Cyber security involves protecting networks, programs, and data from digital attacks. It protects computers, servers, mobile devices, electronic systems, networks, and data from cyber attacks. Cyber security solutions and services offer a comprehensive and dynamic approach for threat protection that covers the entire attack lifecycle.
The global cyber security market is estimated to be valued at US$ 188.94 billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Addressing cyber threats offers a major opportunity for the cyber security market growth during the forecast period. Critical industries are facing increasing risks of cyber-crimes and data breaches every year. As per recent studies, cyber threats are becoming more advanced, organized and frequent. Ransomware attacks, phishing scams and identity thefts have grown manifolds in recent times. Cyber criminals and nation state actors target critical infrastructure, governments and enterprises to conduct intellectual property theft, financial crime and espionage. In order to tackle advanced cyber threats, organizations are increasingly investing in advanced cyber security technologies and services. AI and machine learning based solutions have the potential to detect even unknown threats in real time. This growing need for addressing cyber threats through advanced security solutions and services will drive the cyber security market growth over the coming years.
Porter's Analysis
Threat of new entrants: The cyber security market requires high investments to gain foothold, making barrier to entry high. However, emerging technologies enable startups to innovate and disrupt established players.
Bargaining power of buyers: Large enterprises have stronger bargaining power due to bulk purchasing. However, growing digitization across industries increases their dependence on cyber security solutions.
Bargaining power of suppliers: Leading solution providers have stronger bargaining power arising from proprietary technologies and capabilities. However, skilled workforce mobility enhances competition.
Threat of new substitutes: Alternate authentication and encryption solutions pose limited threat due to entrenched customer preference for comprehensive security suites.
Competitive rivalry: Intense competition amid global players to gain market share through product innovations and partnerships.
SWOT Analysis
Strength: Growing digitization and rising cyber threats drive heightened spending on advanced technologies. Innovation facilitates disruptive solutions.
Weakness: Technical complexities and dynamic threat landscape necessitate ongoing investments. Skill shortages increase operating costs.
Opportunity: Expanding IoT landscape and proliferation of cloud/mobile devices open new growth frontiers. Developing regions increasingly adopt digital technologies.
Threats: Stringent regulations raise compliance burden. Data breaches damage brand equity and customer trust.
Key Takeaways
The Global Cyber Security Market Size is estimated to be valued at US$ 188.94 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
Regional analysis shows that Asia Pacific will be the fastest growing market for cyber security solutions. In Asia Pacific, rapidly growing countries like India and China are increasingly investing in advanced technologies such as AI, IoT, cloud computing and big data analytics. This widespread deployment of digital infrastructure has made the region more vulnerable to cyber-attacks, thereby driving cyber security spending.
Key players operating in the cyber security market are Amway, Asahi Group Holdings, Ltd., HUM Nutrition, Pfizer Inc., Meiji Holdings Co., Ltd., Everest NeoCell LLC., Reserveage Nutrition, Vitabiotics Ltd., The Boots Company PLC, and Murad Europe Ltd, among others.
Get More Insights Here
https://www.trendingwebwire.com/cyber-security-market-size-share-growth-outlook-2023/
