The cyber security market is mainly driven by emerging online e-commerce platforms and the advent of core technologies such as the internet of things (IoT), artificial intelligence (AI), cloud security, and others. The global Cybersecurity market is worth US$173.5 Billion in 2022 and is estimated to reach US$266.2 Billion by 2027, exhibiting a CAGR of about 8.9%. The rise in malware and phishing threats among enterprises and the increase in the adoption of IoT and BYOD trends are boosting the growth of the cybersecurity market.
Malware, such as viruses and Trojans, has substantially expanded its ability to enter, control, and harm whole electronic information networks. Malware is frequently used by cyber criminals to obtain control of devices or equipment in order to make money. This is done so that the machine may be immediately used to undertake fraudulent transactions or criminal operations.
In addition, a surge in demand for cloud-based cybersecurity solutions positively impacts the development of the market. However, budget constraints among organizations and complexities of device security hamper the market growth. On the contrary, the increase in the adoption of mobile device applications and platforms, the need for robust authentication methods, and the transformation in the traditional antivirus software industry are expected to offer remunerative opportunities for the expansion of the market during the forecast period.
Cybersecurity companies are engaged in developing security solutions with AI that helps organizations automate their IT security. Such solutions enable automated threat detection and remediation, allowing IT professionals to reduce the efforts and time required to track malicious activities, techniques, and tactics. These solutions offer real-time monitoring and identification of new threats while also responding autonomously. This helps the security teams analyze the filtered breach information and detect and remediate cyber-attacks faster, thereby reducing security incident costs.
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