Cyber Security Market is Led by the IAM Category
The size of the cyber security market will grow at a rate of 9.4% by the end of this decade, to touch a total value of USD 352.5 billion by 2030.
This has a lot to do with the growing count of cyberattacks, rising expenditure on cloud computing technologies, increasing acceptance of cloud encryption solutions, growing acceptance of BYOD, budding implementation of machine learning, big data analytics, computer vision, and IoT, and growing requirement to protect computers, network, and database from unlawful access, together with a strong focus toward meeting compliance needs.
The growing count of data breaches is the main factor resulting in the industry growth. It refers to the incident in which confidential info, for example SSNs and details of the credit card, is accessed deprived of authorization. This comprises key causes for example inappropriate configuration, malware attacks, weak passwords, and complicated access permissions.
On the basis of solutions type, the IAM category led the cyber security market, of about 20%. This is mostly because of the surge in requirement for full control of user access within organizations, guarding sensitive data, secured alliance with external shareholders, and automation of monotonous tasks, to reduce IT spending.
Consequently, main players are introducing cloud-based IAM solutions to cater to the rising requirement, to capture a larger share of the industry.
Alternatively, the risk and compliance management category will grow the fastest with about 15%, in the years to come. This can be credited to the rising emphasis of organizations toward enhanced visibility associated with meeting compliance guidelines, user access control, and growing consciousness about managing and predicting potential risks, for protection from monetary losses.
Talking of the regional context, Europe was around USD 35 billion in 2022, because of the growth in the count in cyberattacks count, upsurge in dependance of establishments on the cloud for data storage, increase in emphasis of the EU in the direction of the introduction of cyber security initiatives, and the strong focus of companies on the way to leveraging technologies, for example ML and AI in business functions.
As per the European Statistical Office, about 41% of the EU enterprises made use of cloud computing solutions in 2021, mostly for the stowage of email hosting services and files.
Consequently, main players are concentrating on the attainment of other robust players in the industry, to capture a higher share, offer improved cyber security support, and meeting compliance requirements.
Growing number of cyberattacks all over the world, the demand for cyber security solutions is on the rise. This trend will continue in the years to come as well.
SOURCE: P&S Intelligence
