NEW YORK, Nov. 22, 2023 /PRNewswire/ — The Cyber Security Market size is expected to grow by USD 203.5 billion from 2022 to 2027. Technavio’s latest market research report estimates that the cyber security market will progress at a CAGR of 13.57%. The market growth is significantly influenced by the rising utilization of mobile devices. The increased prevalence of smartphones, laptops, and tablets has driven a greater need for cybersecurity solutions. This increased demand is a result of the expanded use of the Internet on these devices, which amplifies the potential for cyber threats. As mobile devices increasingly store and access important personal and work-related data, the risk of unauthorized access in cases of loss or theft has escalated. Technavio offers in-depth market insights that assist global businesses to obtain growth opportunities. Buy the report now
Cyber Security Market 2023-2027: Segmentation
- Deployment
- On-premise
- Cloud-based
- End-user
- Government
- BFSI
- ICT
- Manufacturing
- Others
- Geography
- North America
- APAC
- Europe
- Middle East And Africa
- South America
The on-premise cybersecurity segment is expected to significant growth in the market during the forecast period. The on-premise cybersecurity segment, initially valued at USD 63.27 billion in 2017 and steadily growing until 2021, faces challenges due to the increasing preference for cost-effective cloud-based solutions. Although on-premises security is strong and customizable, its market is declining due to high costs and limitations compared to cloud options. Small-medium enterprises prefer cloud-based security for its affordability, leading to reduced adoption of on-premises solutions. Despite some sectors prioritizing security over expenses, the limitations of on-premises systems, such as lack of real-time analysis and high deployment costs, are expected to hinder the market growth.
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Cyber Security Market 2023-2027: Regional Analysis
North America is projected to contribute around 34% to the global market’s expansion during the forecast period. The US stands as the primary revenue generator and is expected to uphold this position in the next few years. The growth in this region is primarily fueled by the increased occurrence of cyber threats, rise of technological advancements and the utilization of cloud-based data storage systems. Moreover, the rising adoption of mobile devices for both personal and professional purposes has led to an increased demand for cybersecurity solutions, positively influencing market revenues. Previous cyberattacks on North America’s IT infrastructure have included mobile malware, spear phishing, distributed denial-of-service (DDoS) attacks, and email-related threats. These factors are anticipated to boost the growth of the regional cyber security market.
Cyber Security Market 2023-2027: Company Analysis and Scope
Some of the major companies of the cyber security market 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., Raytheon Technologies Corp., Sophos Ltd., The Boeing Co., and Trend Micro Inc. To help businesses improve their market position, Technavio’s report provides a detailed analysis of around 25 companies operating in the market.
Cyber Security Market 2023 – 2027: Market dynamics
Leading trends influencing the market
- On-premise cybersecurity, initially valued at USD 63.27 billion in 2017 and growing until 2021, faces market decline due to the rising preference for cost-effective cloud-based solutions.
- Despite being highly secure and customizable, on-premises security demands substantial investments in licenses, IT staff, hardware, and incurs ongoing expenses, leading SMEs to favor cloud-based security for its cost-efficiency.
- Challenges such as high implementation costs, lack of real-time analysis, slow software updates, and high deployment expenses limit the growth of on-premises cybersecurity, although some sectors like BFSI prioritize security over costs.
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The report also covers the following areas:
The cyber security market is fragmented, and the degree of fragmentation will accelerate. The increase in use of mobile devices will offer immense growth opportunities. However, the High cost of deployment will hamper the market growth.
Cyber Security Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist cyber security market growth during the next five years
- Estimation of the cyber security market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the cyber security market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of cyber security market vendors
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Deployment
- Market Segmentation by End-User
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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