Meticulous Research®, a leading global market research firm, has unveiled its comprehensive report titled “Cybersecurity Market by Offering (Solutions, Services), Security Type (Network Security, Cloud Security, Endpoint Security), Organization Size, Deployment Mode, Sector (BFSI, Retail & E-commerce, Healthcare), and Geography - Global Forecast to 2031.” The report projects the cybersecurity market to reach an estimated $311.4 billion by 2031, expanding at a robust CAGR of 12.8% from 2024 to 2031.
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The substantial growth in the cybersecurity sector is primarily driven by the escalating significance of cybersecurity solutions within the banking sector, a surge in data breaches and cyberattacks, increased deployment of Internet of Things (IoT) devices, and supportive government initiatives promoting cybersecurity adoption. Despite this promising outlook, the industry faces challenges such as a shortage of trained professionals and prevalent misconceptions about cybersecurity solutions.
The report highlights several key trends and factors influencing market dynamics:
• Cloud-Based Security Solutions: Growing demand among SMEs and the integration of AI, ML, and blockchain technologies are creating significant opportunities for market growth.
• Zero Trust Security Model: Increasing adoption due to heightened security needs and mobile device proliferation.
• Market Segmentation: Detailed segmentation includes offerings (solutions vs. services), security types (network, application, endpoint, cloud), organization sizes, deployment modes, and sectors.
Key Market Segments:
• Solutions vs. Services: The solutions segment is anticipated to capture over 57% of the market share in 2024, driven by increasing adoption for enhanced network monitoring and data protection. Leading innovations include VIPRE Security Group’s recent endpoint detection & response (EDR) solution launch.
• Security Types: Network security will dominate with a share exceeding 34% in 2024, owing to rising threats and demand for traffic monitoring. However, the cloud security segment is projected to exhibit the highest CAGR, bolstered by the increasing need for cloud workload protection.
• Deployment Modes: On-premise solutions will continue to lead with a market share above 58% in 2024, but cloud-based deployments are expected to grow at the highest CAGR, reflecting the shift towards greater flexibility and SME adoption.
• Organization Sizes: Large enterprises are set to hold a significant share of over 72% in 2024, while SMEs are anticipated to experience the highest growth rate, driven by digital transformation and heightened cybersecurity needs.
• Sectors: The BFSI sector will command the largest market share of over 22% in 2024 due to rising fraudulent activities and demand for fraud detection. Conversely, the healthcare sector is poised for the highest growth rate, fueled by the need for securing connected medical devices.
Regional Insights:
• North America: Projected to hold over 38% of the market share in 2024, driven by advanced cybersecurity solutions and growing adoption in various sectors.
• Asia-Pacific: Expected to register the highest CAGR of 16.0% due to rapid connected device proliferation, increasing ransomware attacks, and proactive government initiatives.
Leading Market Players: The report identifies key industry players including Cisco Systems, Inc., Fortinet, Inc., IBM Corporation, Check Point Software Technologies Ltd., Microsoft Corporation, Palo Alto Networks, Inc., and others who are pioneering advancements in cybersecurity solutions.
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