The Cyber Security market is expected to grow from USD 148.1 billion in 2018 to USD 267.7 billion by 2026, at a CAGR of 8.9% during the forecast period. Focus of enterprises and government for secured sharing of information, rise in digitized workplaces & mobile workforce, increasing number of supply chain-based attacks damaging the software supply chain, strict government norms regarding security of data, increasing demand for cloud based solutions, increase in the Ecommerce penetration across industry verticals and emergence of AI, machine learning and block chain technologies for cyber defense are some of the driving factors of the market.
Budget limitation of cyber security solutions, use of pirated and open source cyber security solutions, no such cyber security expertise for proactive strategic planning and no interoperability with the existing information systems may be the major restraining factors for the cyber security market.
Players will require increased investments to tackle these restraints and facilitate growth in the coming years. This report comprises drivers, restraints, opportunities, and challenges pertaining to the Cyber Security market; and extensive value chain analysis, patent analysis, analysis of the current manufacturing capability and technology status, commercialization potential in different devices, along with market size forecasts till 2026.
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Market Overview:
Increasing adoption of technologically upgrade and advanced devices among users and rising penetration of internet has led to generation of massive amount of data across various industries and sectors. Growing demand for enhanced data security and privacy has contributed to the revenue growth of the market. In addition, rising application of the Internet of Things (IoT) and usage of business intelligence have further fueled market growth. Developments across various segments such as internet, wireless networks, computers, software, social networking, and other services have impacted the growth of the information and communication technologies market.
ICTs refer to the amalgamation of media technology with computer networks through cables or link systems. Key emerging trends such as use of IoT, media systems, and information and communication technologies in different sectors such as agriculture, financial services, and meteorological data collection, among others have also boosted revenue growth. The advent of artificial intelligence and robotics have further brought evolution in the ICT industry.
Conclusively, all aspects of the Cyber Security market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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