NEW CASTLE, Delaware, Oct. 16, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report titled “Cybersecurity Technology Market by Solution Type (Network Security, Endpoint Security, Application Security, Cloud Security, and Identity and Access Management). and data security), deployment mode (cloud and on-premises), organization size (SMEs and large enterprises), industry vertical (BFSI, manufacturing, healthcare, retail, government & defense, ICT and others): global opportunity analysis and industry forecasts, 2024-2032.” According to the report, the cybersecurity technology market was valued at $172.8 billion in 2023, and is expected to reach $377.5 billion by 2032, with a CAGR of 9.0% from 2024 to 2032.
Key determinants of growth
The global cybersecurity technology market is growing due to several factors such as technological advancements, rise in malware and phishing threats among enterprises and increasing adoption of IoT and BYOD trends, which are some of the key factors expected to drive the market growth. However, budget constraints among organizations and complexities related to hardware security act as constraints on the cybersecurity technology market. In addition, the high penetration of 5G and IoT technology will provide great opportunities for market development during the forecast period.
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Report coverage and details:
Report Coverage Details Expected Period 2024-2032 Base Year 2023 Market Size in 2023 $172.8 Billion Market Size in 2032 $377.5 Billion CAGR 9.0% Number of Pages in the Report 350 Sectors Covered Solution Type, Deployment Mode, Organization Size, Industry Sector and Region. Drivers Technological advances Rise in malware and phishing threats among enterprises Increase in adoption of IoT and BYOD trends Opportunities High penetration of 5G and IoT technology Constraints Budget constraints among enterprises Device security complexities
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Network security segment accounted for the highest market share in terms of revenue in 2023
Based on the type of solution, the network security segment accounted for the highest market share in 2023. Organizations prioritize securing their network perimeter to prevent external threats from penetrating their internal systems. Moreover, the increase in sophisticated cyber attacks targeting network vulnerabilities is increasing the demand for advanced network security solutions.
Cloud segment accounted for the highest market share in terms of revenue in 2023
Based on deployment mode, the cloud segment accounted for the highest market share in 2023. Because cloud-based solutions offer easy scalability to meet the diverse needs of businesses, allowing them to adjust their security measures as they grow without significant infrastructure investments.
Large enterprise segment accounted for the highest market share in terms of revenue in 2023
Based on organization size, the large enterprise segment held the highest market share in 2023. This is because larger organizations typically have more complex and comprehensive IT environments, which require advanced and comprehensive cybersecurity solutions to protect against a wide range of threats.
BFSI segment accounted for the highest market share in terms of revenue in 2023
Based on industry segment, BFSI segment accounted for the highest market share in 2023. Financial institutions are frequently targeted by a variety of cyber threats, including phishing attacks, ransomware, and advanced persistent threats (APTs), necessitating robust, multi-layered security. . Solutions. Cybersecurity breaches in the BFSI sector can result in significant financial losses, reputational damage, and legal penalties, increasing the need for comprehensive cybersecurity measures.
North America accounted for the highest market share in terms of revenue in 2023
Based on region, North America held the highest market share in terms of revenue in 2023 and is expected to grow in terms of revenue throughout the forecast time frame. The growth in internet usage and the continued growth of retail, consumer goods and e-commerce in countries like the US and Canada are expected to drive the growth of the North American cybersecurity technology market.
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Major players in the industry:-
HCL Technologies Limited L&T Technology Services Limited
The report provides a detailed analysis of these key players in the global cybersecurity technology market. These players have adopted various strategies such as new product launches, collaborations, expansion, joint ventures, agreements, etc. to increase their market share and maintain their dominant shares in different regions. The report is useful in highlighting the business performance, operating segments, product range and strategic moves of market players to showcase the competitive scenario.
Recent industry development:
In May 2024, QriarLabs launched three identity and access management products from its new cybersecurity portfolio at this year's Identiverse in Las Vegas, Nevada. This launch will highlight the integration of QriarLabs' latest innovations: QSCIM, QID and QAP. In February 2024, Nokia announced that its NetGuard Cybersecurity Dome software is integrated with the communications-centric GenAI assistant to give communications service providers (CSPs) and enterprises faster, higher-quality detection and resolution capabilities against cybercriminals who are increasingly using GenAI to launch more sophisticated attacks on infrastructure. Vitality. In August 2022, NEC partnered with Fortinet to provide the solutions and expertise needed to facilitate enterprise adoption of 5G technology and the success of communications service providers. The two companies focused on key network security use cases and services, such as Radio Access Network (RAN), mobile roaming, Gi-LAN/N6, and cloud/edge communications security.
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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP headquartered in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Report Insights and Business Intelligence Solutions. AMR has a targeted view to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their market area.
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