Cyber Security Market To Reach USD 352.5 Billion by 2030, Says P&S Intelligence

NEW YORK, Feb. 6, 2023 /PRNewswire/ -- The value of the cyber security market is projected to rise from USD 171.9 billion in 2022 to USD 352.5 billion by 2030, at a 9.4% CAGR during 2022–2030, as per P&S Intelligence.

This can be attributed to the rising frequency of cyberattacks, increasing acceptance of cloud encryption, growing adoption of ML, BYOD, big data analytics, computer vision, and IoT, and snowballing requirement to protect computers, networks, and information from illegal access.

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Increasing Number of Cyberattacks Boosts Market Prospects

The growth of the market can be credited to the rising number of data breaches.

Sensitive information, such as credit card and SSN details, is being breached because of weak passwords, improper configuration, complex access permissions, and malware attacks. In 2021, as per the Identity Theft Resource Center report, the count of these cases in the U.S. was around 1,862, which had surged by 68% from 2020.

Identity and Access Management Solutions Demanded Most 

In 2022, the IAM category had the largest market share, of approximately 20%, on the basis of solution type. 

This can be owed to the surging demand for the safety of sensitive information, full control of user access within the company, automation of repetitive work, decreased IT spending, and trust among external stakeholders.

Therefore, the main players are introducing solutions delivered via the cloud, to meet the rising demand.

Strict Government Guidelines Driving Need for Cyber Security 

In order to control cyberattacks via improved security systems, governments of several nations are implementing numerous rules and correcting the present ones. Such government protocols have made it mandatory for businesses to spend on associated solutions, to prevent economic loss and guarantee the protection of individuals' data.

Surging Dependence of Companies on Cloud Data Storage

In 2022, the European cyber security industry generated approximately USD 35 billion, credited to the increasing number of cyberattacks, growing interest of the EU in the execution of cyber security initiatives, surging dependence of companies on the cloud for the storage of data, and strong focus of businesses on leveraging ML and AI.

Browse detailed report on Cyber Security Market Growth, Share, Size and Demand Forecast Report 2030

As per the European Statistical Office, approximately 41% of the EU companies use cloud computing solutions, mostly for storing files and hosting e-mails.

Cyber Security Adoption Burgeoning in LATAM

Market revenue growth in LATAM would be at a more than 7% CAGR over this decade, on account of the government initiatives for data protection, adoption of end-to-end encryption by IT vendors, shift of the BFSI sector to the cloud, and growing cyberattack incidence.

Cyber Security Market Report Coverage

By Component

• Solutions
• Risk and compliance management
• Identity and access management (IAM)
• Firewall
• Security and vulnerability management (SVM)
• Encryption
• Intrusion detection system/intrusion prevention system (IDS/IPS)
• Unified threat management (UTM)
• Distributed Denial of Service (DDoS) attack response
• Antivirus
• Data loss prevention (DLP)
• Services
• Managed
• Design and integration
• Risk and threat management
• Support and maintenance
• Consulting
• Training and education
• Professional

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About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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SOURCE P&S Intelligence