Cyber Security Market to be Worth $500.70 Billion by 2030: Grand View Research, Inc.>
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SAN FRANCISCO, April 21, 2022 /PRNewswire/ — The global cyber security market size is projected to reach USD 500.70 billion by 2030, registering a CAGR of 12.0% from 2022 to 2030, according to a new study by Grand View Research Inc. The rise in the number of cyber-attacks during the pandemic kept the cybersecurity solutions’ demand upbeat in 2020. The trend is expected to continue post-pandemic and by the forecast period owing to several firms adopting hybrid working and BYOD trends resulting in an increase in the number of endpoint devices and anonymous network access, putting the organization’s IT systems at risk.

The hardware component segment is expected to exhibit a high CAGR of more than 12% in the forecast period owing to the deployment and upgrades of new hardware for supporting advanced cyber security solutions. In terms of infrastructure protection, the cloud security segment held the highest revenue share of more than 25% in 2021. Critical infrastructure programs introduced by governments worldwide are expected to drive the growth of this segment. The IDS/IPS segment is expected to register the highest CAGR of more than 10% in the forecast period. The increasing need for real-time threat detection across unknown networks is anticipated to fuel the market growth. The managed services segment is expected to attain the highest CAGR owing to the increasing number of organizations outsourcing IT security services such as consultation, implementation, and maintenance. The on-premises segment accounted for the highest market share of more than 60% in 2021. The high share is attributed to the preference for on-premises solutions by large organizations to maintain the confidentiality of their business information. Large enterprises held a high market share of more than 60% in 2021 owing to increased spending on IT security solutions to secure a large number of endpoint devices and IT infrastructure equipment. The government/defense segment accounted for more than 20% of the overall market in 2021. The high share is attributed to growing investments by governments worldwide to strengthen defense against cyber-attacks. Asia Pacific is expected to register the fastest CAGR in the forecast period owing to a large number of endpoint devices and the increasing number of data center constructions.
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