The global cyber security market is estimated to record a CAGR of 10.5% between 2022 and 2032, driven by surging awareness among internet users about the sensitivity of their private data and impending legal actions prompting businesses to secure their online data by following the best practices.
That’s according to a report from Future Market Insights, which says increasing complexities associated with manual identification of vulnerabilities, frauds and threats encourage organisations to fool-proof their data. Owing to these phishing and data threats, the adoption of cyber safety solutions is estimated to grow at a ‘remarkable’ rate.
Key Takeaways
- The demand for cyber-security solutions has increased over the past decade due to a surge in online threats such as computer intrusion (hacking), virus deployment and denial of services. Due to the expansion in computer connectivity, it has become of utmost importance to keep your data safe from intruders and impersonators.
- Increased government regulations on data privacy are one of the key drivers of the cyber security market. In addition to that, accelerating cyber threats and an increasing number of data centers are the biggest revenue generators for the cyber security market.
- There are various benefits offered by the cyber security market such as improved security of cyberspaces, increased cyber safety and faster response time to the national crisis. Backed by these benefits, the cyber security market is projected to showcase skyrocketing growth over the forecast years (2022-2032).
- All in all, the cyber security market across the globe is a multi-billion market and is expected to show substantial growth in CAGR, from 2022 to 2032. There is a significant increase in the cyber security market because cyber security solutions increase cyber speed and offer a number of options to save data.
- Large investments in the global cyber security market by various countries such as the US, Canada, China and Germany are witnessed owing to the expansion in computer interconnectivity and dramatic computing power of government networks.
IBM International, Booz Allen Hamilton, Cisco, Lockheed Martin, McAfee, CA Technologies, Northrop Grumman, Trend Micro, Symantec, and SOPHOS are some of the key companies profiled in the full version of the report.
Key players in the cyber security market are consciously taking steps concerning their information security, which is inspiring other businesses to follow in their footsteps and stay updated with the latest IT security strategy.
The adoption of cyber safety solutions is anticipated to grow impeccably as businesses look at curbing their steep financial losses arising from cyberattacks.
