Cyber Security Services Market Is Expected at a CAGR of 10.2% 2028 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, Advances in Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT) have led to increased adoption of web applications and mobile apps, subsequently creating more complex IT infrastructure that can be vulnerable to cyberattacks.

The global cyber security services market size is expected to reach USD 192.70 billion by 2028, registering a CAGR of 10.2% over the forecast period, according to a new report by Grand View Research, Inc. Continued cybersecurity breaches on the enterprise and individual levels, and the subsequent need to address the vulnerabilities in networks, apps, and systems, are the factors expected to drive the growth. The need for identifying advanced, persistent threats to networks, monitoring critical infrastructure 24/7, and penetration testing applications for meeting various regulatory compliance standards and acts, such as FISMA, MARS-E, PCI DSS, Sarbanes-Oxley (SOX), and HIPAA, is expected to contribute to the growth of the market.

As cyberattacks are getting more and more sophisticated, cyber security services are also evolving accordingly. Some of the common cyber security services include penetration testing, bug bounty, and Managed Detection Response (MDR), and the demand for these and other similar services are growing in line with the continued deployment of digital and cloud-based applications. These services help enterprises identify IT infrastructure vulnerabilities, fix the bugs, and gain access to the necessary remedies for tackling cyberattacks. Additionally, as a result of the outbreak of the COVID-19 pandemic, work-from-home and remote working mandates are impelling employees to connect with unsecured networks. Hackers are taking this opportunity to exploit the loopholes and particularly infiltrate corporate web applications. Hence, incumbents of several industries are in a dire need to continuously monitor the evolving cyber threats and safeguard their enterprise systems.

Testing web applications and databases and identifying their weaknesses and vulnerabilities are expected to emerge as the major focus areas for the incumbents of various industries and industry verticals, including BFSI, healthcare, IT, manufacturing, and retail, over the forecast period. The healthcare industry vertical has been frequently targeted by hackers and cybercriminals. Cybercrimes targeting the healthcare industry are expected to intensify in line with the continued digitalization and the introduction of IoT-based medical devices. In May 2019, the American Medical Collection Agency, a billing services provider, revealed that it was subjected to cyberattacks for a duration of eight months from August 2018 to March 2019 and that approximately 25 million patients may have been affected due to these cyberattacks. Meanwhile, a report published by Radware, a provider of cybersecurity and application delivery solutions, revealed that a healthcare organization needs to spend approximately USD 1.4 million on average to recover from a cyberattack. Thus, the growing need to protect healthcare institutions from cyberattacks has created new opportunities for cyber security services providers.

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Cyber Security Services Market Report Highlights

Advancements in artificial intelligence, machine learning, and the internet of things are disrupting cyberspace and reshaping the global threat landscape, thereby driving the growth of the market over the forecast period
The healthcare segment is anticipated to exhibit the highest CAGR of 11.4% over the forecast period. The increased instances of cybercrimes in the recent past, and particularly during the outbreak of the COVID-19 pandemic, have prompted healthcare application developers to address the application vulnerabilities
Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period. The growing demand for penetration testing and bug bounty services in line with the mandatory compliances, which require periodic technological evaluation, is expected to drive the growth of the regional market
Some of the major players operating in the market include Accenture, AT&T, Atos SE, Cisco, IBM, and Rapid7

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Cyber Security Services Market Segmentation

Grand View Research has segmented the global cyber security services market based on service type, professional services, managed services, industry vertical, and region:

Cyber Security Service Type Outlook (Revenue, USD Million, 2016 – 2028)

Professional Services
Managed Services

Cyber Security Professional Service Outlook (Revenue, USD Million, 2016 – 2028)

Integration
Support and Maintenance
Training, Consulting, and Advisory
Penetration Testing
Bug Bounty
Others

Cyber Security Managed Service Outlook (Revenue, USD Million, 2016 – 2028)

Managed Detection Response (MDR)
Managed Security Incident and Event Management (SIEM)
Compliance and Vulnerability Management
Others

Cyber Security Service Industry Vertical Outlook (Revenue, USD Million, 2016 – 2028)

IT & Telecom
Retail
BFSI
Healthcare
Defense/ Government
Energy
Manufacturing
Others

Cyber Security Service Regional Outlook (Revenue, USD Million, 2016 – 2028)

North America
U.S.
Canada
Europe
U.K.
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Middle East & Africa

List of Key Players in the Cyber Security Services Market

Accenture
AT&T
Atos SE
Capgemini
Cisco
CrowdStrike
Deloitte Touche Tohmatsu Limited
DXC Technology Company
IBM
Rapid7

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