Market Size –
The information technology (IT) and telecom cyber security market size has grown rapidly in recent years. It will grow from $39.20 billion in 2023 to $44.39 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to growing reliance on digital infrastructure, rising cybercrime activities, increasing complexity of IT (information technology) ecosystems, high-profile data breaches, awareness of cybersecurity importance.
The information technology (IT) and telecom cyber security market size is expected to see rapid growth in the next few years. It will grow to $71.12 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to emergence of new attack vectors, adoption of cloud computing, proliferation of mobile devices, rise in remote work and digital transformation, expansion of Internet of Things (IoT). Major trends in the forecast period include rise of zero trust architecture, focus on threat intelligence sharing, growth of ransomware and extortion attacks, emphasis on privacy and data protection regulations, increased demand for managed security services.
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Scope Of Information Technology (IT) And Telecom Cyber Security Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Information Technology (IT) And Telecom Cyber Security Market Overview
Market Drivers –
The growing adoption of cloud computing is expected to propel the growth of the information technology (IT) and telecom cyber security market going forward. Cloud computing is a technology that allows users to access and utilize computing resources, such as storage, processing power, and applications, over the internet on a pay-per-use basis. The growing adoption of cloud computing is driven by its ability to deliver cost-effective, scalable, flexible, accessible, and secure IT solutions that support business agility, innovation, and growth in an increasingly digital and interconnected world. Adopting cloud computing raises concerns about data privacy, compliance, and regulatory requirements, especially in industries with stringent data protection regulations, such as healthcare, finance, and government. Organizations implement cybersecurity solutions that ensure data privacy, compliance with regulations, and protection against data breaches and unauthorized access within the cloud and during data transfer. For instance, according to the statistics published by the European Commission (EC), the Belgium-based executive body of the European Union (EU), the adoption of cloud-based solutions in the European Union increased by 4.2% in 2023, with 45.2% of enterprises purchasing cloud computing services, indicating a significant surge compared to 2021. Therefore, the growing adoption of cloud computing drives the growth of the information technology (IT) and telecom cyber security markets.
Market Trends –
Major companies operating in the information technology (IT) and telecom cyber security market are increasing their focus on developing advanced solutions, such as Sentra Jagger, a generative AI (artificial intelligence) assistant for cloud data security, to gain a competitive edge in the market. This generative AI assistant for cloud data security is a software solution that utilizes artificial intelligence techniques to autonomously generate and implement security measures, policies, and protocols to protect data stored in cloud environments. For instance, in March 2024, Sentra, an Israel-based cloud data security company, launched the Sentra Jagger. This platform boasts features such as swift threat analysis and rapid incident response, reducing response times by up to 80% and fortifying cybersecurity operations in the IT (information technology) and telecom sectors. This highlights a pivotal shift towards artificial intelligence (AI) and automation in cybersecurity, enabling advanced threat analysis, real-time insights, and heightened efficiency in addressing evolving cyber threats and safeguarding critical data assets in information technology (IT) and telecom cyber security.
The information technology (IT) and telecom cyber security market covered in this report is segmented –
1) By Security Type: Network Security, Endpoint Security, Application Security, Cloud Security, Other Security Types
2) By Organization Size: Small And Medium Enterprises, Large Enterprises
3) By Deployment Mode: On-Premises, Cloud-Based
4) By End-User Industry: Telecom Service Providers, E-commerce, Enterprises, Utilities, Government And Defense
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Regional Insights –
North America was the largest region in the information technology (IT) and telecom cyber security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the information technology (IT) and telecom cyber security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the information technology (IT) and telecom cyber security market are Dell Technologies Inc., Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Broadcom, Telefonaktiebolaget Lm Ericsson, Bae Systems Inc., Palo Alto Networks Inc., Juniper Networks Inc., Fortinet Inc., Akamai Technologies Inc., Symantec Corporation, Splunk Inc., Micro Focus International, Check Point Software Technology Ltd., CrowdStrike, McAfee LLC, Trend Micro Incorporated, Zscaler Inc., Proofpoint Inc., AO Kaspersky Lab, Tenable Holdings Inc., Rapid7, Sophos, CyberArk Software Ltd., FireEye Inc., SecureWorks Corp., Qualys Inc., Varonis Systems Inc., Mimecast Ltd., Okta Inc.
Table of Contents
1. Executive Summary
2. Information Technology (IT) And Telecom Cyber Security Market Characteristics
3. Information Technology (IT) And Telecom Cyber Security Market Trends And Strategies
4. Information Technology (IT) And Telecom Cyber Security Market – Macro Economic Scenario
5. Global Information Technology (IT) And Telecom Cyber Security Market Size and Growth
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31. Information Technology (IT) And Telecom Cyber Security Market Other Major And Innovative Companies
32. Global Information Technology (IT) And Telecom Cyber Security Market Competitive Benchmarking
33. Global Information Technology (IT) And Telecom Cyber Security Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Information Technology (IT) And Telecom Cyber Security Market
35. Information Technology (IT) And Telecom Cyber Security Market Future Outlook and Potential Analysis
36.Appendix
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