Data443 Risk Mitigation Inc (ATDS)

[RizZo]

https://www.securitysales.com/research/global-cybersecurity-market-2024/


SELBYVILLE, De. — The global cybersecurity market is set to grow from its current market value of more than $120 billion to over $300 billion by 2024, according to a new research report by Global Market Insights.

The cybersecurity market is propelled by the increasing need among enterprises to minimize security risks. As enterprises are rapidly embracing Cloud platforms and other networking technologies, they are becoming more vulnerable to various cyber-attacks.

The average expenditure on cybercrime has increased significantly. In 2017, the average spending by organizations on cybersecurity solutions increased by over 23% accounting for over $11.7 million. This rise in budgetary allocations in cybersecurity solutions is driving the growth of the cybersecurity market.

Mobile Device Attacks Rising
The rising penetration of various mobile and wireless devices is fostering the growth of the cybersecurity market. The falling prices of mobile devices and advancements in the connectivity infrastructure across the globe are propelling the adoption of smart devices across enterprises and consumers. This has caused a simultaneous increase in the number of cyber-attacks on mobile devices.

In 2017, cyberattacks on mobile devices increased by over 40% with an average of over 1.2 million attacks per month. Hence, end-users and organizations are embracing cybersecurity solutions leading to the growth of the market.

The identity and access management (IAM) market will grow at a compound annual growth rate (CAGR) of over 17% over the forecast timespan. The increasing spending by large enterprises and government organizations is driving the growth of the market. Additionally, the emergence of stringent regulatory compliances due to security concerns is expected to increase, impacting positively on market growth.


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