Cyber Security Market to Reach $376.32 billion by 2029; Rising Number of E-commerce Platforms to Drive the Market Growth

The global cyber security market size is predicted to reach USD 376.32 billion by 2029 and exhibit a CAGR of 13.4% during the forecast period. Fortune Business Insights^TM,in its report titled “Cyber Security Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment Type (Cloud and On-Premise), By Enterprise Size (Small & Medium Enterprise and Large Enterprise), By Industry (BFSI, IT and Telecommunications, Retail, Healthcare, Government, Manufacturing, Travel and Transportation, Energy and Utilities and Others) and Region Forecast, 2022-2029”, observes that the market size stood at 139.77 billion in 2021 and is expected to exhibit a CAGR of 13.4%  between 2022 and 2029. As e-commerce platforms, artificial intelligence, cloud technology, and blockchain have emerged, internet security solutions in connected network architecture have grown.

Rise of Remote Work Culture during COVID-19 to Create New Opportunities

The COVID-19 outbreak had a significant impact on consumer and provider behavior. Short-term manufacturing unit closures, data breaches, employment cuts, lack of resources, and a disrupted supply chain have all harmed global corporate growth. Thousands of small and medium-sized enterprises around the world have been forced to close permanently or temporarily. During the pandemic, however, the demand for cybersecurity solutions in, manufacturing, government and healthcare has exploded. Key market participants are focusing on providing a variety of security solutions to protect industrial operations from severe cyber-attacks.

Machine Learning is used by Sken.ai to Correlate and Assign a Security Risk Assessment

Broadcom Inc. has introduced Adaptive Protection, a new advanced feature in Symantec Endpoint Security. Adaptive Protection employs powerful machine learning algorithms based on years of Symantec endpoint security machine learning is used by Sken.ai to correlate and assign a security risk assessment experience to provide additional security that is automated and customized for each customer's environment, all while minimizing productivity disruption. Businesses can use Adaptive Protection to stay on top of cyber-attacks and prevent breaches before they happen.

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E-commerce Platforms to Augment Market Growth

The rise of e-commerce platforms, as well as advances in cloud technologies, artificial intelligence, and blockchain technologies, have bolstered internet security solutions in a closed connected network infrastructure. Furthermore, e-commerce businesses are concentrating on integrating network security solutions into their IT and electronic security systems. For example, Askul Corp in September 2020, implemented Cyber Security Cloud, Inc.'s advanced network security solution Shadankun in their business unit to protect their assets from potential cyber menaces. The demand for such solutions is expanded as these technologies are increasingly adopted to combat cyber-attacks.

Product Expansion is the Focus of Market Leaders such as Cisco Systems

Cisco Systems, Inc., a major competitor in the global cyber security market share, is concentrating on improving its network capabilities by incorporating emerging technologies such as machine learning and advanced analytics. Cisco Systems provides a wide range of internet security solutions that are based on network-related sectors. unified threat management, access and policy, network and data center security, email security, advisory, integration, Superior threat protection, and managed services are some of the services available.

Industry Developments-

• January 2021 – FireEye announced open-source cyber-security to detect cyber-attacks throughout SolarWinds' supply chain.

List of Key Market Players:

• Cisco Systems, Inc. (U.S.)


• IBM Corporation (U.S.)


• Fortinet, Inc. (U.S.)


• Proofpoint, Inc. (U.S.)


• Microsoft Corporation (U.S.)


• Palo Alto Networks, Inc. (U.S.)


• Zscaler, Inc. (U.S.)


• Broadcom, Inc. (U.S.)


• F5 Networks, Inc. (U.S.)


• Check Point Software Technologies (Israel)


• Sophos Ltd. (U.K.)

Further Report Findings-

During the projected period, North America is expected to lead the global cyber security market share. The growing frequency of high-profile security breaches in the region is driving demand for cybersecurity. In countries like the U.S. and Canada, the growing number of online e-commerce platforms is boosting the market growth. To provide better security measures to businesses, the government uses advanced network security protocols.

Table of Segmentation