Global Cybersecurity Market size is estimated to reach USD 900 billion by 2032, according to a new research report by Global Market Insights Inc.
The rise in cyberattacks like phishing attacks, data breaches, and credential stuffing is positively influencing industry expansion. The service providers are working with the value-added distributors to offer their solutions to address data breaches and phishing attacks. Moreover, the growing usage of advanced technology across all end-user industries, coupled with the adoption of cloud-based services and internet penetration, is raising the threat of cyberattacks, which is foreseen to augment the demand for cybersecurity solutions.
Rising demand for secure corporate data to propel IAAM segment growth
The cybersecurity market from the identity and access management segment is predicted to grow at more than 15% CAGR from 2023 to 2032, owing to the increasing demand for identity authentication and access management solutions. IAAM solutions offer high productivity and efficiency to enterprises as the safety and security of corporate data is highly critical across these organizations.
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Centralized control and surveillance capacity of identity access management technology to impact the product demand
The identity and access management product segment is further divided into access management and identity access management. The identity access management segment is anticipated to expand at around 15% growth rate through 2032. Integration of these technologies provides centralized control and surveillance, enabling businesses to quantify and monitor systemic hazards. The growing requirement to protect firm data, including sensitive, private, and proprietary information, is forecast to facilitate segment development.
Browse key industry insights spread across 450 pages with 662 market data tables and 33 figures & charts from the report, “Cyber Security Market Size By Product (Identity, Authentication and Access Management (IAAM) [Access Management, Identify Access Management], Infrastructure Protection [Endpoint Protection, Email/Web Gateway, Security Information and Event Management (SIEM), Vulnerability Management, Cloud Security, Data Loss Prevention (DLP)], Network Security [Internet Service Provider Equipment, Virtual Private Network (VPN), Unified Threat Management (UTM), Firewall], Security Services [Implementation, Managed Security Services, Consultancy & Training, Hardware Support]), By Organization (SME, Government, Large Enterprises), By End-user (Banking, Government, Manufacturing, Transportation, IT & Telecom, Insurance, Securities), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Increasing cybersecurity threats in large enterprises to boost product demand
The large enterprises segment of the cybersecurity market held approximately 60% revenue share in 2022. Large enterprises are turning to cybersecurity solutions as a result of the rising cyberattack threats. Most hackers are drawn to the abundance of capital and diverse consumer base of large corporations. Such businesses are increasing their budgetary allocations for employing innovative and advanced cybersecurity tools, which is primed to stimulate market value.
Surging need to protect customer data to foster IT & telecom segment expansion
The IT & telecom segment captured about 15% of the industry share in 2022. Organized cybercriminal gangs consider telecom businesses as high-value targets because of the enormous amounts of personal customer information that they collect and maintain. Additionally, the increasing use of 5G telecom networks for a variety of IoT devices, industrial automation, and driverless cars would bring up new security issues, which is set to drive the demand for cybersecurity solutions.
Growing adoption of IoT applications in manufacturing industries to benefit the Europe market
The Europe cybersecurity market is poised to register gains at over 15% up to 2032. This growth is attributed to the rapid industrial digitalization and the adoption of IoT applications in manufacturing industries are the main factors accelerating regional market share. Furthermore, a growing number of enterprises across Europe are investing in cybersecurity solutions to prevent hackers from accessing the devices linked to the industry's network in order to avert data theft, which is expected to push business growth.
Acquisition tactics to define the competitive landscape
BAE Systems, Inc., Cisco Systems, Inc., Dell Technologies Inc., Palo Alto Networks, Inc., DXC Technology Company, F5, Inc., Fortinet, Inc., IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, and others are all the major corporations operating in the global cybersecurity market.