Cyber Security Market Size To Generate $478.68 Billion By 2030

The global cyber security market size was valued at $197.36 billion in 2020, and is projected to reach $478.68 billion by 2030, growing at a CAGR of 9.5% from 2021 to 2030. Cybersecurity is critical because it safeguards all types of data against theft and loss. The key factor that drives the growth of the cyber security market includes rise in malware and phishing threats among enterprises and increase in adoption of IoT and BYOD trend. However, budget constraints among organizations and complexities of device security hamper the cyber security market growth.