Cyber Security Market 2022-2028 : A descriptive analysis of parent market, five forces model, market dynamics, and segmentation

SUITE N202, NEW YORK, UNITED STATES, December 8, 2022 /EINPresswire.com/ -- According to study of Zion Market Research, Cyber security industry accrued ROI of approximately around US$ 139 billion in 2021 and is set to gain income of almost US$ 210 billion in 2028. In addition to this, Cyber security Market is estimated to register highest gains of nearly 10.1% in time period of 2022 to 2028. Moreover, Cyber security market is anticipated to gain traction over forthcoming years subject to rise in cyber-attacks with a view of damaging or stealing key information along with stalling business processes. With rise in cybercrimes, cyber terrorism, hacking, and online frauds, deployment of cyber security tools has become need of an hour for every small & big firm. Increase in infiltration of network infrastructure targets and surge in malware attacks as well as cyber wars have resulted in humungous demand for strong cyber security. This has driven expansion of Cyber security market. Strict data protection law enforcement by various firms and evolution of disruptive online systems prone to cyber-attacks has prompted need for cyber security, thereby boosting market growth.

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Growth of cloud security segment in ensuing years is owing to rising acceptance of cloud-based security solutions by firms. Moreover, data leaks related to cloud services will further prompt segmental growth. Apart from this, increase in malware infiltration risks and data breach issues linked with use of cloud services will proliferate size of cloud security segment over years ahead. Additionally, massive requirement of increasing filtering of web traffic accessing media contents will proliferate expansion of cloud security segment in ensuing years.

Rapid expansion of identity and access management (IAM) segment over ensuing years is due to humungous need of determining employee activities. Moreover, immense requirement of tracking & automating many of end-user related security activities has contributed substantially towards acceptance of IAM solutions in big & small organizations. Reportedly, a prominent increase in proportion of inside security threats & necessity of complying with security legislations & measures such as password management will drive segmental surge.

Government Sector To Contribute Largest Share To Cyber security Market In 2022-2028

Segmental surge over forecasting time interval is due to massive cyber threats & cyber-attacks on government organizations & public utilities. Apart from this, new technologies, supply chain, and encrypted tools used by government agencies are also susceptible to cyber-attacks and hence has resulted in large-scale use of Cyber security systems in government organizations.

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Asia Pacific Cyber security Market To Expand Rapidly In 2022-2028

Rapid surge in growth of Cyber security market in Asia Pacific over coming years is likely to be due to massive usage of Cyber security systems in energy, finance, telecom, and technology sectors. In addition to this, rise in spending on security services has opened new vistas of growth for Cyber security industry in Asia Pacific. Presence of key participants in countries such as Japan, Taiwan, China, South Korea, and Singapore has resulted in massive sales of Cyber security solutions to western world, thereby augmenting earnings of Cyber security market in region.

Key players have strongly influenced market growth and are projected to follow the same trend even in upcoming years. We have profiled them in our report and they are Booz Allen Hamilton Holding Corporation, McAfee Corp., Fortinet, Inc., Symantec Corporation, Zscaler, Inc., IBM Corporation, Microsoft Corporation, Sophos Ltd., Palo Alto Networks, Inc., Northrop Grumman Corporation, Broadcom, Inc., and Cisco Systems, Inc.

Cyber security experienced a slight dip in 2020 due to the closure of several organizations during the first and second quarters of 2020. However, the market started recovering by the end of the second quarter owing to several firms deploying cyber security solutions with the implementation of remote working culture. Employees used personal devices for business work while connecting through private Wi-Fi or anonymous networks, putting the company’s security at risk. As such, several organizations adopted cyber security solutions the manage and secure the increased number of endpoint devices while also getting protection from network threats.

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The cyber security market is expected to continue its growth post-pandemic due to the hybrid working trend that is anticipated to stay over the future. Several employees are expected to continue working from home or remote premises with the increasing BYOD trend. According to data published by before the pandemic, 29% of the U.S. workforce had an option of working from home on a part-time basis, which increased to 50% of the workforce working from home in 2020. The risk of cyber-attacks is expected to grow with the emerging BYOD and hybrid working trend, which is expected to drive the adoption of cyber security solutions and fuel market growth.

The global Cyber Security Market is segmented as follows:

By Security Type

Network Security
Cloud Security
Wireless Security
Others
By Solution

Identity And Access Management (IAM)
Encryption
Risk And Compliance Management
Data Loss Prevention
Antivirus & Antimalware
Firewall
Others
By Vertical

Aerospace
Government
Financial Services
Telecommunication
Healthcare
Others
By Region

North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa

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