Artificial Intelligence
Advancements in Cybersecurity Technologies Drive Global Market Growth
Discover the Future of Cybersecurity: In-Depth Market Analysis and Technological Advancements for Strategic Decision-Making
BOSTON, Sept. 12, 2024 “According to the latest BCC Research study, the demand for “Cybersecurity: Technologies and Global Markets” is expected to grow from $229.3 billion in 2024 to $396.8 billion by the end of 2029, at a compound annual growth rate, or CAGR, of 11.6% from 2024 to 2029.”
The report offers a comprehensive overview of the global cybersecurity market, detailing base year data from 2023 and projections from 2024 to 2029. It evaluates market revenue across various segments, including security type, solution type, deployment mode, organization size, and end-user industry, as well as by regions such as North America, Europe, Asia-Pacific, and Rest of the World. The report highlights key market trends and challenges, alongside developments in environmental, social, and corporate governance (ESG), patents, and innovative technologies. Additionally, it covers funding trends for startups and provides an in-depth analysis of the competitive landscape, featuring profiles of leading companies and notable startups in the sector.
In today’s interconnected world, the importance of staying updated with cybersecurity reports cannot be overstated. Recent high-profile incidents, including sophisticated ransomware attacks and significant data breaches, underscore the ever-present and evolving nature of cyber threats. These reports are essential for both businesses and individuals, providing critical insights into the latest vulnerabilities and emerging risks. By analyzing current cybersecurity trends and vulnerabilities, governments, organizations, and stakeholders can proactively identify weaknesses in their systems. This enables them to implement robust measures and strategies to protect their critical assets and sensitive information. In an era where digital threats are increasingly pervasive and complex, leveraging such reports is vital for enhancing overall cybersecurity resilience and mitigating potential risks effectively.
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The following factors drive the global market for cybersecurity technologies:
Increase in Ransomware and Target-Based Cyberattacks: Ransomware attacks have surged worldwide, encrypting data and demanding ransoms. Critical sectors like infrastructure, healthcare, and finance are frequent targets, driving up the need for strong cybersecurity measures to protect against these disruptive threats.
Growing Digital Transformation Initiatives: As organizations adopt digital technologies like cloud services and IoT, new vulnerabilities emerge. Protecting data and networks becomes essential to address the cybersecurity risks introduced by these advancements.
Rising Number of Online Financial Transactions: The growth in online banking, e-commerce, and digital payments increases the risk of cyber threats to financial data. Robust cybersecurity is crucial for safeguarding transactions and maintaining trust in digital financial systems.
Adoption of E-Commerce and E-Governance: E-commerce and e-governance are becoming central to global trade and public services. With more transactions and services moving online, strong cybersecurity is vital to protect data and secure digital interactions.
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Report Synopsis
Report Metrics
Details
Base year considered
2023
Forecast Period considered
2024-2029
Base year market size
$208.1 Billion
Market Size Forecast
$396.8 Billion
Growth rate
CAGR of 11.6% during 2024-2029
Segment Covered
By Security Type, Solution Type, Deployment Mode, Organization Size, End-User Industry, and Region
Regions covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Countries covered
U.S., Canada, Mexico, Germany, U.K., France, Rest of Europe (Russia, Ukraine, Italy, and Spain), China, Japan, India, Rest of Asia-Pacific (South Korea, Taiwan, Australia), Brazil, Saudi Arabia, and Iran
Key Market Drivers
• Increase in ransomware and target-based cyberattacks
• Growing digital transformation initiatives, such as cloud services, IoT devices, and remote work solutions
• Rising number of online financial transactions
• Adoption of e-commerce and e-governance
Key Interesting Facts About the global market for cybersecurity technologies:
Data Breach Costs:
In 2023, the global average cost of a data breach was $4.45 million, representing a 2.3% increase from the previous year. The U.S., Middle East, Japan, Canada, and Germany were the top five regions with the highest average data breach costs.Preferred Security Types:
Network and endpoint security are the most preferred security measures. A survey by Key factor revealed that 98% of organizations struggle to secure their IoT and connected products. Cyberattacks on IoT and connected products cost an average of $2.25 million per organization.Cloud Security Adoption:
Companies are increasingly adopting cloud-based solutions due to their ease of implementation and lower maintenance requirements. This trend has led to a higher demand for cloud security solutions.Technological Advancements in Cybersecurity:
AI, ML, and automation play crucial roles in improving threat detection, response, and predictive analytics. Technologies like blockchain and defensive AI enhance real-time threat detection and data integrity.The global market for cybersecurity technologies report includes in-depth data and analysis addressing the following important queries:
1. What is the projected market size and growth rate of the cybersecurity market?
The global cybersecurity market was valued at $208.1 billion in 2023 and will reach $396.8 billion by 2029, with a CAGR of 11.6% during the forecast period i.e., 2024-2029.2. What are the key factors driving the growth of the global cybersecurity market?
The key drivers for the market growth include: Increasing ransomware and target-based cyberattacks. Growing digital transformation initiatives. Accelerating online financial transactions. Rising adoption of e-commerce and e-governance.3. By security type, which segment will dominate the market by the end of 2029?
The network security segment will dominate the market by the end of 2029 driven by their usage in monitoring the entire traffic on the network and identifying any malicious behavior observed within a network.4. Which region has the highest market share in the global cybersecurity market?
In 2023, North America had the highest market share of 42.7% in the global cybersecurity market cybersecurity market. This growth is driven by stringent data privacy regulations, increasing cyber threats, and a high adoption rate of advanced technologies such as AI, IoT, and big data.Some of the Key Market Players Are:
ACCENTUREAMAZON.COM INC.BROADCOMCHECK POINT SOFTWARE TECHNOLOGIES LTD.CISCO SYSTEMS INC.CROWDSTRIKE HOLDINGS INC.F5 INC.FORTINET INC.IBMINTEL CORP.JUNIPER NETWORKS INC.MICROSOFT CORP.OKTA INC.ORACLEPALO ALTO NETWORKSRAPID7SENTINELONETHALESTREND MICRO INC.ZSCALER INC.Browse More Related Reports
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ANAHEIM, Calif., Sept. 17, 2024 /PRNewswire/ — Fractal EMS Inc. (“Fractal”), a leading provider of advanced solar and storage controls, has announced a groundbreaking partnership with Gold Electronic Equipment Inc. (“Gold”), a leading high-tech company specializing in R&D, active balancing technology and manufacturing of the battery management system (BMS). A signing ceremony and celebration was held on September 9th at the RE+ clean energy conference in Anaheim, California. The new partnership will provide a cybersecure American BMS to customers worldwide (“Fractal BMS”).
The Fractal BMS provides a 3-level BMS architecture (module, rack and system). The design of the Fractal BMS has been finalized, featuring an American-sourced chip, printed circuit board assembly (PCBA), and cybersecurity, ensuring compliance with U.S. policies for sourcing and critical infrastructure protection. The Fractal BMS has the option to provide active cell balancing to maximize each battery cell’s useful capacity and life.
“Other companies proposing an American BMS have not addressed the cybersecurity concerns of the BMS. Some companies are licensing a foreign BMS or only providing a top-level device, neither of which cure cybersecurity threats and vulnerabilities. We are thrilled to collaborate with Gold to bring this advanced American BMS to the market. This partnership underscores our commitment to innovation, security, and supporting American technology,” said Daniel Crotzer, CEO at Fractal EMS.
Fractal BMS is scheduled for UL testing in late October 2024 and aims to become the gold standard for BESS deployments to mitigate risks associated with Foreign Entities of Concern (FEOC) and known cyber vulnerabilities in programmable devices. The American BMS will be available to battery manufacturers globally, offering a reliable and secure solution for battery management needs.
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Based on Completeness of Vision and Ability to Execute
FRISCO, Texas, Sept. 17, 2024 /PRNewswire/ — Redwood Software, a leading and innovative provider of solutions in Service Orchestration and Automation Platforms (SOAP), today announced that Redwood Software has been positioned by Gartner® as a Leader in the Magic Quadrant for SOAP report. The evaluation was based on specific criteria that analyzed the company’s overall Completeness of Vision and Ability to Execute.
Fully focused on automation to drive business outcomes, Redwood’s portfolio of SOAP solutions includes RunMyJobs, ActiveBatch and Tidal, all of which are integrated with Redwood’s highly secure managed file transfer solution, JSCAPE. Redwood uniquely enables enterprises to orchestrate all applications, processes and data, delivering end-to-end automation fabrics for critical processes such as data pipeline management, order-to-cash, record-to-report and supply chain management.
Redwood believes that customers benefit from:
The only SaaS-based composable automation solution purpose-built for hybrid cloud and designed to scale with lightweight auto-updating agentsAn extensive library of pre-built connectors to avoid custom coding, including SAP integrations at the transaction level that maintain a clean coreAdvanced real-time SLA management and monitoring with predictability and dynamic schedulingBest-in-class, rapid response support teams with 24/7 support, contributing to an industry-leading 48 net promoter score (NPS)”At Redwood, we believe in the transformative power of automation. We believe every IT and business process that can be automated, should be automated and lights-out automation is key to continuous growth, innovation and success,” said Kevin Greene, Redwood Software CEO. “This recognition from Gartner, who we feel is one of the most trusted voices in technology research, we believe demonstrates Redwood’s dedication to delivering industry-leading automation solutions, providing people the time and freedom to imagine and define the future – unleashing their human potential.”
A Gartner Magic Quadrant is a culmination of research in a specific market, giving you a wide-angle view of the relative positions of the market’s competitors. A Magic Quadrant provides a graphical competitive positioning of four types of technology providers, in markets where growth is high and provider differentiation is distinct: Leaders execute well against their current vision and are well positioned for tomorrow. Visionaries understand where the market is going or have a vision for changing market rules, but do not yet execute well. Niche Players focus successfully on a small segment or are unfocused and do not out-innovate or outperform others. Challengers execute well today or may dominate a large segment, but do not demonstrate an understanding of market direction.
View a complimentary copy of the Magic Quadrant report to learn more about why Redwood Software was positioned as a Leader at https://www.redwood.com/resource/gartner-soaps-mq/.
Additional resources
Explore Redwood Software on this blog
Follow Redwood Software on LinkedIn
Visit Redwood at Gartner IT Infrastructure, Operations & Cloud Strategies Conferences in the UK and US
Gartner disclaimer
Gartner, Inc. Magic Quadrant for Service Orchestration and Automation Platforms. Hassan Ennaciri, Chris Saunderson, etl. 11 September 2024.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights reserved.
Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About Redwood Software
Redwood Software is the leader in full stack automation fabric solutions for mission-critical business processes. With the first SaaS-based composable automation platform specifically built for ERP, we believe in the transformative power of automation. Our unparalleled solutions empower you to orchestrate, manage and monitor your workflows across any application, service or server — in the cloud or on premises — with confidence and control. Redwood’s global team of automation experts and customer success engineers provide solutions and world-class support designed to give you the freedom and time to imagine and define your future. Get out of the weeds and see the forest, with Redwood Software. For more information, visit www.redwood.com. Follow Redwood Software on LinkedIn, @Redwood Software.
Media Contact: Liz Reilly, [email protected]
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Artificial Intelligence
2024 IEEE International Conference on Image Processing Explores the Latest Technical Innovations
ICIP 2024 focuses on trustworthy visual data processing and covers cutting-edge topics involving computer vision
PISCATAWAY, N.J., Sept. 17, 2024 /PRNewswire/ — IEEE, the world’s largest technical professional organization dedicated to advancing technology for humanity, and the IEEE Signal Processing Society (SPS) will hold the 2024 IEEE International Conference on Image Processing (ICIP 2024), 27-30 October 2024 at the Abu Dhabi National Exhibition Centre in Abu Dhabi, UAE. ICIP 2024 will be a hub of innovation and learning – examining how AI-based approaches in the field are bringing opportunities, as well as challenges.
The program delves into “Trustworthy Generalization in Visual Machine Learning,” AI/ML learning on visual data, and examines the latest trends in data-driven, learning-based image and video coding standards.
ICIP 2024 will feature insightful tutorials, engaging exhibits and demonstrations, workshops by leading tech companies, career development opportunities, and networking events for practicing engineers, aspiring students, and young entrepreneurs.
“ICIP will provide thought leaders with a platform to reach diverse audiences and encourage a dialogue on topics making a large impact on our industry. We look forward to building connections between top researchers and practitioners in the field,” said Kostas Plataniotis, IEEE Signal Processing Society President.
Plenary speakers include Dr. Touradj Ebrahimi, Convenor of the JPEG Standardization Committee, Dr. Gitta Kutyniok, Bavarian AI Chair for Mathematical Foundations of AI, LMU Munich, and Dr. Mohamad Sawan, Chair Professor, Westlake University; Emeritus Professor, Polytechnique Montreal. View the Technical Program for a summary of conference activities.
ICIP 2024 will bring together corporate, government, and academic researchers, top global leaders in the field and more – register today.
About IEEE Signal Processing Society
Founded as IEEE’s first society in 1948, the Signal Processing Society is the world’s premier association for signal processing engineers and industry professionals.
About IEEE
IEEE is the world’s largest technical professional organization dedicated to advancing technology for the benefit of humanity. Through its highly cited publications, conferences, technology standards, and professional and educational activities, IEEE is the trusted voice on a wide variety of areas ranging from aerospace systems, computers and telecommunications to biomedical engineering, electric power and consumer electronics.
Media Contact: Caroline Johnson – Director, Conferences, Marketing, and Data Analytics, [email protected]
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