According to a new report, published by KBV research, The Global IT And Telecom Cyber Security Market size is expected to reach $85.3 billion by 2031, rising at a market growth of 13.9% CAGR during the forecast period.
Integrating Artificial Intelligence (AI) and Machine Learning (ML) in cyber security has revolutionized how organizations defend against cyber threats. These advanced technologies enable security systems to move beyond traditional reactive approaches, allowing for more dynamic and proactive threat management. AI-powered cyber security tools can detect anomalies, identify patterns, and uncover potential threats in real-time by analyzing vast amounts of data at unprecedented speeds.
The On-premise segment is experiencing a CAGR of 13.4 % during the forecast period. This dominance is largely due to the necessity of integrating with existing legacy systems, as many IT and telecom companies operate on infrastructures that may not seamlessly align with cloud-based security solutions. The complexity and cost associated with overhauling these established systems often lead organizations to favor on-premise deployments, which can be more readily customized to fit their specific operational environments.
The Software segment led the maximum revenue in the Global IT And Telecom Cyber Security Market by Component in 2023, thereby, achieving a market value of $49.6 billion by 2031. The software segment dominates due to the growing integration of advanced technologies such as artificial intelligence (AI) and machine learning (ML) in security solutions. These technologies enable real-time threat detection, predictive analytics, and automated responses to cyber threats, making them indispensable in combating the increasing sophistication of cyber-attacks.
The Small and Medium-sized Enterprises (SMEs) segment is growing at a CAGR of 13.4 % during the forecast period. The segment is driven by the increasing frequency of cyber-attacks targeting smaller organizations with weaker security infrastructures. Rising awareness about the need for robust cyber security solutions has led SMEs to invest in affordable and scalable solutions, such as cloud-based security and endpoint protection tools.
Full Report: https://www.kbvresearch.com/it-and-telecom-cyber-security-market/
The North America region dominated the Global IT And Telecom Cyber Security Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $29.5 billion by 2031. The Europe region is anticipated to grow at a CAGR of 13.7% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 14.5% during (2024 - 2031).
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