Cyber Security Market is expected to Grow from USD 168.04 Billion 2023 to reach USD 452.08 Billion in 2031

Westford,USA, June 03, 2024 (GLOBE NEWSWIRE) — Cyber security refers to the security of digital platforms and digital assets. The rapidly evolving cyber threat landscape, high incidence of data breaches and cyberattacks, and imposition of strict data privacy and security regulations are key factors that are promoting the demand for better cyber security around the world. Remote work and bring your own device (BYOD) are also key trends that have bolstered the importance of advanced cyber security measures around the world. The global cyber security market is segmented into solution type, deployment mode, organization size, security type, vertical, and region.

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IAM Remains Imperative for Cyber Security

Identity and access management (IAM) solutions are the first line of defense for any cyber security approach as they secure the network from its endpoints. IAM not only provides security but also provides better accessibility with reduced risk of data breaches.

Mitigating the threat of unauthorized access is paramount for the security of digital systems. Identity and Access Management (IAM) serve as a pivotal safeguard in this regard, utilizing a range of authentication techniques such as Single Sign-On (SSO), Multi-Factor Authentication (MFA), and password-less authentication to bolster its resilience against hacking endeavors. IAM solutions are highly sought-after due to their adaptability and robust security measures, resulting in considerable market dominance.

Furthermore, there is a growing demand for Compliance and Policy Management solutions as global regulations pertaining to data privacy and security become more stringent. The adoption of encryption and tokenization solutions is also anticipated to experience rapid growth to meet the escalating need for advanced encryption technologies in the cybersecurity sector.

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Hybrid and Cloud Cyber Security Solutions to Witness High Adoption

Cloud cyber security solutions are estimated to emerge in popularity around the world over the coming years. Advancements in cloud technology and the availability of subscription-based models and pay-as-you-go models are allowing this segment to gain a high market share. Low costs of deployment associated with cloud-based cyber security solutions also make them a preferred choice for many companies around the world.

Meanwhile, on-premises cyber security solutions are preferred for their high security and off-network features. This type of cyber security is mostly opted for by large organizations that have the resources to manage it and want better control of their data security and privacy. Hybrid cyber security solutions are projected to be most sought-after for their combined benefits of on-premises and cloud solutions. Growing awareness regarding the advantages of hybrid cyber security solutions will help this sub-segment expand at a robust CAGR.

Cyber Security: Requisite for Organizations of All Sizes

Large enterprises are currently leading the deployment of cyber security solutions as they have higher budgets and manage huge volumes of crucial data. The high spending potential of large enterprises allows them to opt for advanced cybersecurity solutions and hold sway over the global cyber security market. On the other hand, small and medium enterprises (SMEs) offer some lucrative opportunities for cyber security companies as they invest more in cyber security. The availability of cost-effective cybersecurity solutions will help this sub-segment expand at a robust pace in the future.

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From Endpoint to Network, Secure it All with Cyber Security Solutions

Network security is highly crucial in safeguarding data on a public or private network. This sub-segment brings in the most revenue for any cyber security provider around the world and growing complexities of networks will also create new opportunities in the future. Growing use of connected devices, cloud platforms, and IoT (Internet of Things) devices are bolstering the demand for better endpoint, IoT, and cloud security solutions. Application security is another sub-segment that could provide new opportunities for cyber security companies as the use of novel applications increases in this digital world.

Cyber security is a vast market, and gaining a full understanding of all its aspects is crucial for all cyber security market players. Cloud technology is projected to be the key factor in augmenting the global cyber security market growth across the forecast period. Evolution of threat landscape and increasing sophistication of cyberattacks will help keep the cyber security market relevant for a long time.

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