The Market Opportunities for robust cybersecurity solutions have skyrocketed. The global cybersecurity market has witnessed several notable trends that have shaped its growth and trajectory. With the constant evolution and sophistication of cyber threats,
Government agencies, businesses, and individuals increasingly recognize cybersecurity's importance as cyber threats become more prevalent and severe. As per sources, the cloud security segment occupies almost 16% of the market share of the type segment. Further, North America dominates the market with nearly 22% market share.
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Market Dynamics
One major driver in the global cybersecurity market is government policies and regulations that require companies to maintain certain cybersecurity standards. For example, the European Union's General Data Protection Regulation (GDPR) requires companies to implement appropriate security measures to protect the personal data of EU citizens.
This growth can be attributed to various factors, including the increasing frequency and sophistication of cyber attacks, the increasing adoption of cloud computing, and the growing number of connected devices. Various governments and organizations have launched initiatives and products to enhance cybersecurity in response to the growing cybersecurity threat. For example, in 2018, the U.S. Department of Defense launched its Cybersecurity Maturity Model Certification (CMMC) program, which requires all defense contractors to obtain a certification to prove that they have appropriate cybersecurity controls.
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Segment Analysis
Cloud security has become an increasingly crucial aspect of cybersecurity, and its dominance in the global market can be attributed to several factors. One of the main reasons for this is businesses' growing adoption of cloud-based technologies across various industries. As more and more companies are moving their data and applications to the cloud, the need for robust security measures has become more important than ever before.According to a report published by the U.S. National Institute of Standards and Technology (NIST), cloud computing has become an essential part of modern IT infrastructure, with an estimated 83% of all enterprise workloads expected to be cloud-based by 2020. Additionally, the report states that cloud computing provides several benefits, such as cost savings, scalability, and flexibility, but also raises significant security concerns.
Competitive Landscape
The major global players include Check Point Software Technologies, Fire Eye Inc., Intel Security, Cisco Systems, Inc., IBM Corporation, Symantec Corporation, Dell Technologies. Inc., Cyber Ark Software, Inc., Palo Alto Group and Herjavec Group.
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