Cyber Security Market to Reach USD 366.10 Billion by 2028

The global cyber security market size is anticipated to reach USD 366.10 billion by 2028 and exhibit a CAGR of 12.0% during the forecast period. The surging number of e-commerce platforms and the growing integration of machine learning, internet-of-things (IoT), and cloud are expected to boost the market's growth. Fortune Business Insights™ has presented this information in its report titled, “Cyber Security Market, 2021-2028”. The market size stood at USD 153.16 billion in 2020 and is expected to reach USD 165.78 billion in 2021.

As per the report by the European Cybersecurity Organization, the U.K. government invested nearly USD 2.30 billion in internet and network security projects for defense and research in 2020.  Hence, the increasing government investments in internet security solutions to guard their confidential data and information are anticipated to stimulate market growth.

Major companies in the global cyber security market are Cisco Systems Inc. (California, U.S.), IBM Corporation (New York, U.S.), Fortinet Inc. (California, U.S.), Proofpoint Inc. (California, U.S.), Microsoft Corporation (Washington, U.S.), Palo Alto Networks Inc. (California, U.S.), Broadcom Inc. (California, U.S.), F5 Networks Inc. (Washington, U.S.), Sophos Ltd. (United Kingdom), Oracle Corporation (California, U.S.), Cybersecurity Services (Ohio, U.S.) and others.