Growing Sophistication of Cyberattacks Propels Global Cyber Security Market Growth

Cyber Security Market

According to the estimations put forth by Inkwood Research, the Global Cyber Security Market is predicted to register a CAGR of 9.82% in terms of revenue during the forecasting years of 2023-2032.

“Browse 104 Market Data Tables and 75 Figures spread over 320 Pages, along with an in-depth TOC on the Global Cyber Security Market Forecast 2023-2032.”

In today’s digital age, cybersecurity has become a pivotal component of our interconnected world. As organizations, governments, and individuals rely increasingly on digital technologies, the need for robust cybersecurity solutions has surged.

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Increasing Frequency and Sophistication of Cyberattacks: Primary Growth Driver

The increasing frequency and growing complexity of cyberattacks pose an escalating threat to our modern digital society, primarily driven by the ever-expanding attack surface. With the rapid proliferation of digital devices and the Internet of Things (IoT), hackers have a wide range of potential targets. These encompass traditional computers, smartphones, smart home devices, industrial control systems, and vehicles. Each new connected device introduces a possible vulnerability that malicious actors can exploit.

Advanced Persistent Threats (APTs) stand out as a critical factor in the intensification of cyberattacks. APTs are highly sophisticated, long-term campaigns usually conducted by nation-state actors or well-funded criminal organizations. These attacks involve meticulous planning and extensive surveillance at multiple stages, rendering them exceptionally difficult to identify and counter effectively.

Ransomware attacks have surged in both popularity and sophistication. Cybercriminals utilize advanced encryption methods and demand substantial ransoms in cryptocurrency. These attacks have transformed into a profitable enterprise, attracting more individuals to engage in cybercrime.

IAM: Dominating Solution

Identity and Access Management (IAM) is an essential component of cybersecurity, encompassing the procedures, policies, technologies, and methodologies employed by organizations to govern and regulate access to their resources, systems, and data. IAM plays a pivotal role in safeguarding an organization’s digital assets, ensuring their security, confidentiality, integrity, and availability.

IAM systems oversee user authentication, guaranteeing that exclusively authorized users can gain access to systems and data. This typically involves the utilization of usernames, passwords, and multi-factor authentication (MFA) to verify the identities of users. Following authentication, IAM systems implement access controls and permissions to determine the actions users are permitted to execute and the resources they can reach. This is generally based on the principle of least privilege, guaranteeing that users possess only the minimum access required to carry out their job responsibilities.

North America: Largest Revenue-Generating Region

The region faces a diverse range of cyber threats, from ransomware attacks to data breaches. The sophistication of cybercriminals requires constant innovation in cybersecurity solutions. Stringent data protection regulations such as GDPR and CCPA have pushed organizations to invest heavily in compliance and data security measures.

Further, the adoption of a Zero Trust security model is gaining momentum, with organizations emphasizing continuous verification and the principle of “never trust, always verify.” As more organizations migrate to cloud environments, cloud security solutions are in high demand to protect sensitive data stored in the cloud.

Some of the prominent players in the market are Cisco Systems Inc, Check Point Software Technology Ltd, Fortinet Inc, International Business Machines Corporation, etc.

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About Inkwood Research

Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, the Middle East, Europe, Asia, and Africa.


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