Cyber Security Market Is Projected To Gain $478.68 Billion By 2030 At 9.5% Cagr: Allied Market Research

The global cyber security market generated $197.36 billion in 2020 and is expected to reach $478.68 billion by 2030, witnessing a CAGR of 9.5% from 2021 to 2030. The rise in malware and phishing threats among enterprises, increase in adoption of IoT and BYOD trend, and surge in demand for cloud-based cybersecurity solutions are the major factors driving the growth of the market. Software industry is the major consumer of cybersecurity solutions. Increased awareness among enterprises of all kinds when it comes to securing their information as well as an increase in ransom-ware assaults among small businesses, charities, and government agencies, are developing trends in the cybersecurity sector.