Cyber Security Market to Surpass USD 357.10 billion by 2031 | SkyQuest Technology

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Apr 29, 2024, 10:01 ET

WESTFORD, Mass., April 29, 2024 /PRNewswire/ -- SkyQuest projects that Global Cyber Security Market size is poised to grow from USD 190.40 Billion in 2023 to USD 357.10 Billion by 2031, at a CAGR of 9.4% during the forecast period (2024-2031). In order to safeguard sensitive data and networks, the use of cloud computing, IoT devices, and remote work arrangements has increased need for sophisticated cybersecurity solutions. Strong cybersecurity measures are also required because the attack surface has grown due to the quick digitization of many industries.

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Browse in-depth TOC on the "Cyber Security Market"

Pages - 157
Tables - 78
Figures - 79

Cyber Security Overview:

Report Coverage	Details
Market Revenue in 2023	$190.40 billion
Estimated Value by 2031	$357.10 billion
Growth Rate	Poised to grow at a CAGR of 9.4%
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Offering, Solution Type, Deployment Mode, Organisation Size, Security Type and Verticals
Geographies Covered	North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights	Increasing shift of cyber security towards online services
Key Market Opportunities	Adoption of cloud based cyber security solution among SMEs
Key Market Drivers	Increasing demand for cybersecurity mesh.

Driving Force Behind the Cloud Security Ascendency is Surge in Computerized Reasoning and AI Arrangements

Among cybersecurity deployment modes, cloud security is clearly the most popular choice. Cloud services are superior in terms of security protocols, offering economies of scale together with access to cutting-edge tools and specialised knowledge. The fastest-growing market is cloud security, which is being driven by the growing demands of the cloud industry. The swift expansion of cloud services demands strong security protocols to protect user information and apps.

Behind Supporting Growth of on Premise is Surge of Compliance Requirement in Cyber Security Infrastructure

Control and visibility over cybersecurity infrastructure are becoming more and more important for organisations due to the growth of sophisticated cyber-attacks and strict data protection rules. Businesses may better customise and control security measures to meet their unique demands and compliance requirements with on-premises solutions. Furthermore, the preference for on-premises installations is driven by worries about data sovereignty and privacy, particularly in industries that handle sensitive data.

North American Region is Dominating Due to Cyber Security Solutions Deployed

The North American region is anticipated to hold the largest share of the market in 2023—more than 35%. This is explained by the fact that there are more cyber dangers and cyber security solutions in this region. Over the course of the projection period, the Asia-Pacific region is expected to grow at the fastest rate. This is explained by the region's expanding security threats as well as the prevalence of several market incumbents.

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Drivers:

Rising Demand for Virtual Assistants Driving Market Growth
Autonomous AI Adoption

Restraints:

Data Privacy Concerns
Bias Generated and Inaccurate AI Output

Prominent Players in Global Cyber Security Market

Check Point Software Technologies Ltd. (Israel)
McAfee LLC (US)
Palo Alto Networks, Inc. (US)
Microsoft (US)
Symantec Corporation (US)
IBM Corporation (US)
Fortinet, Inc. (US)
Trend Micro Incorporated (Japan)
FireEye, Inc. (US)
Proofpoint, Inc. (US)

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Key Questions Answered in Global Cyber Security Market Report

What is the anticipated market size for cyber security globally by 2031, and what is the compound annual growth rate (CAGR) anticipated to be observed between 2024 and 2031?
How is the security of decentralised enterprises supported by the cybersecurity mesh architecture?
What are some of the growth tactics used by the leading cybersecurity industry players to stay competitive?

This report provides the following insights:

Analysis of key drivers (increasing demand for cybersecurity mesh, new paradigm security architectures, extend security, protection from each access point), restraints (Implementing and sustaining strong cybersecurity solutions, expenses associated with security software, skilled personnel, and continuous updates, effectively safeguard of digital assets and sensitive information), opportunities (efficiently integrated into a wide array of devices, secure communication protocols, advanced identity and access management systems), and challenges (bridging skill gap, many security breaches may go undetected or unresolved) influencing the growth of cyber security market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the cyber security market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the cyber security market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the cyber security market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

Global Automotive Cyber Security Market

Global Cyber Security in Oil and Gas Market

Global Cybersecurity Mesh Market

Global Cyber Insurance Market

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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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