The global Cyber Security Market is estimated to be valued at US$ 188.94 Bn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Cyber security refers to a set of techniques used to protect networks, computers, programs and data from damage or unauthorized access. It helps organizations secure their digital assets, infrastructure and customer data from various cyber threats like malware, distributed denial of service (DDoS) attacks, phishing and others.

Market key trends:
One of the key trends in the cyber security market is the increasing threat of cybercrimes and data breaches. According to the data by Cybersecurity Ventures, cybercrime costs are predicted to grow by 15 percent per year over the next five years, reaching $10.5 trillion annually by 2025, up from $3 trillion in 2015. Ransomware attacks, phishing scams, and identity theft have all surged significantly in recent years posing severe security risks for individuals and businesses handling sensitive data online. In this environment, there is a growing need for advanced cybersecurity solutions to better protect enterprise networks, applications, endpoints, and critical infrastructures from cyber threats.
Market Key Trends:
The Cyber Security Market Scope is witnessing increasing demand for cloud-based security solutions. There is rising adoption of cloud platforms across various industries due to the cost benefits associated with it. However, transitioning security systems and IT infrastructure to cloud also introduces certain vulnerabilities that can be exploited. This has driven the demand for cloud-based security solutions such as cloud identity and access management, cloud email security, cloud intrusion detection system etc. Integration of latest technologies such as AI, ML and analytics is also being utilized by key players to enhance their cloud security offering and detect threats faster.

SWOT Analysis:
Strength: Presence of many established global players with strong portfolio of security products and solutions.
Weakness: Shortage of cyber security professionals hampering growth potential of the market.
Opportunity: Increasing number of high-profile cyber-attacks raising awareness about need for robust security measures.
Threats: Open-source security tools threatening commercial security software business model of many vendors.

Key Takeaways:
The global Cyber Security Market is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing digital transformation across industries.
Regional analysis: North America dominated the cyber security market in 2023, accounting for over 35% of global share. However, Asia Pacific is expected to grow at fastest pace owing to presence of many international corporations and improving cyber regulations.
Key players: Key players operating in the Cyber Security Market are IBM (US), Cisco (US), Check Point (Israel), Trellix (US), Trend Micro (Japan), NortonLifeLock (US), Rapid7 (US), Micro Focus (UK), Microsoft (US), Amazon Web Services (AWS) (US), Oracle (US), Fortinet (US), Palo Alto Networks (US), Accenture (Ireland) and many more. The market is competitive with these players introducing new advanced solutions to cater to evolving industry needs.

Read More: https://www.timessquarereporter.com/business/the-exponential-rise-of-connected-devices-is-anticipated-to-open-up-new-avenues-for-the-cyber-security-market