Cyber Security Market was valued at USD 150.02 Billion in 2022 and is poised to grow from USD 168.04 Billion in 2023 to USD 452.08 Billion by 2031, growing at a CAGR of 13.38% during the forecast period (2024-2031).
Cyber security refers to the protection of digital platforms and digital assets from cyberattacks and hacks that lead to loss or breach of data. Rapid digital transformation of almost all industry verticals around the world is bolstering the demand for better cyber security thereby driving the market growth.
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From compliance to risk management, cyber security solutions do more than just providing security from cyberattacks and data breaches. Cyber security companies can work with regulatory authorities to develop new digital security frameworks and mandates to help make the virtual world a safer place to connect. Growing demand for threat intelligence and risk management solutions around the world will also foster new opportunities for cyber security market players. The cyber security business spans compliance, threat management, threat prevention, and integration of advanced cyber security solutions. With the increasing use of digital technologies across all industry verticals, the cyber security business expansion scope is limitless going forward.
Innovation and Integration Opening Up New Paths for Cyber Security Providers
Cyber security companies need to stay updated on the rapidly evolving threat landscape to create new solutions and update the existing ones to combat new threats. High investments in the development of new cyber security solutions and launching them is also a common trend for all companies. Incoming and established cyber security companies both should target cloud technologies to amplify their business reach over the coming years. Integration of artificial intelligence and other advanced technologies will also help cyber security companies create new offerings with advanced functionality and better security features. Growing demand for better digital transaction security in the banking and finance sectors will also offer cyber security companies a chance to boost their revenue. Automation of the industrial sector is also predicted to offer new opportunities for cyber security companies. Mergers, partnerships, and collaborations are also frequently adopted strategies by top cyber security providers to enhance their global market presence.
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- Quick Heal, a leading cybersecurity provider based in India, announced the launch of Version 24 (v24) in October 2023. This consumer-focused software suite was launched with metaProtect. Meta Protect is a cloud-based security platform providing remote security and parental control features as well.
- In May 2024, LogRhythm Inc., a top cybersecurity solution provider, announced its merger with Exabeam Inc., a security intelligence start-up. This new merger aimed to deliver cybersecurity solutions driven by AI to leverage the strengths of both companies.
- In October 2023, Darktrace, a renowned cybersecurity organization from Cambridge, launched a new AI-enabled cloud security solution. Darktrace/Cloud utilizes AI to deal with sophisticated cyber threats to cloud architecture.
- In April 2024, Cisco, a renowned multinational tech conglomerate, launched Cisco Hypershield to protect expansive networks against sophisticated cyberattacks. Cisco Hypershield is an autonomous AI-native security solution.
- In September 2022, ABB, a leading organization operating in multiple industry verticals, announced the launch of a new solution to bolster the security of industrial infrastructure. ABB Ability™ Cyber Security Workplace helps bolster the security of industrial infrastructure by bringing together all security solutions and offers simplified security control.
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The global cyber security market is rife with multiple money-making opportunities for new as well as established companies. Investing in the development of cyber security solutions backed by advanced technologies is a fail-proof move for upcoming and established cyber security providers in the long run.
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