The global market of IT security will grow from $190.4 billion in 2023 to $298.5 billion by 2028 with a CAGR of 9.4% through 2028. This is stated by the research report “Cyber security market“ published by MarketsandMarketswho also points out that it will be the healthcare and life sciences sector the one that will grow at the highest CAGR.
The expansion of the cybersecurity market will be primarily driven by the growing number and sophistication of cyber threats, the report says, as organizations and individuals increasingly operate in a digitally interconnected world. The widespread adoption of technologies such as cloud computingl’IoT and theartificial intelligence further amplifies the need for robust cybersecurity measures. Furthermore, stringent regulatory requirements for data protection in various industries force companies to improve their cybersecurity frameworks. Rapid digital transformation, combined with increased awareness of cyber risks, also plays a crucial role in fueling the growth of the cybersecurity market.
Healthcare increasingly vulnerable and in need of cybersecurity
There are many reasons for the healthcare sector’s growing attention to cybersecurity. The sector, meanwhile, processes large quantities of sensitive personal health information, making it a prime target for cyber attacks. With the increasing use of technology, such as electronic health records and connected medical devices, there is a larger surface area for potential cyber threats. These technologies, in addition to improving patient care and operational efficiency, they therefore also create vulnerabilities that require strong cybersecurity measures. Furthermore, the healthcare industry must comply with strict regulations regarding the protection of patient data, such as HIPAA in the United States.
Historically, the healthcare industry has not invested as much in cybersecurity as others, meaning there is still a long way to go quickly. Therefore, the need for rapid improvement in cybersecurity, driven by both growing threats and regulatory requirements, is why the healthcare and life sciences sector is expected to see significant growth in cybersecurity investment and development .
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Increasingly sophisticated IT solutions
The analysis predicts that the Solutions segment in the cybersecurity market will have the largest market size due to several key factors. First, the growing number of cyber threats, which are becoming increasingly complex, requires sophisticated and comprehensive cybersecurity solutions. These threats are no longer limited to large organizations but affect companies of all sizes and individuals, expanding the market for cybersecurity solutions. Secondly, the rapid digital transformation in various sectors it has made companies more dependent on digital infrastructure. This shift requires robust cybersecurity measures to protect sensitive data and ensure business continuity.
Additionally, as businesses increasingly adopt technologies such as cloud computing, IoT and artificial intelligence, the need for advanced security solutions to safeguard these technologies becomes more pronounced. Additionally, regulatory requirements around the world are becoming more stringent in terms of data protection, pushing businesses to invest in robust cybersecurity solutions to comply with these regulations. All these factors contribute to the growing market size of the solutions segment in the cybersecurity landscape.
Stronger growth forecast for the Asia Pacific market
The Asia Pacific region, which includes established economies such as Chinese and Japan and emerging economies like India, is set to register the highest CAGR during the forecast period. Rapid economic growth in the Asia Pacific region has indeed led to a significant increase in digitalisation across business and government sectors, creating a broader target for cyber threats. This surge in digital activity requires stronger cybersecurity measures. Additionally, the region is experiencing rapid expansion in internet use and smartphone adoption, further increasing the need for robust digital security.
Many Asia Pacific countries are also developing and applying stricter data protection regulations, forcing companies to improve their cybersecurity infrastructure. Furthermore, as sectors in the region such as banking, healthcare and retail increasingly adopt digital technologies, they become more vulnerable to cyber attacks, thus driving demand for advanced cybersecurity solutions. The combination of these factors contributes to the high growth rate expected in the cybersecurity market in the Asia Pacific region.
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