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:
- Type
- Data 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),
Others
- Industry
- Aerospace & Defence, Government, BFSI, Healthcare, IT,
Telecommunication, Manufacturing, Retail, Energy & Utilities,
Media & Entertainment, and Others
- Deployment Mode
- Cloud, On-premises, & Hybrid
- Organization Size
- Small 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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Sciences, CleanTech, AgriTech, NanoTech and Information &
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