Global Cybersecurity as a Service Industry is Estimated To Reach $46.6 Billion Market By 2030 By CIOtechOutlook Team

Global Cybersecurity as a Service Industry is Estimated To Reach $46.6 Billion Market By 2030

CIOtechOutlook Team | Saturday, 08 July 2023, 03:16 IST

By 2030, the market for cybersecurity as a service is anticipated to grow at a CAGR of 17.5%, reaching $46.6 billion.

The market for cybersecurity as a service is expanding as a result of a number of factors, such as the growing importance of cybersecurity in the banking industry, the rise in data breaches and cyberattacks, the growing BYOD (bring your own device) trend among businesses, and government initiatives to promote the adoption of cybersecurity solutions.

Additionally, the market is anticipated to expand as a result of the growing usage of cloud security solutions among SMEs and cybersecurity-as-a-service solutions in the healthcare industry. The cybersecurity-as-a-service market is divided into major organizations and small and medium-sized enterprises based on the size of the organization.

The robust IT infrastructure of large businesses, the expert administration of Cybersecurity-as-a-Service platforms by IT professionals, and the expanding use of cutting-edge technologies like cloud, AI, and machine learning are all factors that contribute to this segment's huge market share. The market for small and medium-sized businesses is anticipated to experience the largest CAGR during the projected period, nonetheless.

The market for cybersecurity as a service is divided into applications for network security, application security, cloud security, endpoint security, and other security applications based on their use cases. The substantial market share of this sector is attributable to the increasing number of malware attacks on enterprise networks, the rising number of data and security breaches, the expanding demand for filtering and monitoring network traffic, and the growing necessity to safeguard linked network equipment.