Cyber security includes technologies, processes, and controls that are designed to protect systems, networks, programs, devices and data from cyber attacks. The increasing adoption of cloud-based services by organizations has accelerated the demand for cloud-based cyber security solutions. Cloud-based cyber security solutions facilitate threat detection, vulnerability management and compliance on public and private cloud environments.

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 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Increased adoption of cloud-based solutions has emerged as a key trend in the cyber security market. According to estimates, more than 90% of organizations currently utilize some form of public or private cloud infrastructure. However, cloud migrations have coincided with a rise in sophisticated cyber-attacks targeting cloud environments. Cyber criminals are utilizing cloud infrastructure as an entry point and attempting lateral movement within interconnected networks. This has driven increased demand for cloud-native security services such as firewall-as-a-service, endpoint detection & response solutions, cloud access security brokers and more. Cloud providers are also investing heavily in advanced cyber defense capabilities for their infrastructure and platforms. Going forward, more cyber security vendors are expected to offer cloud-based deployment options for their solutions in order to better protect organizational assets hosted across hybrid and multi-cloud environments.

Segment Analysis

The global cyber security market is dominated by the network security sub-segment, which holds around 35% of the total market share. Network security provides protection to networks, endpoints, applications and cloud environments from all kinds of threats like malware, DDoS attacks, APTs and vulnerabilities. With increasing dependency of organizations on network infrastructure and remote working culture, the need for securing networks from external threats has amplified. This has propelled the demand for network security solutions in recent years.

Key Takeaways

The Global Cyber Security Market Size is estimated to be valued at US$ 188.94 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.

Regional analysis:

North America holds the largest share of the global cyber security market owing to stringent data protection regulations and early adoption of cyber security measures among organizations in the US and Canada. Europe follows next due to strong presence of cyber security vendors and increasing spending on digital technologies across UK, Germany and France.

Key players:

Key players operating in the cyber security market are Amway, Pfizer Inc., Meiji Holdings Co., Ltd., Everest NeoCell LLC., Reserveage Nutrition, Vitabiotics Ltd., The Boots Company PLC, and Murad Europe Ltd, among others.

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https://www.newswirestats.com/cyber-security-market-size-share-growth-outlook-2023/