Cybersecurity Market Skyrocket to Reach USD 638.2 Billion By 2032 | AI, Deepfakes, Machine Learning to Shape Market Momentum Says Astute Analytica

New Delhi, March 11, 2024 (GLOBE NEWSWIRE) -- The global cybersecurity market is projected to reach US$ 638.2 billion by 2032 from US$ 205.8 billion in 2023 at a CAGR of 13.40% during the forecast period.

The cybersecurity market has an unprecedented threat environment to contend with, one where AI is both a central and disruptive force. It powers innovative defense mechanisms, but also fuels disturbingly realistic deepfakes – a danger that peaks around pivotal events like elections or the Olympics. With their ability to spread disinformation at scale, detection tools and public awareness initiatives are crucial investments for the cybersecurity market. But it doesn’t stop there: increased cyberbullying, particularly targeting children, and a rise in charity fraud schemes exploiting global conflicts will further test the industry’s defenses. Education and user protection will become top priorities in response. Malware continues to mutate too; more sophisticated scams using voice/visual cloning or QR codes threaten to become commonplace.

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To guide organizations and keep the market on its toes, adoption of an updated framework is essential. Treating cybersecurity as an enterprise-wide risk does exactly that in Version 2.0 of the NIST Cybersecurity Framework (CSF). And it can’t come soon enough – even seemingly hardened targets like US agency CISA have been successfully breached this year. International incidents underline that threats do not respect borders either; state-sponsored espionage, ransomware attacks that bring cities to a standstill and breaches carried out on a massive scale must be understood by the market if it is to address them successfully. Demand for advanced solutions will surge as secure backups of important data become priceless commodities.

Economic Impact of Cybercrime

The global economy is being taken hostage by cybercriminals. Astute Analytica’s estimates determine that they will cost the world $10.5tn annually by 2025, up from $3tn in 2015 in the global cybersecurity market. In 2017 alone, individuals and businesses lost $5bn to ransomware attacks — four times more than in 2016. To protect against the rising threat of cybercrime, organizations and governments are expected to spend more than $1tn on cybersecurity products and services between 2017 and 2021. The cybersecurity market is booming, growing from $3.5bn in revenue in 2004 to more than $120bn in 2017. However, many businesses' cybersecurity budgets aren't keeping pace with the exponential growth of cyberattacks.

Key Findings in Global Cybersecurity Market

Impact on Businesses and Supply Chains

The business world is especially susceptible to cybercrime, considering 53% of U.S. businesses fell victim to a data breach in 2023. When hackers come knocking, companies can lose a whole lot of money, have their intellectual property stolen, and suffer reputational damage. Danish shipping company Maersk was attacked in 2017 causing the company to lose two weeks’ worth of operations and $300 million.

Governments and policymakers are finally starting to realize the economic threat caused by cyber-crime. In the past several years, there has been an increase in international agreements regarding cyber security; however, experts still don’t know how effective these agreements are at preventing attacks. Those who believe that foreign nations like China and Russia should be held accountable for their hacker communities claim that taking a stronger position against them would help stop the growing number of attacks around the world. Additionally, improving disclosure rules for publicly traded corporations and releasing anonymized data on companies that refuse FBI assistance could encourage increased cybersecurity spending and the growth of the cyber insurance sector

Cloud Security to Remain the Largest Contributors, Captures over 31% Revenue share of Cybersecurity Market

Cloud adoption has increased rapidly for the flexibility and cost savings it provides, but this also brings major security concerns. 45% of data breaches occur in cloud services, and 80% of businesses have experienced at least one cloud security event in the past year. Misconfigured cloud infrastructure worries 68% of experts most (followed by unauthorized access at 58%) while insecure APIs rank third (52%) and account hijacking fourth (50%). Although cloud providers offer their own security measures, human error remains a major factor. More than four-fifths (88%) of cloud breaches resulted from user mistakes rather than provider shortcomings. Meanwhile, data breaches or exposures due to misconfigurations in complex multi-cloud environments affected nearly seven out of every ten organizations surveyed. With this in mind, over half (55%) plan to boost their cloud security investment globally – specifically with incident response and threat detection solutions.

Despite these challenges in the cybersecurity market, 94% of businesses still see good cloud security as an advantage, while 70% regard it as efficient and cost-effective. Robust data protection is key to meeting critical objectives such as regulatory compliance and fending off unauthorized access to information through encryption technologies. The average cost of a data breach runs up $4.35m per organization — a hefty sum that drives home how important cybersecurity is today.

Businesses Turn to Cybersecurity Insurance to Protect Against Financial Losses

As financially devastating cyberattacks continue to rise year after year, businesses in the cybersecurity market have begun hopping onto cybersecurity insurance policies. The global market for cybersecurity insurance is projected to reach a whopping $28.6 billion by 2032, with a CAGR of 24.9%. In 2022 alone, the U.S. market was valued at around $10.8 billion and is expected to grow to $20.4 billion by 2025, representing an increase of almost double. The increased severity of cyber-attacks where data breach costs averaged about $3.86 million makes insurance coverage seem like the better option when trying to prevent loss of money rather than just trying to make more money after you’ve been hit. Regulatory pressures such as GDPR and CCPA with their potential fines are also incentivizing insurance companies to offer cybersecurity coverage.
Challenges and Opportunities Within the Market

Despite its expansion over time, the cybersecurity insurance market does face a few obstacles in its path. Policies that don’t follow standard rules make it difficult for different businesses to compare coverages with one another along with limited historical data that makes risk assessment difficult for insurers themselves. And lastly, because traditional insurance policies unintentionally cover cyber incidents, this causes “silent cyber risk”

But there are plenty of opportunities for both insurers and policyholders in the cybersecurity market. Insurers that provide risk management support such as assessments and incident response plans set themselves apart. And creating industry-specific policies help address diverse needs. The insurance process itself can also improve cybersecurity practices. Lastly, innovative parametric policies that respond to specific events offer a new model to address evolving cyber threats.

Emerging Trends in Cybersecurity Market

Looking ahead, several trends are expected to shape the cybersecurity Market landscape in 2024:

• Increased reliance on AI and machine learning to enhance cybersecurity defenses.
• Quantum computing's impact on cybersecurity is on the rise.
• Zero Trust security models are gaining traction.
• Blockchain technology is increasingly intersecting with cybersecurity.
• Cybersecurity insurance is becoming more mainstream as organizations seek to mitigate financial risks associated with cyber incidents.

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Key Players Drive Cybersecurity Evolution

The cybersecurity market is changing quickly to keep up with the growing threats out there. This change is fueled by key players that are developing new solutions, making big investments, and working together for everyone's benefit. Companies like IBM and Cisco are at the front of the line when it comes to advanced cybersecurity. They're using cloud computing, artificial intelligence, and machine learning to spot threats faster and respond even quicker. A good example of this push is IBM's Security X-Force task force. It works tirelessly to find new attacks before they even happen.

It's not all about money, but it’s a big part of it. Cybersecurity projects received a $2.3 billion budget from the UK government in 2020. The global market potential for these products could reach $1.5 trillion to $2 trillion! If that doesn’t highlight their importance, I don't know what will! Collaboration also plays a huge role here too since several agencies already promote information sharing like US Cybersecurity and Infrastructure Security Agency (CISA). In the wake of the SolarWinds cyberattack, CISA was able to send quick alerts and make assessments in record time.

There simply aren’t enough people trained in cybersecurity right now with around 1 million positions unfilled globally! The industry needs more talent if we want our data protected better than ever before. Governments and companies are investing heavily into training programs as a result. The leaders here are also focused on keeping up with GDPR regulations and NIST Cybersecurity Framework rules since compliance strengthens security posture while building trust with customers and stakeholders alike.

Key Companies:

• MacAfee
• Trend Micro Incorporated
• IBM Corporation
• Microsoft
• BAE Systems, Inc.
• Check Point Software Technology Ltd.
• F5 Networks
• EMC Corporation
• FireEye, Inc.
• Proofpoint Inc.
• Sophos PLC
• Fortinet, Inc.
• Cisco Systems Inc.
• Symantec Corporation
• Juniper Networks
• Palo Alto Networks, Inc.
• Qualys Inc.
• Other Prominent Players

Key Segmentation:

By Component 

• Solutions
  • Threat Intelligence
    • Identity and Access Management
    • Security and Vulnerability Management
    • Risk and Compliance Management
    • Others
  • Encryption
  • Data Loss Prevention
    • Network DLP
    • Storage/ Data Center DLP
    • Endpoint DLP
  • Unified Threat Management
  • Firewall
  • Intrusion Detection Systems/Intrusion Prevention Systems
  • Disaster Recovery
  • Distributed Denial of Service
  • Others
• Services
  • Professional Services
    • Design and Integration
    • Risk and Threat Assessment
    • Consulting
    • Training and Education
    • Support and Maintenance
• Managed Security Services

 By Security  

• Network Security
• Endpoint Security
• Application Security
• Cloud Security
• Others

 By Deployment 

• Cloud-based
• On-premises

 By Application 

• Financial Services
• Government
• Retail
• Healthcare
• Communication Technologies
• Manufacturing
• Transportation
• Professional Services
• Energy
• Others

By Enterprise Size 

• Small and Medium-sized Enterprises
• Large Enterprises

 By Region  

• North America
• Europe
• Asia Pacific
• Middle East & Africa (MEA)
• South America

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About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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