A number of factors, such as the increasing number of cyber threats, surging penetration of smartphones and the internet, rapid growth in digitization, rising adoption of cloud computing, stringent government regulations for data privacy and the increasing requirement to safeguard customers’ confidential data, as a result, are expected to drive the growth of the cyber security market at a CAGR of 12.6% during the forecast period (2020–2030).
According to P&S Intelligence, the market generated $119.9 billion revenue in 2019, and it is expected to reach $433.6 billion by 2030. One of the prime factors driving the cyber security market is the increasing number of data breaches. The major reasons behind these incidents include weak passwords, improper configurations, complex access permissions, and malware attacks.
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Moreover, the number is increasing due to the surging focus of companies on shifting their database to cloud networks. Hence, the need for cyberattack prevention in the current business landscape is surging. Cybersecurity solutions can prevent data breaches as they avert unauthorized access and examine and recognize cyber threats and vulnerabilities at an early stage.
Another key factor driving the demand for cybersecurity solutions is the surging adoption of mobile devices. Devices with advanced features, such as laptops, personal computers, and smartphones, are being bought at a large scale as they offer access to the internet, emails, and several other applications. Smartphone penetration across the globe stood at around 65% in 2019, and it is projected to reach nearly 80% in 2025.
However, security solutions like firewalls are not updated on a regular basis on these devices, which makes them vulnerable to cyberattacks.
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