Global cybersecurity services market projected for significant growth

The Business Research Company has published an extensive report detailing the Global Cybersecurity Services Market’s size and future trends, projecting significant growth over the next decade. The report indicates that the cybersecurity services market experienced robust growth, rising from $85.23 billion in 2023 to an estimated $92.44 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.5%. Furthermore, it is expected to reach approximately $141.46 billion by 2028, with a CAGR of 11.2% during the forecast period.

This rising demand for cybersecurity services has been attributed to several factors, including an increase in the frequency and escalation of sophisticated cyberattacks. Companies are more actively integrating cybersecurity strategies into their operations to protect against threats that can cause significant financial and reputational damage. Cybercrime is often driven by motives such as political influence, financial gain, and competitive advantage, with incidents like the WannaCry and Petya ransomware attacks illustrating the substantial risks businesses face.

Advanced technology is identified as a critical driver of growth within this market. The integration of artificial intelligence (AI), machine learning, and blockchain technologies is becoming increasingly prevalent in the realm of cyber defence. These innovations enhance capabilities for faster identification and mitigation of threats. Vade Secure, a prominent email security firm, utilises AI and machine learning to protect over 600 million mailboxes globally from various forms of attack, including spear phishing and malware.

In a notable advance in this domain, August 2023 saw the launch of ‘CheckGPT’ by Abnormal Security, an AI-based email security platform. This feature aims to detect the use of generative AI technologies in email threats, a response to the rising complexity of phishing attacks and other socially-engineered threats.

The report highlights several key players in the cybersecurity services market, including International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, and Palo Alto Networks Inc. It provides comprehensive insights into market dynamics that stakeholders can use to enhance their decision-making processes and strategic planning.

With the ongoing proliferation of cyber threats, the urgency for organisations to adopt more sophisticated cybersecurity measures is apparent. The report confirms that a proactive approach, utilising advanced technologies alongside traditional practices, is essential in navigating the evolving landscape of cybersecurity risks.

The Business Research Company emphasizes that stakeholders can benefit from the detailed statistics, industry analyses, and insights provided in their reports to better understand the current market environment and strategize for future developments.

Source: Noah Wire Services