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Saturday, December 3, 2022 | 11:53 am

The Cybersecurity Services Market Addresses Hyper-connected Workplace Risks

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The Cybersecurity Services Market Addresses Hyper-connected Workplace Risks

Leveraging AI, machine learning, and blockchain technologies for cyber defense is a key trend shaping the cybersecurity services market outlook. Cybersecurity vendors integrate artificial intelligence (AI) and machine learning principles into their solutions to tackle crucial hyper-connected workplace risks, with quicker identification, prevention, and responsiveness capabilities, the advances in technology, such as AI and machine learning, turn the tables against cybercrime. Vade Secure is one of the world’s largest e-mail security firms, leveraging artificial intelligence and machine learning to defend more than 600 million mailboxes in 76 countries from a range of attacks comprising spear-phishing, ransomware, and malware. In June 2020, the firm received an investment of more than $75 million from General Catalyst and plans to extend the use of AI to secure inboxes all over the globe. Cybersecurity specialists are therefore leveraging AI and machine learning technology to resolve the emerging cyber threats facing individuals, companies, and governments.

The global cybersecurity services market size is expected to grow from $72.92 billion in 2021 to $82.42 billion in 2022 at a compound annual growth rate (CAGR) of 13%. The growth in the cybersecurity services market t is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The cybersecurity services market is expected to reach $134.88 billion in 2026 at a CAGR of 13.1%.

The increasing instances of massive cyber-attacks are a key factor driving the growth of the cybersecurity services market. The primary motive behind cybercrimes is political competition, financial gain, negative credibility, foreign competition and radical involvement of religious groups. Most cyber-attacks are for financial gain. According to the cybersecurity services market overview, the increasing instances of massive cyber-attacks compel companies to integrate cybersecurity in their systems and functionality to prevent crashing thereby driving the growth of the cybersecurity services market.

Major players covered in the global cybersecurity services market are Cisco Systems, IBM Corporation, Microsoft, Check Point Software Technologies, Oracle, Trend Micro., Cyber-Ark Software Ltd., FireEye Inc., Imperva Inc., ProofPoint, Inc., Micro Focus, RSA Security, Sophos, Splunk, Accenture, Capgemini, Cognizant, HCL Technologies Limited, Tata Consultancy Services, Wipro Limited, Qualys, Dell Technologies Inc., AVG Technologies NV and Intel Security (Intel Corporation).

TBRC’s global cybersecurity services market analysis report is segmented by security type into network security, endpoint security, application security, cloud security, others, by user type into large enterprises, small and medium enterprises, by industry vertical into aerospace and defense, BFSI, public sector, retail, healthcare, IT and telecom, energy and utilities, manufacturing, others.

Cybersecurity Services Global Market Report 2022 – By Security Type (Network Security, Endpoint Security, Application Security, Cloud Security), By User Type (Large Enterprises, Small & Medium Enterprises), By Industry Verticals (Aerospace and Defense, BFSI, Public Sector, Retail, Healthcare, IT and Telecom, Energy And Utilities, Manufacturing) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a cybersecurity services market overview, forecast cybersecurity services market size and growth for the whole market, cybersecurity services market segments, geographies, cybersecurity services market trends, cybersecurity services market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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