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Global Cybersecurity Market Size Expected to Reach $298 Billion By 2028 as Cyber Threats Skyrocket
Globe Newswire 9-Jul-2024 10:15 AM
PALM BEACH, Fla., July 09, 2024 (GLOBE NEWSWIRE) -- FinancialNewsMedia.com News Commentary - The cybersecurity market is driven by the escalating frequency and sophistication of cyber threats, heightened regulatory compliance demands for data protection, and the growing adoption of digital technologies like cloud computing and the IoT. Additionally, increasing awareness of cybersecurity risks among businesses and consumers and the need for robust protection in the face of expanding remote work and digital transactions significantly fuel the market's growth. A report from MarketsAndMarkets said that the global cybersecurity market size, which was projected to grow from USD 190.4 billion in 2023, is expected to reach USD 298.5 billion by 2028 at a CAGR of 9.4% during the forecast period. The report said: "The cybersecurity market is witnessing significant opportunities, driven by the rising demand for advanced security solutions due to the increasing incidence of cyberattacks. Opportunities are emerging in areas like AI and ML for threat detection and response, cloud security services due to the shift towards cloud computing, and cybersecurity for IoT devices. The market is also seeing growth in MSS and the need for skilled cybersecurity professionals, offering substantial prospects for service providers and job seekers in the cybersecurity field." Active companies in the markets this week include: Scope Carbon Corp. (OTCQB:SCPCF) (CSE:SCPE), SentinelOne(NYSE:S), Cloudflare, Inc. (NYSE:NET), Oracle Corporation (NYSE:ORCL), Varonis Systems, Inc. (NASDAQ:VRNS).
MarketsAndMarkets continued: "The widespread adoption of cloud computing, known for its robust and flexible infrastructure, is creating significant opportunities in the cybersecurity market. Organizations are increasingly moving towards cloud solutions for easier data storage and access to powerful computing resources via the Internet. The shift enables effective management of applications and complex analytics. Additionally, the integration of the cloud with technologies like software-defined perimeters is enhancing platform security… The rising demand for these cloud-based cybersecurity solutions points to a significant growth opportunity in the market, particularly as SMEs seek to secure their data and information on the cloud. The North American region is anticipated to have the largest market size in the cybersecurity market for several reasons. Firstly, North America, particularly the US, is home to many leading cybersecurity companies and technology giants. The concentration of technology firms results in a higher adoption rate of cybersecurity solutions. Secondly, the region faces a significant number of cyber threats and attacks, which necessitates robust cybersecurity measures."
Scope Carbon Corp.(CSE:SCPE) (OTCQB:SCPCF)toAcquireAdvancedQuantumSecurityTechnologyto Fortify Data Protection - Scope Carbon Corp. ("Scope" or the "Company") is pleased to announce that it has entered into technology agreement dated July 9, 2024 (the "Technology Agreement") with Ovryde Ltd. ("Ovryde") whereby Ovryde has agreed to transfer its ownership and rights relating to delivery and application of quantum resilient entropy (the "QSE Technology"). Quantum resilient entropy is an advanced security measure designed to protect data against the future threats posed by quantum computing, ensuring that sensitive information remains secure in an increasingly digital world.
KeyBenefitsoftheAcquisition:
EnhancedCyber-SecurityProductSuite:
Immediate Expansion: This acquisition broadens Scope AI's cybersecurity offerings by integrating Ovryde's advanced quantum security technologies, providing more comprehensive solutions for clients.
AddressingNewThreats: With the QSE Technology, Scope AI can tackle emerging quantum-computing threats, ensuring robust protection for sensitive data in transit and at rest.
EfficientSynergiesandNewRevenueStreams:
Faster Deployment: The integration of QSE Technology creates synergies that enable faster and more efficient deployment of solutions.
NewRevenueOpportunities: This opens new revenue streams by catering to industries with stringent data security needs, such as finance, healthcare, and government sectors.
RegulatoryComplianceandFuture-Readiness:
MeetingRegulations: Helps clients comply with new and evolving regulatory standards for quantum-resistant encryption and data protection.
Future-Proof Solutions: Prepares businesses for future quantum-computing advancements with robust and scalable security solutions.
MarketLeadershipandInnovation:
LeadingtheMarket: Positions Scope AI as a leader in quantum-resilient security solutions, setting it apart from competitors.
SustainableGrowth: Provides a foundation for sustainable growth by continuously adapting to technological advancements in cybersecurity.
James Young, CEO of Scope AI Corp., stated, "We are pleased to announce the acquisition of the QSE Technology. The product suite is established, complete, and ready to onboard customers now. This acquisition enables us to provide our customers with extremely robust security solutions that are easy to integrate into existing infrastructures. With the QSE Technology, we can address the emerging threats posed by quantum computing and ensure our clients are prepared for the future of digital security." CONTINUED…Read this full release and more for Scope Carbon at:https://www.financialnewsmedia.com/news-scpe/
In other industry news of interest:
SentinelOne (NYSE:S), the global leader in AI-powered security, recently announced that it is once again among the highest-rated vendors in the Gartner Peer Insights™ Voice of the Customer for Endpoint Protection Platforms report. As of July 1, over 1,600 end users provided reviews of Sentinel's Singularity™ Platform in the EPP market on Gartner Peer Insights, the undisputed leader for Enterprise software and service buyers, and 95 percent said they would recommend the solution to prevent and protect against security threats.
SentinelOne's Singularity Platform is the first AI-Security platform to protect the entire enterprise and empowers organizations of all sizes across industries to defend against any threat with the world's most advanced AI-powered, autonomous capabilities. Professionals across industries give the platform high marks for its innovative capabilities delivered in a single management console with one unified agent that protects their organizations now and in the future.
Cloudflare, Inc. (NYSE:NET), the leading connectivity cloud company, recently published its State of Application Security 2024 Report. Findings from this year's report reveal that security teams are struggling to keep pace with the risks posed by organizations' dependency on modern applications—the technology that underpins all of today's most used sites. The report underscores that the volume of threats stemming from issues in the software supply chain, increasing number of distributed denial of service (DDoS) attacks and malicious bots, often exceed the resources of dedicated application security teams.
Today's digital world runs on web applications and APIs. They allow ecommerce sites to accept payments, healthcare systems to securely share patient data, and power activities we do on our phones. However, the more we rely on these applications, the more the attack surface expands. This is further magnified by the demand for developers to quickly deliver new features—e.g., capabilities driven by generative AI. But if unprotected, exploited applications can lead to the disruption of businesses, financial losses, and the collapse of critical infrastructure.
Hitachi Construction Machinery develops, manufactures, sells, rents, and services hydraulic excavators, wheel loaders, road equipment, and mining equipment, with more than 400,000 units of construction equipment in operation worldwide. As part of its digital transformation effort (DX), it's migrating its large-scale core system to the public cloud to unify data from mission-critical systems and construction equipment and prepare for future AI implementation.
Varonis Systems, Inc. (NASDAQ:VRNS), a leader in data security, recently announced it has secured the "In Process" designation with the Federal Risk and Authorization Management Program (FedRAMP). This designation affirms that Varonis aligns with the goals to promote secure and compliant cloud services to the federal government.
Varonis' cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation. Hundreds of government agencies and federal systems integrators use Varonis to secure their most critical data and meet EO 14028 requirements for Zero Trust.
Varonis helps organizations fulfill OMB 22-09 Data Pillar requirements through automation. Our user and entity behavior analytics meet OMB 21-31 Advanced (EL-3) requirements by detecting anomalous behavior and stopping threats in real time. Automated dashboards streamline compliance reporting and enable agencies to meet Federal compliance mandates (i.e., NIST 800-53).
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