Meticulous Research®—a leading global market research company, published a research report titled ‘Cybersecurity Services Market by Type, Organization Size, Security Type, Sector (BFSI, Healthcare, Government, IT & Telecommunications, and Other Sectors) - Global Forecast to 2030.’

According to this latest publication from Meticulous Research®, the global cybersecurity services market is projected to reach $158.4 billion by 2030, at a CAGR of 17.5% during the forecast period.The growth of the cybersecurity services market is driven by the growing significance of cybersecurity services in the banking sector and rising government initiatives encouraging the adoption of cybersecurity services. In addition, the growing need for cybersecurity services among SMEs, the increasing use of artificial intelligence, machine learning, and blockchain technologies for cyber defense, and the development of smart infrastructure are expected to create market growth opportunities. However, the shortage of trained professionals restrains the growth of this market. Further, the misconceptions regarding cybersecurity services and vulnerability issues with IoT devices pose serious challenges to the growth of the cybersecurity services market. Additionally, the rising adoption of cloud security services among businesses is the major trend in the global cybersecurity services market.

The global cybersecurity services market is segmented by type ((professional services [integration services, penetration testing services, training, consulting, and advisory services, support & maintenance services, and other professional services], managed services [managed detection & response services, compliance & vulnerability management services, and other managed services]), organization size (large enterprises, small & medium-sized enterprises), security type (network security, cloud security, endpoint security, application security, and other security types), sector (BFSI, healthcare, government, IT & telecommunications, retail & e-commerce, energy & utility, manufacturing, education, and other sectors)). The study also evaluates industry competitors and analyzes the market at regional and country levels.

Based on type, the global cybersecurity services market is segmented into professional services and managed services. In 2023, the professional services segment is expected to account for the larger share of the global cybersecurity services market. The large market share of this segment is attributed to the growing demand for comprehensive identification, assessment, and management of security across enterprise systems and the rising need for support & maintenance, integration, training, consulting, and advisory, penetration testing services. However, the managed services segment is projected to register the higher CAGR during the forecast period.

Based on organization size, the global cybersecurity services market is segmented into large enterprises and small & medium-sized enterprises (SMEs). In 2023, the large enterprises segment is expected to account for the larger share of the global cybersecurity services market. The large market share of this segment is attributed to the strong IT infrastructure of large enterprises and the availability of skilled IT personnel to manage cybersecurity services platforms. Furthermore, large enterprises have a stable financial backup and can easily procure customized cybersecurity services. However, the small & medium-sized enterprises segment is projected to register the higher CAGR during the forecast period.

Based on security type, the global cybersecurity services market is segmented into cloud security, application security, endpoint security, network security, and other security types. In 2023, the network security segment is expected to account for the largest share of the global cybersecurity services market. The large market share of this segment is attributed to the rising adoption of network services, growing data security & privacy concerns, and an increase in the number of malware attacks on enterprise networks. However, the cloud security segment is projected to register the highest CAGR during the forecast period.

Based on sector, the global cybersecurity services market is segmented into BFSI, healthcare, government, IT & telecommunications, retail & e-commerce, energy & utility, manufacturing, education, and other sectors. In 2023, the BFSI segment is expected to account for the largest share of the global cybersecurity services market. The large market share of this segment is attributed to the increasing need to protect systems, deal with theft, cyberattacks and damage, and reduce planned breaches, data thefts, malware, and phishing attacks. However, the healthcare segment is projected to register the highest CAGR during the forecast period.

Based on geography, the global cybersecurity services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global cybersecurity services market. North America’s large market share is attributed to the increase in government initiatives promoting cybersecurity across the region, increasing cyberattacks on IoT devices, the introduction of government laws to improve IoT cybersecurity, and regional market players’ efforts to provide application scanning services for municipal agencies. However, Asia-Pacific is projected to register the highest CAGR during the forecast period.

Key Players
The key players operating in the global cybersecurity services 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.), Rapid7, Inc. (U.S.), CrowdStrike Holding, Inc. (U.S.), Accenture plc (Ireland), Secureworks Corp. (U.S.), Trend Micro Incorporated (Japan), CyberDefenses Inc. (U.S.), Nozomi Networks, Inc. s(U.S.), Aristi Cybertech Private Limited (India), and Skylark Information Technologies Private Limited (India).

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Key questions answered in the report-
· Which are the high-growth market segments in terms of type, organization size, security type and sector?
· What is the historical market for cybersecurity services market across the globe?
· What are the market forecasts and estimates for the period 2023–2030?
· What are the major drivers, restraints, opportunities, challenges, and trends in the global cybersecurity services market?
· Who are the major players in the global cybersecurity services market, and what share of the market do they hold?
· How is the competitive landscape?
· What are the recent developments in the global cybersecurity services market?
· What are the different strategies adopted by the major players in the market?
· What are the geographic trends and high-growth countries?
· Who are the local emerging players in the global cybersecurity services market, and how do they compete with the other players?

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