Cyber security refers to the protection of internet-connected systems like hardware, software and data from cyber threats or cyberattacks. It includes techniques in access control and cryptography to safeguard sensitive information. Cyber security solutions protect end user devices from malware, ransomware, phishing scams and denial-of-service attacks.

The global cyber security market is estimated to be valued at US$ 163.9 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers for the growth of the cyber security market is the rising incidents of cybercrimes. Cybercriminals are continuously evolving new techniques to breach into various systems for illegal activities like identity theft, financial frauds and data breaches. For instance, according to Cybersecurity Ventures, global cybercrime costs are predicted to hit $10.5 trillion annually by 2025, up from $3 trillion in 2015. This has increased the need for robust cyber security solutions among end users from all industry verticals. Moreover, increasing digitalization and emergence of new technologies like cloud computing, IoT and big data have also expanded the attack surface for cyber threats. This is prompting organizations to reinforce their security infrastructure with advanced cyber security measures which is supporting the market growth. However, factors like the lack of cyber security professionals and high installation and maintenance costs of certain security solutions may hamper the market expansion during the forecast period.

SWOT Analysis

Strength: The cyber security market offers advanced technologies such as AI, machine learning and IoT which help enterprises protect their systems and data effectively. Cyber threats are continuously evolving requiring updated solutions. Increased adoption of cloud and mobile technologies have also created demand for robust cyber security platforms.

Weakness: Despite growing awareness, many small businesses and underdeveloped regions still lack cyber security measures leading to increased vulnerabilities. Launching new solutions also requires huge investments and operational challenges in implementation and maintenance.