NEW YORK, Nov. 2, 2023 /PRNewswire/ — The Cyber Security Market is estimated to grow at a CAGR of 13.57% between 2022 and 2027. The size of the market is forecast to increase by USD 203.5 billion. The global cyber security market is fragmented with the presence of many leading global and regional vendors. 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., Raytheon Technologies Corp., Sophos Ltd., The Boeing Co., and Trend Micro Inc. are some of the major vendors in the market.
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Market Challenges
The high deployment cost is a major challenge to the global cybersecurity market. The total installation cost includes the cost of software licensing, system designing and customization, implementation, training, and maintenance for an individual organization. There are additional costs related to the recruitment of IT staff and training costs for the existing employees. Factors like these can impede the growth of the market during the forecast period.
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Vendor offerings
- Kaspersky Co. – The company offers cyber security such as Kaspersky Total Security.
- Boozallen Co. – The company offers cyber security such as National Cyber.
- Broadcom Co. – The company offers cyber security such as Symantec Enterprise Cloud.
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Technavio report extensively covers market segmentation by deployment (on-premise and cloud-based), end-user (government, BFSI, ICT, manufacturing, and others), and geography (North America, APAC, Europe, Middle East and Africa, and South America.
Market Challenges
There is an elevation in the number and frequency of cyber threats due to increased internet penetration. As the usage of mobile devices for m-commerce and bill payments is increasing, the confidential information accessed by the device needs high-level protection. Thus, increasing the adoption of mobile devices will increase the demand for cyber security solutions, which will boost the market’s growth during the forecast period.
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Key Topics Covered:
- Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by End-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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