Cybersecurity Services Global Market Report 2021: COVID 19 Growth And Change to 2030

New York, May 07, 2021 (GLOBE NEWSWIRE) — announces the release of the report “Cybersecurity Services Global Market Report 2021: COVID 19 Growth And Change to 2030” –

and ProofPoint Inc.

The global cybersecurity services market is expected grow from $65.41 billion in 2020 to $69.12 billion in 2021 at a compound annual growth rate (CAGR) of 5.7%. The growth 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 market is expected to reach $103.89 billion in 2025 at a CAGR of 11%.

The cybersecurity services market consists of sales of cybersecurity services that are used in IT and telecommunications and other industries.Cybersecurity refers to the collection of technologies, processes and practices designed to secure networks, computers, software and data against online attacks, destruction or data theft.

Cybersecurity can also be identified as the security of information technology.

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.WannaCry, Petya, NotPetya and BadRabbit are some of the main ransomware products that have targeted large-scale businesses and government organizations.

According to cyber security experts, ransomware threats rose by 40% to 199.7 million attacks worldwide in Q3 of 2020. In Q3 2020, Ryuk ransomware threats rose to 67.3 million, which is 33.7% of all ransomware incidents this year. The ransomware implications included inaccessibility to various municipal facilities, information leakage and economic loss. Therefore, 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.

Use of Pirated and open source cybersecurity solutions, Dearth of cybersecurity expertise for proactive strategic planning, Limited security budget among SMEs, Lack of interoperability with the existing information systems, High cost of innovations and budget constraints for SMEs, and Lack of training and inadequate workforce are the major factors hampering the growth of the cybersecurity services market.

The cybersecurity services market covered in this report is segmented by security type into network security; endpoint security; application security; cloud security; others. It is also segmented by user type into large enterprises; small & medium enterprises and by industry verticals into aerospace and defense; BFSI; public sector; retail; healthcare; IT and telecom; energy and utilities; manufacturing; others

Leveraging AI, machine learning and blockchain technologies for cyber defense is a key trend in the cybersecurity services market.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 worlds ’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.

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