Artificial Intelligence

Cybersecurity Market to Be Worth $311.4 Billion by 2031 – Exclusive Report by Meticulous Research®

Published

3 weeks ago

June 4, 2024

cybersecurity-market-to-be-worth-$311.4-billion-by-2031-–-exclusive-report-by-meticulous-research

REDDING, Calif., June 4, 2024 /PRNewswire/ — According to a new market research report titled, ‘Cybersecurity Market by Offering (Solutions, Services), Security Type (Network Security, Cloud Security, Endpoint Security), Organization Size, Deployment Mode, Sector (BFSI, Retail & E-commerce, Healthcare) and Geography—Forecast to 2031,’ the cybersecurity market is projected to reach $311.4 billion by 2031, at a CAGR of 12.8% from 2024–2031.

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Cybersecurity is the practice of protecting computer systems, networks, programs, and data from unauthorized access, attacks, damage, or any form of unauthorized manipulation. It encompasses various technologies, processes, and practices designed to safeguard information and ensure the confidentiality, integrity, and availability of digital assets.
The growth of this market can be attributed to several factors: the growing significance of cybersecurity solutions in the banking sector, the growing number of data breaches and cyberattacks, increasing IoT deployment, and government initiatives aimed at encouraging the adoption of cybersecurity solutions. However, the shortage of trained professionals may restrain the growth of this market.
Furthermore, the growing need for cloud-based security solutions among SMEs and the increasing use of AI, ML, and blockchain technologies for cyber defense is expected to offer growth opportunities for the players operating in this market. However, lack of awareness and misconceptions regarding cybersecurity solutions is a major challenge impacting the growth of the cybersecurity market. Additionally, zero trust cyber security and the explosion of BYOD and mobile devices are the prominent trends in this market.
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The cybersecurity market is segmented by offering (solutions {identity & access management, intrusion detection system/intrusion prevention system, antivirus and antimalware, security information and event management, firewall, unified threat management, encryption, disaster recovery, web filtering, risk and compliance management, data loss prevention, cloud security broker, other solutions}, services {professional services, managed services}), security type (network security, application security, endpoint security, cloud security, and other security types), organization size (large enterprises, small & medium-sized enterprises), deployment mode (on-premise deployments, cloud-based deployments), sector (BFSI, retail & e-commerce, government, IT & telecommunications, manufacturing, healthcare, education, energy & utilities, and other sectors), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.
Based on offering, the cybersecurity market is segmented into solutions and services. In 2024, the solutions segment is expected to account for the larger share of above 57.0% of the cybersecurity market. The segment’s large share is attributed to the increasing adoption of cybersecurity solutions to monitor network activity for suspicious behavior, prevent cyberattacks, and deliver applications to users with greater security and the growing need to secure data in transit and prevent unauthorized access. In addition, the benefits offered by the solutions segment, such as high performance, reliability, comprehensive vulnerability coverage, efficiency, and security of real-time applications, contribute to this segment’s growth.
Furthermore, several leading key players are taking initiatives to support the growth of this segment. For instance, in January 2023, VIPRE Security Group (U.S.) launched its endpoint detection & response (EDR) solution. This endpoint detection & response solution delivers streamlined, sophisticated, high-performing cloud-based EDR management in a single, easy-to-navigate console. Also, this segment is projected to register a higher CAGR during the forecast period of 2024–2031.
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Based on security type, the cybersecurity market is segmented into network security, application security, endpoint security, cloud security, and other security types. In 2024, the network security segment is expected to account for the largest share of above 34.0% of the cybersecurity market. However, the cloud security segment is expected to grow at the highest CAGR during the forecast period of 2024–2031. The rising need to secure workload on the cloud, the increasing demand for advanced threat detection solutions across industries, the growing adoption of cloud security solutions among SMEs, and the growing sophistication of cybercrimes are expected to support the growth of this segment. Furthermore, several leading key players are taking initiatives to support the growth of this segment. For instance, In September 2022, Radware Ltd. (Israel) opened its new cloud security center in Italy to deliver cloud security services across Italy.
Based on deployment mode, the cybersecurity market is segmented into on-premise deployments and cloud-based deployments. In 2024, the on-premise deployments segment is expected to account for the larger share of above 58.0% of the cybersecurity market. However, the cloud-based deployments segment is expected to register the highest CAGR during the forecast period of 2024–2031. The rapid evolution of new avenues for cloud-based deployments, the superior flexibility offered by cloud-based deployments, and the increasing incorporation of cloud-based solutions by small & medium-sized enterprises are expected to support the growth of this segment.
Based on organization size, the cybersecurity market is segmented into large enterprises and small & medium-sized enterprises. In 2024, the large enterprises segment is expected to account for the larger share of above 72.0% of the cybersecurity market. However, the small & medium-sized enterprises segment is expected to grow at the highest CAGR during the forecast period of 2024–2031. The increasing adoption of cybersecurity solutions & services among small & medium-sized enterprises (SMEs) to track, monitor, and manage assets, the growing digital transformation across industries, and the increasing number of cyberattacks on networks are expected to support the growth of this segment.
Based on sector, the cybersecurity market is segmented into the BFSI, retail & e-commerce, government, IT & telecommunications, manufacturing, healthcare, education, energy & utilities, and other sectors. In 2024, the BFSI segment is expected to account for the largest share of above 22.0% of the cybersecurity market. However, the healthcare segment is expected to register the highest CAGR during the forecast period of 2024–2031. The rising adoption of telemedicine devices and remote healthcare services, the rising number of cyberattacks, and the increasing need for securing connected medical devices and effective cloud security measures are expected to support the growth of this segment.
Based on geography, the cybersecurity market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2024, North America is expected to account for the largest share of above 38.0% of the cybersecurity market. However, the Asia-Pacific cybersecurity market is projected to register the highest CAGR of 16.0% during the forecast period of 2024–2031. The rapid growth of this region is mainly driven by factors such as surging demand for cybersecurity solutions due to the increasing number of connected devices in the region, the growing need to deploy advanced cybersecurity solutions to ensure data, network, and device security, and government initiatives to ensure the highest level of cybersecurity for the region’s industrial sector. Furthermore, increasing ransomware attacks on connected devices and market players’ efforts to launch advanced cybersecurity solutions are also supporting the growth of this regional market.
The key players operating in the cybersecurity market are Cisco Systems, Inc. (U.S.), Fortinet, Inc. (U.S.), IBM Corporation (U.S.) Check Point Software Technologies Ltd. (Israel), Microsoft Corporation (U.S.), Palo Alto Networks, Inc. (U.S.) CrowdStrike Holding, Inc. (U.S.), Trend Micro Incorporated (Japan), Rapid7, Inc. (U.S.), Qualys, Inc. (U.S.), Secureworks, Inc. (U.S.), Alert Logic, Inc. (U.S.), F5 Networks, Inc. (U.S.), Watchguard Technologies, Inc. (U.S.), and Oracle Corporation (U.S.)
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Scope of the Report:
Cybersecurity Market Assessment—by Offering
SolutionsIdentity & Access ManagementIntrusion Detection System/Intrusion Prevention SystemAntivirus and AntimalwareSecurity Information and Event ManagementFirewallUnified Threat ManagementEncryptionDisaster RecoveryWeb FilteringRisk And Compliance ManagementData Loss PreventionCloud Access Security BrokerOther SolutionsServicesProfessional ServicesManaged ServicesCybersecurity Market Assessment—by Security Type
Network SecurityApplication SecurityEndpoint SecurityCloud SecurityOther Security TypesCybersecurity Market Assessment—by Organization Size
Large EnterprisesSmall & Medium-sized EnterprisesCybersecurity Market Assessment—by Deployment Mode
On-premise DeploymentsCloud-based DeploymentsCybersecurity Market Assessment—by Sector
BFSIRetail & E-commerceGovernmentIT & TelecommunicationsManufacturingHealthcareEducationEnergy & UtilitiesOther SectorsCybersecurity Market Assessment—by Geography
North AmericaU.S.CanadaEuropeU.K.GermanyFranceSpainItalyPolandSwitzerlandRest of EuropeAsia-PacificChinaJapanIndiaSingaporeSouth KoreaAustralia & New ZealandRest of Asia-PacificLatin AmericaBrazilMexicoRest of Latin AmericaMiddle East & AfricaSaudi ArabiaUAERest of the Middle East & AfricaUnlock Opportunities: Buy Now- https://www.meticulousresearch.com/Checkout/79874753
Related Reports
Cybersecurity-as-a-Service Market by Application (Network Security, Cloud Security, Endpoint Security, Application Security), Organization Size, Sector (BFSI, IT & Telecommunications, Retail, Healthcare), and Geography – Global Forecast to 2030.
Cybersecurity Services Market by Type, Organization Size, Security Type, Sector (BFSI, Healthcare, Government, IT & Telecommunications, and Other Sectors) – Global Forecast to 2030.
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
Contact:Mr. Khushal BombeMeticulous Market Research Inc.1267 Willis St, Ste 200 Redding,California, 96001, U.S.USA: +1-646-781-8004Europe: +44-203-868-8738APAC: +91 744-7780008Email- [email protected] Visit Our Website: https://www.meticulousresearch.com/ Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Content Source: https://www.meticulousresearch.com/pressrelease/125/cybersecurity-market-2031
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Artificial Intelligence

VeriPark and FICO Announce Strategic Partnership to Transform Financial Services

Published

40 mins ago

June 26, 2024

CISION (PR Newswire)

ISTANBUL, June 26, 2024 /PRNewswire/ — VeriPark and FICO have launched a partnership to revolutionize the financial services sector through AI-driven decision making and digital transformation.

The collaboration between VeriPark, a global provider of innovative digital solutions, and FICO, a renowned analytics software company, will enhance decision-making and promote financial inclusion across Turkey, the Middle East, Africa, Asia and CIS regions.
Combining FICO’s decision automation, optimization and omnichannel communications capabilities with VeriPark’s customer engagement, omni-channel delivery, branch automation and loan origination solutions, the partnership aims to improve customer experience and accelerate digital transformation.
“We are excited to bring FICO’s cutting-edge technology to our region. This collaboration will enhance customer experiences and operational efficiency across the financial services sector. Integrating FICO’s technology with our solutions represents a significant leap forward, ensuring we stay ahead in a rapidly changing environment. We look forward to showcasing our joint success stories soon,” said Ozkan Erener, CEO of VeriPark.
“The combination of FICO and VeriPark’s strengths brings a unique blend of innovation to the market. Our goal is to help build a better society by bringing more people into the banking system, and our partnership with VeriPark is a critical step towards achieving that. FICO has been working with AI since 1992, and we are eager to introduce this long-standing expertise to businesses in this region through our collaboration with VeriPark.” said Alexandre Graff, Vice President of Global Partners & Alliances, FICO.
About VeriPark (https://www.veripark.com)VeriPark is a global solutions provider enabling financial institutions to become digital leaders with its Intelligent Customer Experience suite. With offices located in United Kingdom, Europe, the United States & Canada, Asia, Africa and the Middle East, VeriPark is helping businesses to enhance their customer acquisition, retention and cross-sell capabilities by providing proven, secure and scalable Customer Relationship Management, Omni-Channel Delivery, Branch Automation, and Loan Origination solutions.
About FICO (https://www.fico.com/)FICO powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries.
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Artificial Intelligence

Altair Names Devoteam Channel Partner for the EMEA Region

Published

40 mins ago

June 26, 2024

CISION (PR Newswire)

altair-names-devoteam-channel-partner-for-the-emea-region

Devoteam to offer Altair’s leading data analytics and AI solutions throughout the EMEA region
TROY, Mich., June 26, 2024 /PRNewswire/ — Altair (Nasdaq: ALTR), a global leader in computational intelligence, is thrilled to welcome Devoteam as a new channel partner for the EMEA region. Within the partnership, Devoteam will offer Altair’s leading data analytics and artificial intelligence (AI) solutions to its customers throughout the EMEA region.

“Partnering with Devoteam underscores our dedication to shaping the future of technology,” said Kimon Afsaridis, managing director of Eastern Europe and vice president of indirect EMEA sales, Altair. “This partnership marks a pivotal moment in our global expansion strategy, reinforcing our mission to lead and innovate in AI and beyond.”
“Together, Devoteam and Altair will help industrial companies harness the power of data to improve their efficiency, productivity, and competitiveness,” said Pablo Martin, industry and retail business unit director, Devoteam. “This collaboration is an important step in our commitment to help companies, particularly in the industrial sector, better their digital transformation efforts.”
Devoteam boasts more than 25 years of passion for tech and more than 11,000 tech-native specialists in offices in 25 countries. The company believes that technology combined with strong human values can drive change for the better, and specializes in managing large-scale projects while remaining agile enough to deliver customized solutions.
Altair works with a global network of channel and technology partners. To learn more or to become a partner, visit https://altair.com/altair-partners.
About Altair
Altair is a global leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit https://www.altair.com.
Media contacts
Altair Corporate
Altair Investor Relations
Bridget Hagan
Stephen Palmtag
+1.216.769.2658
+1.669.328.9111
[email protected]
[email protected]
Altair Europe/The Middle East/Africa
Charlotte Hartmann
+49 7031 6208 0
[email protected]

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Artificial Intelligence

IBM Study: Fan Engagement and Consumption of Sports Shifting, Reveals New Opportunities for Technology Integrations including AI

Published

40 mins ago

June 26, 2024

CISION (PR Newswire)

ibm-study:-fan-engagement-and-consumption-of-sports-shifting,-reveals-new-opportunities-for-technology-integrations-including-ai

International sports fans surveyed are optimistic about the impact of technologies like AI on their digital sports experiences.Real-time updates and personalized content rank as top priorities for fans when it comes to how generative AI can enhance following and engaging with sports events.Younger sports fans overwhelmingly embrace AI-powered experiences and digital platforms for sports content consumption and engagement.ARMONK, N.Y., June 26, 2024 /PRNewswire/ — As sports fans worldwide tune in to a myriad of athletic events this summer, new research commissioned by IBM (NYSE: IBM) reveals a growing generational shift and acceptance of technology-driven experiences that will impact the future of sports consumption.

The international study*, conducted by Morning Consult, gathers insights from more than 18,000 sports fans across 10 countries to better understand both how they follow and engage with sports, including live coverage, highlights, and summaries, as well as preferences for future engagement and consumption. The findings confirm that fans are prioritizing more personalized and time-saving digital sports content, with the majority recognizing the positive impact technologies like artificial intelligence (AI) will have on these experiences.
The data also confirms that younger sports fans are more likely to favor AI-enhanced features as they increasingly turn to digital platforms for sports content. Surveyed fans aged 18-29 are using a mobile phone or tablet as their primary device to watch sporting events more often than older fans, with subscription streaming of live sporting events being most popular among the younger age group. More than half (58%) of 18-29 year old respondents also believe AI will have a positive impact on sports.
Alternatively, respondents from older age groups remain loyal to traditional methods of consumption, with linear broadcasting being most popular among fans 45+. Forty percent of surveyed fans over the age of 55 believe AI will have a positive impact on sports.
“Fans worldwide are continuing to embrace platforms and solutions that allow them to feel more connected and informed on their favorite sporting events and athletes, and IBM’s new study confirms this now includes embracing technologies like AI to deliver these experiences,” said Noah Syken, Vice President, Sports and Entertainment Partnerships. “IBM’s longstanding portfolio of Sports and Entertainment partnerships aims to deliver on these expectations from fans by putting in the hands of our partners the most advanced IBM technologies from our AI and data platform watsonx.”
Other key study findings include:
Fans are optimistic about the impact of technology on sports, paving the way for generative AI powered experiences
63% of respondents point to data analytics as having the most positive impact on sports, while 50% of respondents think AI will have a positive impact.When it comes to how generative AI can improve engagement, surveyed sports fans identify real-time updates (34%) and personalized content (29%) as the top priorities.India, UAE and Saudi Arabia rank the highest in countries where fans are prioritizing real-time updates and personalized content powered by generative AI.Fans now prioritize personalized, bite-sized content when it comes to their consumption of sport content
More than half (56%) of respondents turn to social media for additional sports content; 46% are getting additional content from broadcast/video news while 35% are turning to news articles.64% of those fans engaging in additional sports content are viewing highlight videos of best moments; 48% are consuming post-match recaps and analysis.Among those engaging in additional sports content, respondents rank summarized content (33%) as their top priority followed by personalized content (26%).Sports fans are watching event summaries more often, with 41% of respondents indicating they watch summaries or highlights weekly; 24% report daily engagement.Younger fans may be reshaping how consumers experience sports content, as they engage with content via multiple screens and are more likely to favor AI-powered enhancements
Younger fans (18-29) are most likely to view sports highlights through social media over other platforms.When it comes to consuming sports content, fans aged between 18-29 are more likely to rank personalized content as their top priority.Fans aged 18-29 are more likely to rate AI improvements as high priority, with real-time updates (40%) and personalized content (36%) topping the list of priorities.While real-time updates (26%) and personalized content (19%) also top the list of AI improvement priorities among older fans (55+), these respondents are much less likely to consider AI improvements a high priority.Younger fans are also more likely to be using multiple devices while engaging with sporting events than older fans (55+). 10% of younger fans surveyed use three or more devices while watching sports compared to only 2% of older fans.While TV is the most common method for viewing sports, fans are increasingly using multiple devices to follow sporting events
64% of surveyed fans say linear or streaming TV is their top choice for watching sports.31% of respondents say they are most likely to watch a live sporting event on linear broadcast; 28% say they use a subscription streaming service and 23% use a free streaming serviceSubscription streaming of live sporting events is most popular among younger fans aged between 18-29.Mobile devices are a noteworthy alternative for watching sports, with 20% of consumers reporting it is the top way they watch sporting events and 38% saying it is their second most likely options.28% of surveyed sports fans use at least two devices while watching sporting events; 24% report they use at least two devices while listening to sportsFans between 18-44 are more likely to be using three or more devices.Respondents rank multi-tasking as the top reason for using multiple devices when consuming sports, followed by finding more game information while watching or listening to the sport.To view the full study, visit: https://newsroom.ibm.com/image/IBM+Global+Sports+Attitudes+and+Behaviors+Report+June+2024.pdf
*Study MethodologyThis survey was conducted in May 2024 among a total sample of 18,082 sports fans 18+ in the US, Canada, the UK, France, Germany, Italy, Spain, India, the UAE, and Saudi Arabia. The interviews for each country were conducted online, and the data is unweighted, with ~2,000 responses per market in the US, Canada, the UK, France, Germany, Italy, Spain, and India and ~1,000 responses per market in the UAE and Saudi Arabia.
To qualify for this survey respondents must be at least an average sports fan and follow one or more of the following sports: Soccer, Cricket, Tennis, Basketball, Baseball, Rugby, Golf, American football, F1 racing, Track and field, Swimming, and the Olympics.
About IBMIBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.
Media Contacts:
Sarah BenchaitaIBM Corporate [email protected]
Marisa ConwayIBM Corporate [email protected]
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