Cyber Security Market size was valued at USD 155.83 Billion in 2022, growing at a CAGR of 13.4% from 2023 to 2029. Cyber security is the protection of internet-connected devices or system like hardware, software, data from damage attack or to protect from unauthorized access. The cyber security involves the implementation of processes, technologies and controls tom ensure the security of the system. The threat related to internet sensitive information such as hacking, phishing and malware. Cyber security ensures the security of data or information like confidentiality, availability of information, integrity and detecting of threats and protecting data or information from the threats. The increasing penetration of connected devices or system is an important factor to propel cyber security market. Nowadays many organizations are adopting cloud-based technology solutions that allow their customer tom access the data directly from the cloud which in turn increases the risk of cyber-attacks and crimes, the increasing adoption of the cloud-based system by organizations is expected to increase the market demand and market value of cyber security market in the forecasted years. Also, the rising awareness among the consumers regarding cyber-attacks forces organization to adopt cyber security Also, in addition, the government regulations like General Data Protection Regulation, California Consumer Privacy act makes it mandatory to protect data in an organization which is also expected to increase the demand of cyber security market. Whereas, the shortage of skilled labour in cyber security is expected hinder the market growth in the forecasted years, in addition to that the cost of setting up a cyber security system is way too expensive due to which small and middle-sized organizations cannot afford to have cyber security which again is expected to hinder the market growth.
In February 2022, Tata Consultancy Service launches Cyber defense suit-a comprehensive set of quickly adoptable, modular cyber security service offered on the platform in order to gain leader’s confidence and agility to grow their digital enterprise.
In February 2023, Quad Nations launches ‘Quad Cyber Challenge’ a public campaign to increase cyber security.
In February 2023, OX Securities launched OSC&R, a framework for comprehending and analyzing vulnerability to entire cyber supply chain security.
Fastest Growing Market
The increasing penetration of connected devices or system is the important factor to propel cyber security market. The increase in adoption of cloud-based technology solutions which allows their customer tom access the data directly from the cloud which in turn increases the risk of cyber-attacks and crimes, and this is expected to increase the market demand and market value of cyber security market in the forecast years. The key driver to the market growth is the government regulations General Data Protection Regulation and California Consumer Privacy act makes the organizations mandatory to adopt the cyber security which fuels the growth of cyber security market. Hence, this will drive the global market growth at a significant rate.
The Cyber Security market size was valued at USD 155.83 Billion in 2022.
The Cyber Security market is poised to grow at a significant CAGR of 13.4% from 2023 to 2029.
The leading players in the global Cyber Security market are Accenture, Broadcom Inc., Capgemini, Cognizant, F5 Networks Inc., FireEye Inc., HCL Technologies Limited, IBM Corporation, Infosys Limited, L&T Technology Services Limited, PwC International Limited Broadcom Inc., Tata Consultancy Services, Tech Mahindra Limited, Wipro Limited, OX Securities, Quad Nations
Historic years considered for the market study are 2018 through 2022, 2022 is considered as the base year for market estimation and Seven years forecast is presented from 2023 – 2029.