Scienza e Tecnologia
Cyber Security Market To Reach USD 352.5 Billion by 2030, Says P&S Intelligence
The growth of the market can be credited to the rising number of data breaches.
Sensitive information, such as credit card and SSN details, is being breached because of weak passwords, improper configuration, complex access permissions, and malware attacks. In 2021, as per the Identity Theft Resource Center report, the count of these cases in the U.S. was around 1,862, which had surged by 68% from 2020.
In 2022, the IAM category had the largest market share, of approximately 20%, on the basis of solution type.
This can be owed to the surging demand for the safety of sensitive information, full control of user access within the company, automation of repetitive work, decreased IT spending, and trust among external stakeholders.
Therefore, the main players are introducing solutions delivered via the cloud, to meet the rising demand.
In order to control cyberattacks via improved security systems, governments of several nations are implementing numerous rules and correcting the present ones. Such government protocols have made it mandatory for businesses to spend on associated solutions, to prevent economic loss and guarantee the protection of individuals' data.
In 2022, the European cyber security industry generated approximately USD 35 billion , credited to the increasing number of cyberattacks, growing interest of the EU in the execution of cyber security initiatives, surging dependence of companies on the cloud for the storage of data, and strong focus of businesses on leveraging ML and AI.
As per the European Statistical Office, approximately 41% of the EU companies use cloud computing solutions, mostly for storing files and hosting e-mails.
Market revenue growth in LATAM would be at a more than 7% CAGR over this decade, on account of the government initiatives for data protection, adoption of end-to-end encryption by IT vendors, shift of the BFSI sector to the cloud, and growing cyberattack incidence.
P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.
Prajneesh Kumar
P&S Intelligence
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