Global Cyber Security Market Projected to Grow to $376 Billion by 2029, Exhibiting a CAGR of 13.4%

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., Nov. 1, 2022 /PRNewswire/ -- With the rising growth in the cybersecurity market solutions are gaining popularity across various information security applications. The adoption of advanced technologies in internet security is considered one of the rapidly emerging market trends. Moreover, big data and cloud technology support enterprises in learning and exploring the potential risks. The cyber security market is mainly driven by the emerging apps and online e-commerce platforms and the advent of core technologies such as the internet of things (IoT), artificial intelligence (AI), cloud security, and others. Key market players focus on developing internet security solutions based on artificial intelligence (AI) platforms. The growing demand for solutions is anticipated to gain traction with cumulative investments from Germany, France, India, Spain, South Korea, Italy, Canada, Qatar, and others. The increasing adoption of enterprise security solutions from manufacturing, banking, financial services, and insurance (BFSI) and healthcare is expected to drive market growth in the forthcoming years. A report from Fortune Business Insights projected that the global cyber security market, which was valued at USD 139.77 billion in 2021, is projected to grow from USD 155.83 billion in 2022 to USD 376.32 billion by 2029, exhibiting a CAGR of 13.4% during the forecast period. The report said: "The solutions segment is divided into network security, endpoint security, cloud application security, end-point security, secure web gateway, application security, and others. The increasing adoption of end-point security hardware, software, and access management tools among various industries such as IT & telecom, financial institutions, and others is expected to favor the segment's growth. The service segment is expected to grow at a considerable CAGR during the forecast period owing to the rising demand for consultancy, updating, and maintenance services by large and medium enterprises."  Active companies in the markets this week include Safe-T Group Ltd. (NASDAQ:SFET), CrowdStrike (NASDAQ:CRWD), Cognyte Software Ltd. (NASDAQ:CGNT), Palo Alto Networks (NASDAQ:PANW), Check Point® Software Technologies Ltd. (NASDAQ:CHKP).