Cybersecurity is the process of supporting networks, applications, and systems from online threats. Hackers typically use cyberattacks to demand payment from customers, alter, access, or erase personal information, or interfere with regular business operations. The use of corporate security solutions in the manufacturing, healthcare, banking, and financial services industries (BFSI) is expected to drive growth in the cyber security market in the coming years.
According to SPER market research, ‘Canada Cybersecurity Market Size- By Offering, By Deployment, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Canada Cybersecurity Market is predicted to reach USD 33.48 billion by 2033 with a CAGR of 11.28%.
Drivers: The initiative to improve the country’s cybersecurity capabilities has come from the Canadian government. Several measures have been implemented to bolster the growth of cybersecurity and enhance the economy. This includes monetary pledges, revised laws designed to help startups and existing businesses with their digital transformations, and further initiatives creating Canada’s cybersecurity ecosystem.
Furthermore, the country’s growing cloud facility industry is supporting the entire market for cloud security and advancing the growth of the cloud ecosystem. Strict cloud security regulations and the growing need for Software-as-a-Service (SaaS) companies that leverage cloud infrastructure lead to high service expectations. These circumstances highlight the nation’s critical need for cybersecurity.
Challenges: The lack of experience and limited budgets of SMEs are impeding the expansion of the market. The rise in threats to internet security is driving an exponential increase in the need for smart solutions. Businesses cannot be safeguarded against advanced endpoint, cloud, and network security threats by antiquated network security solutions. One of the main obstacles is the lack of manpower and security solution developers and specialists. The high cost of implementation and updates makes it difficult for small and medium-sized organizations (SMEs) to adopt internet security solutions and services. Increased demand for security solutions from the government and healthcare sectors during the epidemic propelled market growth.
The COVID-19 pandemic has a major effect on the general behavior of consumers and suppliers. Temporary manufacturing facility closures, a lack of manpower, scarce resources, data breaches, and subpar supply chains have all negatively impacted the expansion of global companies.
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The need for cyber security services from the government, businesses, and hospitals did, however, skyrocket during the outbreak. Leading companies in the sector focus on implementing a variety of security controls to protect manufacturing processes from sophisticated cyberattacks.
Additionally, Some of the market key players are Cyber Unit Inc, ELEKS Holding OU., F12.Net, Groupe Access, IBM Corporation, Microsoft Corporation, ProofPoint, Inc, Sophos Ltd.
Canada Cyber Security Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Offering: Based on the Offering, Canada Cybersecurity Market is segmented as; Security Type, Services.
By Deployment: Based on the Deployment, Canada Cybersecurity Market is segmented as; Cloud, On-premise.
By End User: Based on the End User, Canada Cybersecurity Market is segmented as; BFSI, Healthcare, Manufacturing, Government & Defence, IT and Telecommunication, Others.
By Region: This research also includes data for Eastern Region, Western Region, Northern Region, Southern Region.
For More Information, refer to below link:-
Canada Cyber Security Market Outlook
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