Cyber Security Market worth $266.2 billion, growing at a CAGR of 8.9%: Report by MarketsandMarkets™

Chicago, June 15, 2023 (GLOBE NEWSWIRE) -- The global Cyber Security Market size is expected to grow from an estimated value of USD 173.5 billion in 2022 to USD 266.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 8.9% from 2022 to 2027, according to a new report by MarketsandMarkets™. Growing adoption of IoT security solutions, adoption of cloud-based cyber security solutions, and increased BYOD trends are some factors which are driving the cyber security market growth.

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562 - Tables
58 - Figures
494 - Pages

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Scope of the Report

Trend: AI and ML in cyber security

Artificial intelligence (AI) and machine learning (ML) have become indispensable technologies for addressing the complexity and volume of cyber security threats that are constantly increasing. Machines are better than people and traditional software in identifying patterns that indicate malicious software and odd behaviour. By recognizing particular trends and cycles, the system can also anticipate possible attacks and react to threats automatically. In fact, it frequently happens that two occurrences are identical and call for the same course of action. The system can identify the attack, report, and categorize the event, and then implement the patch automatically rather than having to repeat the process, which is occasionally done manually.

Even better, security technologies like behavioural analytics, which are crucial for identifying adversarial and zero-day threats, may identify attacks only by spotting unusual behaviour. In the ongoing struggle between attackers and defenders for technological and tactical advantage in cybersecurity, AI and ML have come into play. A cyber security expert must maintain continuous vigilance, continue to study, and have access to cutting-edge equipment that can handle threats that are always evolving.

Trend: IoT in cyber security

The Internet of Things (IoT) aims for seamless connectivity where gadgets continually change how we work and live. All electronic gadgets come equipped with Internet-connected sensors that gather information about their surroundings and interact with one another. This status is communicated to data storage where information is kept in the form of text, videos, or photographs, which are then analysed by analytical engines to draw various conclusions. The components of analytical engines are both human and machine learning.

Cloud security is a very significant issue to be concerned about since hackers will find vulnerabilities. Because hackers would use software flaws for their own gain, cloud protection is a very significant subject of worry. As more and more gadgets are being connected to the internet every day, there will be a significant demand for web developers and cyber professionals who can manage such serious risks. Device security, data security, and the preservation of individual privacy are issues with cybersecurity.

Opportunity: Increased BYOD trends led the endpoint security segment in cyber security market to grow further in mobile protection

Threat management has become more challenging for internal IT personnel due to the development of technologies in these endpoint security categories, technical breakthroughs, and system changes. Numerous organizations face difficulties as a result of dynamic regulatory compliances and technology advancements. Cybercrimes are brought on by interconnected platforms and endpoints that rely on modern technology and reveal security system flaws. For instance, the increasing usage of social media apps and the BYOD idea to share information internally across enterprises have created hitherto unexplored opportunities for online cyber dangers and attacks.

Digital apps frequently include flaws with a number of vulnerabilities that can let attacks through and lead to the loss of user data. From integration and deployment to being live, the apps need to undergo appropriate testing at each stage. Business security infrastructures are supported by application security solutions and services. With the growing acceptance of digital applications across sectors, the popularity of these solutions and services is rising. In light of the Covid-19 issue, cyber security solutions are becoming more and more popular, and this trend is anticipated to continue during the forecasted period.

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Top Trends in Cyber Security Market

• The creation of engaging learning environments with the help of the metaverse might provide students new opportunities to interact with course material. Students may experience virtual environments, historical locations, and scientific simulations using augmented reality (AR) and virtual reality (VR) technology, which helps them better learn and remember difficult ideas.
• Students and professors from all around the world may come together in virtual classrooms thanks to the metaverse. These virtual settings can include tools that encourage contact and cooperation between students and teachers, such shared whiteboards, 3D models, and collaborative activities.
• The metaverse can provide students with individualised learning opportunities that are catered to their needs and tastes. Algorithms for adaptive learning can monitor student development and offer pertinent comments and resources. With this personalization, students may study at their own speed and in ways that work for them.
• The metaverse has the ability to eliminate geographic restrictions and provide people who would not have access to traditional educational options access to education. Students from rural or underserved places can access educational materials and take part in virtual classes, increasing their learning chances.
• Gamification methods may be included into the metaverse to improve learning enjoyment. Teachers may inspire students and design an immersive learning experience that promotes active involvement and information retention by including game features like prizes, challenges, and leaderboards.
• Students can investigate real-world locales, historical events, or scientific phenomena through simulations and virtual field trips available in the metaverse. In order to increase student involvement and knowledge, this experiential learning strategy might offer practical experiences that would otherwise be difficult or impossible to acquire.

Key Industry Development

• Virtual reality (VR), augmented reality (AR), and mixed reality (MR) are some of the immersive technologies that the education sector has been experimenting with in the metaverse. The ability to explore virtual settings, carry out experiments, and interact with virtual items made possible by these technologies may give students interactive and interesting learning experiences.
• Perhaps specialised education-focused metaverse systems or frameworks with features and functions designed for teachers and students have evolved. These platforms may offer resources for collaborative content production, evaluation, and immersive learning experiences.
• There's a chance that programmers and content producers have begun to produce learning materials and metaverse-friendly applications. These could include interactive experiences, simulations, educational games, and virtual classes created to improve learning outcomes and participation in the metaverse.
• It's possible that learning management systems, which are commonly used in educational settings, have begun merging with the metaverse. Through this connection, instructors may be able to manage and provide instructional content based on the metaverse, monitor student progress, and offer evaluations all inside the framework of their current LMS.
• The metaverse may have developed to provide instructors and students greater possibilities for customization and personalisation. This could involve individualised learning routes, adaptive learning algorithms, and the capacity to modify educational experiences to particular student requirements, preferences, and learning styles.
• Global collaboration and connectivity in education might be facilitated by the metaverse. Breaking down geographic boundaries, educators and students from various regions of the world might collaborate virtually on projects, share information, and have cross-cultural learning experiences.

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