Cybersecurity market size is expected to grow by $203.5 billion from 2023 to 2027, with increasing use of mobile devices driving market growth, Technavio says

new york, May 13, 2024 /PRNewswire/ — Global Cyber ​​security market The size is estimated to grow as follows $203.5 billion According to Technavio, from 2023 to 2027. The market is estimated to grow at a he CAGR of 13.57% during the forecast period.

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market drivers

• The increasing usage of mobile devices, especially through arc furnaces, has outpaced the traditional BF-BOF route and is a key driver of the cybersecurity market.
• The increased adoption of mobile devices such as phones, laptops, and tablets has increased the need for cybersecurity solutions.
• Expansion of internet access through mobile devices increases vulnerability to cyber threats.
• The increased use of mobile devices for both personal and work purposes increases the risk of unauthorized data access if the device is lost or stolen.
• Advances in technology have facilitated the use of mobile devices for m-commerce, bill payments, GPS, and more, requiring increased security measures to protect sensitive information.
• The demand for advanced cybersecurity solutions to protect against hacking attempts is increasing, thereby driving market growth during the forecast period.

market challenges

• The high cost of implementation is a major impediment to the expansion of the global cybersecurity field.
• One of the major obstacles facing the global market is the prohibitive cost of implementing cybersecurity solutions.
• The overall installation cost includes various components such as software licensing, system design, customization, implementation, training, and maintenance tailored to your organization.
• To successfully implement cybersecurity software, organizations must allocate resources to hiring IT talent, incurring additional costs.
• Additionally, existing staff members will require training to understand the operation of the cybersecurity solution.
• Maintaining an on-premises cybersecurity solution requires in-house IT management staff to address and manage issues, increasing implementation costs.
• Additionally, cybersecurity solutions have hidden costs, such as costs associated with developing the knowledge, experience, and skills to understand their capabilities.
• High costs pose a challenge for organizations looking to implement in-house cybersecurity solutions, thereby hindering the growth of the global cybersecurity industry.
• As a result, high implementation costs are likely to hamper market growth during the forecast period.

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Segment overview

This Cyber ​​Security Market report covers a wide range of market segmentation.

1. introduction

• 1.1 On-premises
• 1.2 Cloud-based

• 2.1 Government
• 2.2 BFSI
• 2.3 ICT
• 2.4 Manufacturing
• 2.5 Others

• 3.1 North America
• 3.2 Asia Pacific
• 3.3 Europe
• 3.4 middle east and Africa
• 3.5 south america

1.1 On-premises –

• The on-premises segment is expected to witness significant market share growth over the forecast period.
• On-premises cybersecurity is managed and overseen by companies in the end-user industry, which makes them highly regarded for their robust security measures.
• Businesses have full control over on-premises solutions, facilitated by monitoring and restricted access, allowing for customization to specific requirements.
• These factors are expected to drive the growth of the segment in the foreseeable future.
• The on-premises division achieved the following ratings: $63.27 billion It continued to grow in 2017 and showed continued growth through 2021.
• However, the on-premises cybersecurity market is expected to decline due to the increasing adoption of cloud-based cybersecurity solutions.
• On-premises cybersecurity requires companies to purchase software licenses and maintain IT staff for solution management, software upgrades, and data protection measures.
• Additionally, the requirement for the use of in-house hardware will require significant capital expenditures, which is expected to constrain the growth of the on-premises solutions segment during the forecast period.

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research analysis

The cybersecurity market is a dynamic and evolving landscape encompassing various digital technologies to protect IT systems and data from cyber threats. Key players in this market include CSIS and McAfee, which provide solutions for regulatory compliance, data protection, and cyber threat mitigation. The rise of digital transactions, IoT, e-commerce platforms, and cloud computing has sharply increased the demand for advanced cybersecurity solutions. AI, machine learning, and blockchain are increasingly integrated into cybersecurity systems to enhance threat detection and response capabilities. Regulatory frameworks such as HIPAA and GDPR mandate strict data protection and privacy standards, making it important for businesses to comply with these regulations. MSS providers offer comprehensive security services to ensure compliance for organizations in sectors such as healthcare and finance. Broadcom and NBER serve the market through research and development in areas such as big data analytics and AI, driving innovation and improving cybersecurity solutions. Cybersecurity is an essential investment for businesses in today's digital world, ensuring secure remote work and digital transactions.

table of contents:

1.executive summary
2 Market scenery
3 Determining market size
4 Past market size
5 Five Forces Analysis
6 Market segmentation

• introduction
• End-user
• government
• BFSI
• ICT
• manufacturing industry
• others
• geography
• North America
• Asia Pacific
• Europe
• middle east and africa
• south america

7 Customer situation
8 Geographic Landscape
9 drivers, challenges and trends
10 Company scenery
11 Company analysis
12 Appendix

About Technavio

Technavio is the world's leading technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights that help companies identify market opportunities and develop effective strategies to optimize their market position. Offers.

With over 500 expert analysts, Technavio's report library consists of over 17,000 reports covering 800 technologies across 50 countries, and growing. The company's customer base consists of companies of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify existing and potential market opportunities and gain a competitive advantage within the changing market scenario. is evaluating its status.

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Source Technavio