According to Technavio, a report with market evolution powered by AI the global cybersecurity market size is estimated to grow by USD 107.1 billion from 2024-2028 with a growth at a CAGR of 9.6%. Mobile devices is driving market growth, with a trend towards adoption of IOT.
The most important contributors to this market scenario include AO Kaspersky Lab, Booz Allen Hamilton Holding Corp., Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., Dell Technologies Inc., Fortinet Inc., F Secure Corp., General Dynamics Corp., Hewlett Packard Enterprise Co, International Business Machines Corp., Juniper Networks Inc., Lockheed Martin Corp., McAfee LLC, Microsoft Corp., Northrop Grumman Corp., RTX Corp., Sophos Ltd., The Boeing Co., and Trend Micro Inc.. Key countries include US, China, UK, Germany, and Japan. Regional analysis includes North America, Europe, APAC, Middle East and Africa, and South America.
With the increase business use of technology, the Cybersecurity market is burgeoning. SMEs and large enterprises need skilled cybersecurity personnel for increasing cyber threats and operational disruptions. A multi level barrage of cybersecurity solutions for IT infrastructure is essential including AI-powered threat detection and response, cloud security services, machine learning, blockchain technologies, NGFWs, application security, endpoint security and network security.
Problems and Solutions
AI, IoT, Big Data Analytics, and Cloud Computing and other digital technologies present threat issues that must be addressed. Yet the cybersecurity workforce shortage and budget constraints restrict implementing effective cybersecurity measures. MSS providers, Network Security solutions and Cloud-based cybersecurity solutions face deployment and implementation issues.
New technologies such as AI and other security technologies such as end-point security and cloud application security will play significant cybersecurity roles business success:
Cybersecurity Market Ecosystem players like CSIS, McAfee, Broadcom, and NBER are leveraging Machine Learning and Artificial Intelligence to enhance threat detection and response capabilities. End-point security and Cloud application security are critical areas of focus. The Cybersecurity Market is expected to grow significantly, driven by the increasing use of digital technologies and the need for cybersecurity solutions.
Another deciding factor of businesses implementing various cybersecurity measures increasing costs of implementing and maintaining cyber security solutions. More complex and intricate cyberthreats require businesses to invest more in protective security measures:
However, the financial strain of purchasing advanced hardware and software, hiring skilled cybersecurity personnel, and conducting routine security evaluations can be burdensome, especially for small and medium-sized enterprises with limited financial resources. The expenses also include ongoing staff training and adherence to various industry regulations, adding to the overall cost. Organizations must carefully weigh the benefits of comprehensive cyber security strategies against the financial implications.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
End-user
Government
BFSI
ICT
Manufacturing
Others
Deployment
On-premises
Cloud-based
Geography
North America
Europe
APAC
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
