Global Cyber Security Market Projected to Grow to $376 Billion by 2029, Exhibiting a CAGR of 13.4%

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., Nov. 1, 2022 /PRNewswire/ -- With the rising growth in the cybersecurity market solutions are gaining popularity across various information security applications. The adoption of advanced technologies in internet security is considered one of the rapidly emerging market trends. Moreover, big data and cloud technology support enterprises in learning and exploring the potential risks. The cyber security market is mainly driven by the emerging apps and online e-commerce platforms and the advent of core technologies such as the internet of things (IoT), artificial intelligence (AI), cloud security, and others. Key market players focus on developing internet security solutions based on artificial intelligence (AI) platforms. The growing demand for solutions is anticipated to gain traction with cumulative investments from Germany, France, India, Spain, South Korea, Italy, Canada, Qatar, and others. The increasing adoption of enterprise security solutions from manufacturing, banking, financial services, and insurance (BFSI) and healthcare is expected to drive market growth in the forthcoming years. A report from Fortune Business Insights projected that the global cyber security market, which was valued at USD 139.77 billion in 2021, is projected to grow from USD 155.83 billion in 2022 to USD 376.32 billion by 2029, exhibiting a CAGR of 13.4% during the forecast period. The report said: "The solutions segment is divided into network security, endpoint security, cloud application security, end-point security, secure web gateway, application security, and others. The increasing adoption of end-point security hardware, software, and access management tools among various industries such as IT & telecom, financial institutions, and others is expected to favor the segment's growth. The service segment is expected to grow at a considerable CAGR during the forecast period owing to the rising demand for consultancy, updating, and maintenance services by large and medium enterprises."  Active companies in the markets this week include Safe-T Group Ltd. (NASDAQ: SFET), CrowdStrike (NASDAQ: CRWD), Cognyte Software Ltd. (NASDAQ: CGNT), Palo Alto Networks (NASDAQ: PANW), Check Point® Software Technologies Ltd. (NASDAQ: CHKP).

Fortune Business concluded: "North America is likely to dominate with highest cybersecurity market share during the forecast period. The rising number of high section security breaches drives the demand for cloud application security solutions across the region. The increasing number of online e-commerce platforms boosts market growth in countries such as the U.S. and Canada. The government implements advanced network security protocols to offer enhanced security measures to enterprises. The growing investment by end-users and the high demand for enterprise security solutions boost the adoption of security solutions."

Safe-T Group Ltd. (NASDAQ: SFET) BREAKING NEWS:  Safe-T's Privacy Platforms Reached Over 5 Million Downloads - The iOS Application Was Recently Ranked Among Top Ten Privacy Applications in the US App Store  - Safe-T Group Ltd. (TASE: SFET) ("Safe-T" or the "Company"), a global provider of cybersecurity and privacy solutions to consumers and enterprises, today announced that its privacy application reached over 5,000,000 downloads in aggregate by Android, Apple iOS and Windows personal computers users. 

"We are delighted that our customer acquisition program is performing well and continues to yield. During the last six months we significantly increased our exposure to a wide range of users' base by launching our privacy solution in all leading application platforms, which enables us to deliver continued volume growth. In addition, we secured funding to support our future plans for the growth of our business and we are happy that our customers are validating our strategy every day," commented Shachar Daniel, Chief Executive Officer of Safe-T.

The Company recently announced that its iOS application is ranking among the top ten privacy applications (category: productivity) in the US App Store. App Store ranks are determined by keyword and metadata optimization. Additional factors include user reviews, application performance, Click-Through Rate (CTR), marketing, productivity and more.

Safe-T's Consumer Privacy solution provides users with a robust privacy protection tool. Utilizing advanced encryption technologies, the privacy solution prevents access to and monitoring of a user's personal data. By blocking the ability to track or monitor a user's online and historical activity, their personal information remains private. The application is currently available for Android, Apple iOS and Windows personal computers users.  CONTINUED… Read the Safe-T Group full press release by going to: https://safetgroup.com/press-releases/

Additional recent developments in the markets this week include:

CrowdStrike (NASDAQ: CRWD) recently announced the CrowdStrike Falcon platform received a AAA rating in SE Labs' first-ever Enterprise Advanced Security Ransomware test. The CrowdStrike Falcon platform detected and blocked 100% of ransomware files during testing, which involved both direct attacks with 270 ransomware variations and deep attack tactics with 10 sophisticated attacks mimicking the observed tactics of cyber criminals. The CrowdStrike Falcon platform also achieved 100% protection accuracy and 100% legitimacy accuracy with zero false positives.

According to the 2022 CrowdStrike Global Threat Report, there was an 82% increase in ransomware-related data leaks year-over-year, making the comprehensive protection offered by CrowdStrike more important than ever. The CrowdStrike Falcon platform ingests and analyzes trillions of events in real time per day, making it one of the industry's most advanced sources of truth for security insight and adversary intelligence. Machine learning-powered analytics allow customers to gain more intelligence to detect, prevent, predict and mitigate advanced attacks and zero-day exploits that leverage trusted processes.

Cognyte Software Ltd. (NASDAQ: CGNT) recently announced it has entered into a definitive agreement to sell its Situational Intelligence solutions, which are part of Cognyte's Threat Intelligence Analytics offering, to the Volaris Group ("Volaris") for US$47.5 million plus a performance based earn-out, if and to the extent earned. The transaction is expected to close in Cognyte's fourth quarter, subject to customary closing conditions, including obtaining regulatory approvals.

"Cognyte is addressing many security use cases with investigative analytics software, including Threat Intelligence Analytics. The portion of our Threat Intelligence Analytics offering that we are divesting is focused on physical security implementations which we refer to on our website as Situational Intelligence Solutions, including the Symphia brand. Our strategy is to continue to address a broad set of security use cases which require sophisticated investigative analytics software. Given the overall environment this year, we decided to increase our focus on fewer use cases in order to accelerate growth and improve margins, and we believe we will benefit from sharpening our focus," said Elad Sharon, Cognyte's Chief Executive Officer.

Building on its managed services momentum, Palo Alto Networks (NASDAQ: PANW) recently announced the expansion of the NextWave Program to empower partners to rapidly contain and remediate cyberthreats by enabling them to deliver incident response (IR) services powered by industry-leading Cortex XDR^®.

The effects of cybersecurity incidents are far reaching in the digital age, but navigating rapidly evolving risks can pose a challenge for organizations. To solve this challenge, many turn to managed security service providers (MSSPs) for help strengthening their security outcomes. The NextWave Program now provides the tools, training and resources to address customer demand for IR services and aligns with the expansion of the Palo Alto Networks Cortex^® MSSP ecosystem, which grew 146% year over year. Leveraging a partner specializing in IR services can accelerate response and remediation across the incident lifecycle for holistic response to an incident.

Check Point® Software Technologies Ltd. (NASDAQ: CHKP) recently announced its financial results for the third quarter ended September 30, 2022.

Third Quarter 2022 Was: Total Revenue: $578 million, an 8 percent increase year over year; Security Subscription Revenues: $216 million, a 13 percent increase year over year; Deferred Revenues: $1,647 million, a 13 percent increase year over year; GAAP Operating Income: $221 million, representing 38 percent of revenues; Non-GAAP Operating Income: $263 million, representing 45 percent of revenues; GAAP EPS: $1.47, a 5 percent increase year over year; and Non-GAAP EPS: $1.77, a 7 percent increase year over year.

"We delivered strong third quarter results reflecting solid execution during the quarter. Revenues came in toward the high-end of our projections, while non-GAAP earnings per share exceeded projections. Product and Security Subscription revenues increased by thirteen percent driven by double-digit growth in Harmony, CloudGuard and Quantum network security gateways." said Gil Shwed, Founder and CEO of Check Point Software Technologies. "During the quarter we expanded the Infinity platform with the introduction of Horizon, an industry-leading security operations solutions and services suite. Horizon for XDR, MDR and events leverages the company's prevention-first approach to improve defenses across the network, cloud, and endpoints to prevent future cyberattacks."

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