Cybersecurity market to top $571.1 billion by 2031, report predicts

News

April 06, 2023

One of the primary drivers of growth in the cybersecurity market, say the study authors, will come from governments and public-sector organizations, as they invest heavily in such measures to protect their critical infrastructure and sensitive data to safeguard national security, financial systems, and public safety.

Some of the measures governments have put into place, according to the market research, are advanced security solutions such as firewalls, intrusion-detection systems, and threat-intelligence platforms; governments also are increasingly opting to partner with cybersecurity firms to develop customized solutions to meet their specific security needs.

The study authors state that cloud security has emerged as a critical aspect of cybersecurity -- in fact, it is expected to generate over 31% of the revenue of the global cybersecurity market by 2031 -- as organizations increasingly adopt cloud-based services in attempts to protect sensitive data stored in the cloud. While cloud computing enables such benefits as scalability, flexibility, and cost-efficiency, the authors assert, it also comes with its own set of challenges, including data breaches, unauthorized access, and compliance violations.

For additional information, visit the Astute Analytica website.