Rising number of cyber-attacks including phishing and malware is the major factor contributing to the growth of the Cyber security industry

According to a new research report by Next Move Strategy Consulting, the global cyber security market size was valued at USD 197.44 billion in 2021, and is expected to reach USD 657.02 billion by 2030, with a CAGR of 12.8% during the forecast period,

The growing trends bring your own device (BYOD), increases the demand for cyber security as in this case, devices including laptops, desktop and mobile phones are commonly infected by malware, and in most cases the users are not aware that their device is being infected by a virus, which is a crucial factor leading to growth of the cyber security insurance.

On the contrary, lack of cybersecurity experts restrains the market growth. However, introduction of blockchain systems along with AI is expected to create opportunities for cyber security market growth in the upcoming years.

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According to the report, leading market players in the manufacturing of cyber security market share include IBM, Cisco Systems Ltd., Norton Lifelock, Fortinet Inc., Check Point Software Technologies Ltd., Trend Micro, Amazon Web Services, Microsoft, Proofpoint Inc, Trellix and Palo Alto Networks.

Key Insights from the Cyber Security Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the cyber security market is provided in the report.

• Value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of players in the global cyber security market, along with their competitive analysis is provided in the report.