The enterprise cyber security market is witnessing a crucial period. In 2021, the overall market was worth about US$ 56840 million. The major influencing factor as far as the market is concerned was the covid-19 and its impacts on the enterprise security industry.
The covid-19 pandemic was, more than anything else, totally new for the enterprise security industry. On the one hand, the pandemic suddenly forced people to adapt to a never-before work-from-home culture without much preparation. The remote-working environment created unique challenges, and cyber hackers had a highly vulnerable industry that they tried to leverage. The cyber experts had new challenges to tackle. Innovative solutions were inevitable.
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All these factors had a tremendous impact on the enterprise cyber security market in 2021. Also the consequences are expected to continue in the incoming years as well. However, now the work-from-office culture is back, not entirely although. However, some firms seem to be comfortable with the remote work culture.
The years from 2022 to 2028 are going to be crucial for the enterprise cyber security industry. Significant changes are expected, and by 2028, USD 98700 million is what the industry is expected to be worth. The average CAGR is expected to be 8.2% during the review period. (market and research).
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The increasing number of cyber incidents and data breaches will be a significant factor impacting the industry’s overall growth. In addition, the ongoing attempts to establish compliance with government regulations are another vital aspect of the industry.
Experts feel the lack of sufficient knowledge of advanced and latest cyber security practices may hinder the market’s overall growth.