The market for cyber security services was estimated to be worth USD 208.3 billion in 2023 and is expected to grow at a compound annual growth rate of 8.8% to reach USD 445.3 billion by 2032.
As to the most recent study report by DataHorizzon study, the ever-evolving technology landscape is continuously reshaping the worldwide cyber threat picture.
It requires various institutions to intensify their efforts in identifying and addressing potential vulnerabilities inside their security infrastructures giving a take on the cyber security services market stated the DataHorizzon Research.
The increase in cybercrimes and malware incidents, particularly in the government, defense, and IT sectors, has attracted a lot of attention and further driving the need for apt cyber security services.
Furthermore, the spread of smartphone apps and cloud-based platforms has made cybersecurity more difficult for businesses, which has led to a reevaluation of traditional security tactics affirmed the research report by DataHorizzon Research.
Organizations are increasingly turning to outsourced security solutions to identify system vulnerabilities as a result of growing threats and the shortcomings of traditional security measures. This is vital reason for driving the growth of the cybersecurity services market.
Age of Digital Storage and GDPR Frameworks
Given the rapid advancement of technology and the growing reliance on digital storage made possible by computers and cloud services, it is imperative that secure solutions be developed and put into place in order to fend off future hacker threats.
Moreover, businesses are under increased pressure to improve their cybersecurity procedures due to legislative frameworks like the General Data Protection Regulation (GDPR), which require the prompt discovery and reporting of breaches within a 72-hour deadline.
Online and Mobile Platforms a House of Vulnerabilities
Vulnerabilities have significantly increased as a result of the extensive use of online and mobile platforms for financial transactions, especially in the banking, financial services, and insurance (BFSI) industries.
To counter even the most advanced cyberthreats, BFSI stakeholders are therefore required to adopt cutting-edge and durable cybersecurity solutions.
For those involved in the banking, financial services, and insurance (BFSI) industries, creating and carrying out strong cybersecurity incident response plans is not only essential, but also a necessary means of survival.
With the help of these plans, they may protect confidential financial information, maintain relationships with partners and consumers, and respond to threats with agility.
IT and Telecom Services Segment to Register High Growth in Forthcoming Years
The industry-based segmentation of the cybersecurity services market includes BFSI, retail, IT, and telecom. In 2022, a sizable portion went to telecom and IT, which is expected to continue to dominate in the years to come. A contributing aspect to growth factors is the increase in digital assets and footprints. The rise of startup culture across multiple businesses has highlighted digital innovation across different domains.
Cyber Security Services Market Report Highlights:
- The global cyber security services market growth is anticipated at a CAGR of 8.8% by 2032.
- Technological advances and a rise in demand for digital security are expected to pivot industry developments in the coming years.
- North America remains a leading market for cybersecurity services in 2023 and is projected to attain a significant market share in the coming years. Demand for cybersecurity and innovative practices are major growth highlights in the U.S. market.
- Some prominent players in the cybersecurity services market report include McAfee, Symantec Corporation, FireEye Inc., Fortinet Inc., Sophos Group Plc, F-secure Corporation, Trend Micro Inc., SecureWorks Corporation, Kaspersky Lab, and IBM Inc..
These insights are based on a report on Cyber Security Services Market by DataHorizzon Research.
