Cyber Security Market Set to Reach $500 Billion by 2030
The global cyber security market size is projected to reach USD 500.70 billion by 2030, registering a CAGR of 12.3% from 2023 to 2030, according to the latest estimates from Grand View Research.
The researchers expect the global market to be driven by growing cyber threats and advanced malware threats across different verticals. In recent years, disruptive and emerging technologies in the banking, retail, information technology, defence, and manufacturing sectors have provided new capabilities, facilitated automation, and improved working conditions. They have, however, emerged as powerful forces in the evolution of the global threat landscape of exploits, vulnerabilities, and malware.
Advancements in emerging technologies, such as Artificial Intelligence (AI), Machine Learning (ML), big data analytics, Internet-of-Things (IoT), 5G, edge computing, and cloud computing, are allowing market players to introduce new solutions based on these technologies, attract potential business clients, and expand their revenue streams.
Digitalisation Is Boosting Investment
For instance, in April 2023, Google, Inc. introduced Cloud Security AI Workbench, Sec-PaLM. This new model encompasses various security intelligence, such as threat indicators, & research on software vulnerabilities, and offers AI-powered tools to assist and act on cyber security threats.
The ongoing digitalisation wave has resulted in significant changes in the telecom sector. Telecom companies are investing in the latest technologies, such as 5G, IoT, and cloud, which are expected to generate enormous opportunities for the IT & telecom cybersecurity market. As the BYOPC model of remote control and business (Bring-Your-Own-PC) expands with a significant increase in the number of edge devices, content migration and device management will require a more rigorous approach, which will further encourage the adoption of integrated cyber security solutions.
The cloud segment is expected to register a CAGR of 13.0% from 2023 to 2030. The shifting end-user companies’ focus toward cloud-based solutions owing to minimum hardware requirements, low operating costs, and diverse solution availability is supporting segment growth. The market players are establishing strategic partnerships with cloud technology providers to develop DDoS protection solutions. The research suggests that the cloud security segment is anticipated to register a CAGR of more than 15.0% from 2023 to 2030.
