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Cyber Security Market Poised For Unprecedented Challenges

A new report entitled, the “Global Cybersecurity Industry Outlook 2024 – A Look Ahead at the Cyber Landscape” published by Marketsandmarkets, predicts that the global cyber security industry market size is estimated to grow from USD 190.5 billion in 2023 to USD 208.8 billion by 2024, at a Y-o-Y increase of ~10%. Companies like Palo Alto Networks, Fortinet, Cisco, Checkpoint, etc., have contributed to this growth through innovation, diverse product offerings, and effective marketing strategies.

The analysts suggest that the global cyber security landscape is poised for an evolution marked by unprecedented challenges and unparalleled opportunities. As we steer into 2024, the dynamics of digital security continue to shape industries, governments, and individuals.

Generative AI

2023 was the year of Generative AI (GenAI) entry into the world of cyber security, as two-thirds of tech companies are already eyeing it. The menace created by deep fakes, the increasing ransomware-based data extortion, and the changing regional malware landscape were the highlights of 2023 developments. The report predicts the increasing trend of XDR solution adoption in IT-OT environments, the government’s efforts to combat the threat of deep fakes, CISO strategies for enhancing cyber resilience, and the transition to password-free and perimeter-less security are going to impact the cyber security market in the coming year, i.e., 2024.

The findings show that Palo Alto Networks (US), IBM (US), Microsoft (US), Cisco (US), Broadcom (US), Fortinet (US), AWS (US), Trellix (US), Check Point (Israel), Oracle (US), Trend Micro (Japan), Open Text (Canada), Akamai (US), and Accenture (Ireland) have significantly contributed to ~25% market share in 2022 and were highly competitive with focus on partnership strategies. Throughout 2023, vendors shifted their emphasis toward product innovation and the integration of artificial intelligence. As we progress into 2024, security vendors are positioned to spearhead innovation, reinforcing defensive measures and introducing initiatives that signal a resilient era of protection, proactive strategies, and resilience against continually evolving threats.

Geographical variances – Europe will be most targeted

The regional cyber security market varies significantly and is shaped by unique regulations, threat landscapes, and technological advancements. North America emphasises innovation and compliance, while Europe prioritises privacy-centric solutions due to stringent data protection laws, as the continent faces being the most targeted region for cyber-attacks by 2024. At the same time, Asia Pacific, with increased investments in small and medium-sized enterprises, focuses on scalable cyber security tools for diverse business needs. In 2023, the Asia Pacific and European regions will see the highest Y-o-Y increase in ransomware attacks per organisation, estimated to be 29% and 24%, respectively. The North American region follows with a 15% Y-o-Y increase from 2022. Marketsandmarkets forecasts show that Europe will surpass the U.S. to become the most targeted region in 2024.

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