, and cloud security into a consolidated platform. Their SandBlast solution uses advanced threat simulation and extraction technologies to create protection against sophisticated cyber-attacks. Check Point also offers a compatible security management system, which simplifies and streamlines security operations and policies.
Recently, their Cloud Guard security portfolio extension brought new capabilities to protect cloud-native applications and services. The acquisition of Avanon in 2021 strengthened the security of their email collaboration app, providing improved protection against phishing malware.
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Fortinet
Fortinet stands out in the global cybersecurity market with its high-performance security fabric and wide range of security solutions. The company’s security fabric integrates a broad range of security features, ensuring seamless cooperation in the face of digital attack. Fortinet’s strategic focus on AI and machine learning enhances their threat detection and automated response capabilities.
The acquisition of Panopta in 2020 enhanced Fortinet’s network monitoring and security management capabilities. Fortinet’s comprehensive security fabric provides a unified and robust approach to cybersecurity, dramatically improving security in network endpoint cloud environments. Their new solution is a focused approach that has contributed significantly to cybersecurity, providing robust security for many businesses. It has also been extended to Operations Technology (OT) security to protect industrial applications and critical infrastructure. The 2023 release of FortiOS 7.2 brought new features and enhancements to their flagship operating system, improving network security and user experience.
Cyber Security: Fortifying the Digital Fortress
The conclusion on cybersecurity was that it is absolutely necessary in our modern digital age. We cannot ignore the risks of cyberattacks, data breaches, and other online threats. Instead, we must take proactive measures to protect our information and systems from this threat.
Cybersecurity must be an ongoing effort: Threats to our information and systems are constantly evolving, so we must remain vigilant and constantly update our security measures.
Prevention is key: The best way to protect against a cyberattack is to prevent it in the first place. This means implementing strong security measures such as firewalls, anti-virus software and encryption.
Education is essential: Everyone who uses the internet and digital devices should be aware of the risks and best practices for online safety. Education and awareness campaigns are an important part of defending against cyber threats.
Related Reports:
Network Security Market
Managed Security Services Market
Cloud Security Market
Application Security Market
Zero Trust Security Market
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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