Cyber Security Services Market To Reach USD 445.3 Billion By 2032, Says DataHorizzon Research
The cyber security services market size was valued at USD 208.3 Billion in 2023 and is projected to reach USD 445.3 Billion by 2032 at a CAGR of 8.8%.
Fort Collins, Colorado, April 08, 2024 (GLOBE NEWSWIRE) -- *
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*Rise in cybercrimes and malware to drive demand for cyber security services market*The ever-evolving technology landscape continuously reshapes the global threat landscape in cyberspace, prompting various entities to intensify efforts in identifying and addressing potential vulnerabilities within their security frameworks. The rise in cybercrimes and malware incidents, particularly in government, defense, and IT sectors, has drawn significant attention. The proliferation of cloud-based platforms and smartphone applications has further compounded cyber security challenges for organizations, necessitating reevaluating traditional security approaches.
As threats multiply and conventional security methods prove inadequate, organizations increasingly turn to outsourced security services to detect system vulnerabilities, thereby driving the expansion of the *cyber security services market.* The escalating reliance on digital storage, facilitated by computers and cloud services, coupled with the rapid pace of technological advancement, underscores the imperative of creating and deploying secure systems capable of outpacing potential hacker threats.
Moreover, regulatory frameworks such as the General Data Protection Regulation (GDPR) mandate swift identification and reporting of cyberattacks within 72 hours, placing added pressure on businesses to bolster their cybersecurity measures. The pervasive use of mobile devices and online platforms for financial transactions has significantly heightened vulnerabilities, particularly in banking, financial services, and insurance (BFSI). In response, stakeholders within BFSI are urged to adopt cutting-edge and resilient cyber security measures to mitigate even the most sophisticated cyber threats.
Establishing and implementing robust cybersecurity incident response plans is essential for BFSI stakeholders and a matter of survival. These plans enable them to effectively address cyberattacks as they occur, safeguarding sensitive financial data and maintaining trust among customers and partners alike.
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*Segmentation Overview:*
*The global cyber security services market has been segmented into service, industry, and region.*
*Penetration Services Testing Segment Account for a Significant Market Share*
The cybersecurity services market segmentation is based on service, which includes penetration testing, bug bounty, and managed detection response. In 2022, the demand for penetration testing services was high due to the professionalization of cybersecurity services.
*IT and Telecom Services Segment to Register High Growth in Forthcoming Years*
The cybersecurity services market segmentation is based on industry, which comprises BFSI, retail, IT and telecom. IT and telecom accounted for a significant share in 2022 and is projected to retain dominance in the coming years. The rise in digital assets and footprints contributes to growth factors. The emergence of startup culture in several industries has emphasized digital innovation in various fields.
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*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..
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*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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