Connect with us

Technology

Cybersecurity Services Market to Grow by USD 49 Billion from 2024-2028, Driven by Rising Data Breaches and AI’s Influence on Market Trends- Technavio Report

Published

on

NEW YORK, Sept. 11, 2024 /PRNewswire/ — Report on how AI is redefining market landscape- The global cybersecurity services market  size is estimated to grow by USD 49 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  9.23%  during the forecast period.  Increase in number of data breaches is driving market growth, with a trend towards integration of ai and ml in cybersecurity services. However, high cost of cybersecurity services implementation  poses a challenge. Key market players include Accenture Plc, Akamai Technologies Inc., AO Kaspersky Lab, Broadcom Inc., Cassava Technologies, Check Point Software Technologies Ltd., Cisco Systems Inc., CrowdStrike Inc., Dell Technologies Inc., FireEye Inc., Fortinet Inc., F Secure Corp., International Business Machines Corp., McAfee LLC, Palo Alto Networks Inc., Proofpoint Inc., Rapid7 Inc., RSA Security LLC, S.C. BITDEFENDER S.R.L., Sophos Ltd., Tenable Holdings Inc., Trend Micro Inc., and Zscaler Inc..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Deployment (On-premises and Cloud based), End-user (Government, BFSI, ICT, Manufacturing, and Others), and Geography (North America, APAC, Europe, Middle East and Africa, and South America)

Region Covered

North America, APAC, Europe, Middle East and Africa, and South America

Key companies profiled

Accenture Plc, Akamai Technologies Inc., AO Kaspersky Lab, Broadcom Inc., Cassava Technologies, Check Point Software Technologies Ltd., Cisco Systems Inc., CrowdStrike Inc., Dell Technologies Inc., FireEye Inc., Fortinet Inc., F Secure Corp., International Business Machines Corp., McAfee LLC, Palo Alto Networks Inc., Proofpoint Inc., Rapid7 Inc., RSA Security LLC, S.C. BITDEFENDER S.R.L., Sophos Ltd., Tenable Holdings Inc., Trend Micro Inc., and Zscaler Inc.

Key Market Trends Fueling Growth

The integration of Artificial Intelligence (AI) and Machine Learning (ML) in cybersecurity services has revolutionized threat detection and analysis, predictive analytics, and incident response capabilities for organizations. AI and ML algorithms enable the identification of anomalies, detection of malicious patterns, and differentiation between normal and abnormal behavior within network traffic, user access patterns, and system activities. This proactive identification of potential security incidents reduces false positives and allows security teams to focus on genuine threats. Predictive analytics using AI and ML can anticipate potential security vulnerabilities, emerging attack vectors, and malicious patterns, enabling organizations to preemptively fortify their defenses. IBM is an example of a company offering AI-integrated cybersecurity services, including threat detection and prevention, automated incident response, and behavior-based authentication and access control. These advanced technologies enhance organizations’ resilience to cyber threats, minimize the time to remediate incidents, and reduce the risk of insider threats and unauthorized access. The adoption of AI and ML in cybersecurity services is expected to increase, fueling the growth of the global cybersecurity services market. 

The Cybersecurity market is experiencing significant growth due to the increasing number of cyber threats targeting businesses and organizations. Digital technologies, such as cloud computing and remote work, have expanded the attack surface, leading to new cybersecurity risks. Cyberattacks on digital transactions, critical infrastructure, and industries like banking, financial services, healthcare, and e-commerce platforms are on the rise. Advanced security solutions, including machine learning and threat detection, are essential to mitigate these risks. However, there’s a cyber talent shortage, making it challenging for organizations to hire enough cybersecurity professionals. Cloud security services and advanced technologies like artificial intelligence (AI) and machine learning (ML) are popular investments for enterprise security solutions. Network security, cloud-based solutions, endpoint security, and risk-based security are crucial security measures to address remote working vulnerabilities and malicious attacks. The energy sector and critical infrastructure are also at risk from cyber espionage and physical threats to electric power. Cybersecurity investments in advanced technologies and skilled workforce are crucial to stay ahead of evolving cyber threats. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

•         The high cost of implementing cybersecurity services poses significant challenges for organizations, limiting their ability to invest in comprehensive security measures. Comprehensive cybersecurity solutions, such as advanced threat detection, incident response, and continuous monitoring, require substantial investments. Consequently, organizations may face budget constraints, leading to resource allocation challenges and potential limitations on the adoption of advanced security solutions. The financial burden of high implementation costs can impact the scope and effectiveness of cybersecurity measures, leaving critical digital assets and sensitive information vulnerable. Small and medium-sized enterprises (SMEs) and organizations with limited budgets may find it challenging to procure and implement costly cybersecurity services, creating disparities in security posture. These factors are expected to negatively impact the growth of the global cybersecurity services market, as organizations balance budgetary constraints with the imperative of safeguarding against evolving cyber threats.

•         The Cybersecurity Services Market is facing several challenges in today’s digital world. The cybersecurity workforce shortage is a significant issue, making it difficult for businesses to find qualified professionals to protect their enterprise security solutions against digital attacks. Cloud-based cybersecurity solutions are increasingly popular, but securing cloud applications and infrastructure remains a challenge. Remote working vulnerabilities have emerged as a major concern due to the pandemic. Cybersecurity investments are on the rise, but there are skill gaps in areas like AI and ML for network security and endpoint security. Banking, Financial Services, Healthcare, and E-commerce platforms are prime targets for malicious attacks. Advanced technologies like RiskBased Security and Incident Response services are essential to mitigate risks. Critical infrastructure sectors like Energy and Transportation of oil face physical threats and cybersecurity risks. Connected devices add to the complexity of security infrastructure. Cybersecurity vendors offer global threat monitoring and security operation centers with threat intelligence to help businesses stay ahead of cyber threats. Cybersecurity solutions must adapt to the ever-evolving threat landscape to ensure effective security measures.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This cybersecurity services market report extensively covers market segmentation by

Deployment 1.1 On-premises1.2 Cloud basedEnd-user 2.1 Government2.2 BFSI2.3 ICT2.4 Manufacturing2.5 OthersGeography 3.1 North America3.2 APAC3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 On-premises-  The Cybersecurity Services market is essential for businesses to protect their digital assets from threats. These services offer solutions to secure networks, data, and applications from unauthorized access, malware, and cyber-attacks. Service providers offer managed security services, consulting, and integration services. Companies invest in cybersecurity to mitigate risks, ensure compliance, and safeguard their reputation. Cybersecurity Services are crucial for businesses to operate efficiently and securely in today’s digital world.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

The Cybersecurity market is experiencing exponential growth due to the increasing number of cyber threats in the digital age. With the widespread adoption of digital technologies, cloud computing, and remote work, the risks of cyberattacks have become a significant concern for businesses and individuals alike. Cybersecurity is essential for protecting digital transactions, enterprise security solutions, banking and financial services, healthcare, e-commerce platforms, and critical infrastructure from malicious attacks. Advanced security solutions, such as artificial intelligence (AI) and machine learning (ML), are being employed to mitigate risks and enhance threat detection. However, the cybersecurity skill gap poses a challenge to effective implementation and management of these solutions. Cyber threats are not limited to digital attacks; physical threats to critical infrastructure and energy sectors also pose significant risks. The stakes are high, and cybersecurity measures are crucial to safeguard against potential damages. Risk-based security approaches are gaining popularity as they provide a proactive and adaptive response to cyber threats. Organizations must remain vigilant and invest in advanced security solutions to mitigate risks and protect their digital assets.

Market Research Overview

The Cybersecurity market is experiencing rapid growth due to the increasing number of Cyber threats in the digital age. With the widespread adoption of digital technologies, Cloud computing, and Remote work, Cybersecurity risks have become a significant concern for businesses and individuals alike. Advanced security solutions, such as Machine Learning (ML) and Artificial Intelligence (AI), are being used for Threat detection and incident response. Cyberattacks, including Cyber espionage and Malicious attacks, are a constant threat to critical infrastructure in sectors like Banking, Financial Services, Healthcare, E-commerce platforms, Energy, and Transportation of oil. The Cybersecurity workforce faces a talent shortage, exacerbating the Cybersecurity skill gap. Cloud security services, Network security, and Endpoint security are essential components of a Security infrastructure. Cybersecurity investments continue to grow, with a focus on Cloud-based solutions and RiskBased Security. Global threat monitoring, Incident response services, and Security operation centers provide vital Threat intelligence to mitigate risks. Connected devices and Physical threats add to the complexity of securing digital environments. Cybersecurity vendors offer advanced technologies to help organizations stay ahead of the curve.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

DeploymentOn-premisesCloud BasedEnd-userGovernmentBFSIICTManufacturingOthersGeographyNorth AmericaAPACEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/cybersecurity-services-market-to-grow-by-usd-49-billion-from-2024-2028-driven-by-rising-data-breaches-and-ais-influence-on-market-trends–technavio-report-302244968.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Global AI Leader and Enterprise Transformation Visionary Zeya Ottomone Appointed Chief Executive Officer of Integrow

Published

on

By

Author of Empowered to Execute in the Agentic Era to Lead Next Generation of AI-Powered Enterprise Innovation

ATLANTA, July 24, 2026 /PRNewswire-PRWeb/ — Integrow announced the appointment of Zeya Ottomone as Chief Executive Officer, marking a significant milestone in the company’s evolution as it accelerates its vision to become a global leader in Agentic AI-powered enterprise software and business transformation.

Integrow announced the appointment of Zeya Ottomone as Chief Executive Officer, marking a significant milestone in the company’s evolution as it accelerates its vision to become a global leader in Agentic AI-powered enterprise software and business transformation.

With more than three decades of executive leadership spanning Fortune 500 enterprises, global technology organizations, and enterprise software innovation, Ottomone joins Integrow at a defining moment in the evolution of artificial intelligence.

Widely recognized for helping organizations modernize operations, simplify complex business ecosystems, and deliver measurable transformation outcomes, Ottomone has led some of the industry’s largest enterprise modernization initiatives across ERP, CRM, workforce management, cloud computing, cybersecurity, artificial intelligence, and intelligent automation. His appointment signals Integrow’s commitment to redefining how enterprises execute strategy in the era of autonomous AI.

“Artificial Intelligence is no longer about automation alone, it’s about empowering organizations to execute faster, make smarter decisions, and fundamentally rethink how work gets done,” said Zeya Ottomone, Chief Executive Officer of Integrow. “We’re entering the Agentic Era, where intelligent AI agents become trusted digital teammates capable of planning, reasoning, collaborating and executing alongside people. At Integrow, we’re building the enterprise platform that makes that future practical, secure and measurable for every organization.”

Ottomone is internationally recognized as a leader in enterprise technology, SaaS transformation, digital modernization and AI-enabled business strategy. Throughout his career he has held executive leadership and C-level positions with ABB, Honeywell, AmerisourceBergen, Cable & Wireless, Chicago Tribune and Rimini Street, leading global organizations through large-scale transformation initiatives across North America, Europe, Asia-Pacific and the Middle East. His expertise spans enterprise applications, Salesforce ecosystems, ServiceNow, ERP modernization, customer experience, intelligent operations, data strategy, and the emerging field of Agentic AI.

Before joining Integrow, Ottomone led global SaaS Centers of Excellence focused on enterprise transformation, helping organizations modernize critical business operations while reducing technology complexity and accelerating innovation. A certified Lean Six Sigma Master Black Belt and recognized executive advisor, Ottomone has consistently delivered operational excellence by combining strategic leadership with emerging technologies to create sustainable business value.

His appointment also coincides with the upcoming publication of his new book, Empowered to Execute in the Agentic Era, which explores how organizations can bridge the gap between strategy and execution by leveraging AI, empowering people, and building intelligent enterprises capable of continuous innovation. The book reflects many of the same principles that will guide Integrow’s next phase of growth: human-centered AI, intelligent automation, operational excellence, and measurable business outcomes.

Under Ottomone’s leadership, Integrow will accelerate investment across:

Agentic AIEnterprise AI PlatformsIntelligent ERPAI-powered CRMHuman Capital ManagementIT Service ManagementPredictive AnalyticsAutonomous WorkflowsEnterprise CopilotsIndustry-specific AI Solutions

The company’s vision is to deliver a unified enterprise platform where AI is embedded into every business process, enabling organizations to eliminate operational silos, automate decision-making, increase productivity, and create competitive advantage through intelligent execution. “Zeya represents exactly the type of visionary leader required for the next generation of enterprise software,” said Harvey Nicholson, Chair of Corporate Governance and Member of Integrow’s Board of Directors. “His global experience, deep understanding of enterprise technology, and forward-looking vision for Agentic AI position Integrow to become one of the industry’s most innovative AI-powered enterprise software companies.”

Wayne Gadson, Chair of Growth Strategy, added: “The future belongs to organizations that can execute strategy with intelligence, speed and confidence. Zeya has spent his career helping enterprises achieve exactly that. His appointment marks the beginning of an exciting new chapter for Integrow, our customers and our partners worldwide.” As enterprises face mounting pressure to modernize operations, reduce costs, improve workforce productivity and harness the power of artificial intelligence, Integrow is uniquely positioned to help organizations transform through a single AI-powered enterprise platform that unifies finance, operations, customer engagement, workforce management, projects and service delivery.

“Our mission is simple,” Ottomone concluded. “We don’t believe AI should replace people. We believe AI should elevate people. The organizations that will define the next decade won’t simply adopt AI—they’ll empower every employee to execute better decisions every day. That’s the future Integrow is building.”

About Integrow

Integrow is a global enterprise software company delivering next-generation AI-powered business applications built on Salesforce. The platform unifies ERP, CRM, Human Capital Management, IT Service Management, Project Management, Field Service, Finance and Operations into a single intelligent ecosystem enhanced by Agentic AI.

By embedding artificial intelligence into every workflow, Integrow enables organizations to modernize operations, accelerate innovation, improve decision-making and execute strategy with confidence.

For more information, visit www.integrow.com.

Media Contact

Media Team, Integrow, Inc., 1 855-333-4769, info@integrow.com, www.integrow.com 

View original content to download multimedia:https://www.prweb.com/releases/global-ai-leader-and-enterprise-transformation-visionary-zeya-ottomone-appointed-chief-executive-officer-of-integrow-302833033.html

SOURCE Integrow, Inc.

Continue Reading

Technology

Lufax Announces Board and Management Changes

Published

on

By

SHANGHAI, July 24, 2026 /PRNewswire/ — Lufax Holding Ltd (“Lufax” or the “Company”) (NYSE: LU and HKEX: 6623), a leading financial services enabler for small business owners in China, today announced changes to its board of directors and senior management, effective July 25, 2026.

Ms. Fangfang Cai (“Ms. Cai”), Mr. Shibang Guo (“Mr. Guo”) and Mr. Peifeng Li (“Mr. Li”) have resigned as non-executive directors of the Company and from their respective positions on the Board’s committees. Mr. Tongzhuan Xi (“Mr. Xi”) has resigned as an executive director, the chief financial officer and the authorised representative of the Company (“Authorised Representative”) under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Hong Kong Listing Rules”), with effect from July 25, 2026. Each of the four directors cited personal work arrangements as the reason for their resignation and confirmed there is no disagreement with the Board and no matter relating to their departure that needs to be brought to shareholders’ attention.

The Company has begun a search for a new chief financial officer. During the transition, the CFO’s duties will be temporarily assumed by the Company’s internal team to ensure continuity of the Company’s financial functions. Mr. Xiang Ji, an executive director and the Company’s chief executive officer, has been appointed as the Authorised Representative, the Company’s designated liaison with the Stock Exchange under the Hong Kong Listing Rules, in place of Mr. Xi, with effect from July 25, 2026.

The Board has appointed Mr. Wai Kin Chim (“Mr. Chim”) as an independent non-executive director for an initial three-year term commencing July 25, 2026.

Mr. Chim, aged 65, has over 40 years of experience in international banking and extensive board experience in Asia Pacific, having worked in Hong Kong, Singapore and Beijing. He specializes in risk management and internal control, with a strong emphasis on corporate governance, credit risk, market risk and capital management.

Mr. Chim served as a loan officer at Standard Chartered Bank, Hong Kong Branch, from October 1985 to August 1988. He was then employed by Bankers Trust Company, Hong Kong Branch, as a vice president of the Asia Credit Department from September 1988 to October 1996. He subsequently served as the managing director and the chief credit officer for Deutsche Bank AG, a company listed on the Frankfurt Stock Exchange under ticker symbol DBK, for Asia Pacific (non-Japan Asia), from October 1996 to November 2006. He joined Bank of China Limited, a company listed on the Main Board of the Stock Exchange under stock code 3988, as the chief credit officer from March 2007 to March 2015.

Mr. Chim was an independent non-executive director of Standard Chartered Bank (China) Limited from October 2015 to October 2017. He served as an independent non-executive director of HDR Global Trading Limited, owner and operator of the BitMEX digital asset trading platform, from February 2021 to February 2022. Mr. Chim served as a non-executive director of China Chengtong Hong Kong Company Limited from July 2022 to June 2025. Mr. Chim is currently an independent non-executive director of OCBC Bank (Hong Kong) Limited, since November 2017; an independent non-executive director of Banco OCBC (Macau), S.A., since August 2023; an independent non-executive director of China Intellogis Technology Co., Ltd., since June 2024; and a director of Hong Kong Dance Company Limited since June 2026.

Mr. Chim obtained a Bachelor of Science degree from the Chinese University of Hong Kong in 1983 and an MBA degree from Indiana State University, USA, in 1985. He also graduated from the Senior Executive Program at Columbia University in 2000.

In connection with these changes, with effect from July 25, 2026, Ms. Cai will step down from the Nomination and Remuneration Committee, and Mr. Koon Wing Ernest Ip has been appointed as a member to that committee. The Company’s Special Committee will comprise Mr. Dicky Peter Yip, Mr. Koon Wing Ernest Ip and Mr. Siu Hong Cheng, continuing under the chairmanship of Mr. Dicky Peter Yip, with effect from July 25, 2026.

The Board would like to take this opportunity to thank Ms. Cai, Mr. Guo, Mr. Li and Mr. Xi for their service during the tenure of their office and warmly welcome Mr. Chim to the Board.

About Lufax

Lufax is a leading financial services enabler for small business owners in China. The Company offers financing products designed principally to address the needs of small business owners. In doing so, the Company has established relationships with 85 financial institutions in China as funding partners, many of which have worked with the Company for over three years.

Investor Relations Contact

Lufax Holding Ltd
Email: Investor_Relations@lu.com

ICR, LLC
Robin Yang
Tel: +1 (646) 308-0546
Email: lufax.ir@icrinc.com

 

View original content:https://www.prnewswire.com/news-releases/lufax-announces-board-and-management-changes-302834065.html

SOURCE Lufax Holding Ltd

Continue Reading

Technology

UMD Smith School Researchers Warn AI Security Lapses Highlight Urgent Need for Independent Oversight

Published

on

By

COLLEGE PARK, Md., July 24, 2026 /PRNewswire/ — A series of recent AI security lapses—including the OpenAI–Hugging Face breach—raises a fundamental question, say a pair of researchers at the University of Maryland’s Robert H. Smith School of Business: Can tech companies safely govern the powerful AI systems they build, or is stronger outside oversight now essential?

In its incident report, OpenAI confirmed that one of its experimental AI agents exploited a weakness in its testing environment while working on a routine benchmark task. The system wasn’t instructed to behave maliciously; instead, its persistence turned a small design flaw into a real escape. Earlier tests showed similar behavior, including agents that learned to bypass security checks by manipulating authentication tokens.

This pattern echoes findings from Dean’s Professor of Information Systems Siva Viswanathan at the Smith School, who studies how large technology platforms enforce rules. His research on mobile app privacy—published in Management Science—examined Google’s rollout of Android 6.0, which gave users more control over what data apps could collect. Developers were granted a flexible window to update their apps. Many used that flexibility to delay compliance for months, continuing to gather user data until Google imposed consequences such as lower search rankings and reduced visibility in its app store.

Viswanathan’s takeaway: when companies rely on voluntary compliance, self‑interested actors often exploit the slack. Real accountability requires pairing flexibility with firm, enforceable penalties.

That lesson now reverberates across the AI sector. As companies race to build increasingly capable systems, Viswanathan says oversight must treat these AI systems as strategic actors and must include strong safeguards that can pause or reverse a system before harm occurs.

He notes that a separate study from Anthropic underscores the stakes. In controlled tests, even an AI system designed to monitor another AI inherited the same flaws it was supposed to catch. In some cases, the “judge” model failed to flag clear sabotage because it agreed with the agent’s goals, allowing dangerous behavior to pass without human review.

Balaji Padmanabhan, Dean’s Professor of Decisions, Operations and Information Technologies and director of the Smith School’s Center for Artificial Intelligence in Business, extends Viswanathan’s governance argument into the realm of autonomous AI agents, warning that the same structural weaknesses now carry far higher stakes.

“The fact that this breach occurred organically without the AI agent being asked to be malicious is itself notable. Imagine what someone who actually intends to do harm can do. It’s also not terribly reassuring that the same firms we depend on for AI infrastructure, who are facing these issues, are the ones assuring enterprises that their systems with guardrails are perfectly safe,” says Padmanabhan. “We have to wake up to the fact that we’ve created capabilities that let software become as powerful as we want it to be—and then some. It’s time we seriously ask what’s needed to create an infrastructure to play defense well.”

Across the independent studies, the pattern is consistent, says Viswanathan: Voluntary compliance fails when the governed actor is more capable than the regulator. And AI systems cannot be governed by trust or good intentions alone. Oversight must be preventive, independent and capable of stopping harmful behavior before it spreads.

About the University of Maryland’s Robert H. Smith School of Business
The Robert H. Smith School of Business is an internationally recognized leader in management education and research. One of 12 colleges and schools at the University of Maryland, College Park, the Smith School offers undergraduate, full-time and flex MBA, executive MBA, online MBA, business master’s, PhD and executive education programs, as well as outreach services to the corporate community. The school offers its degree, custom and certification programs in learning locations in North America and Asia.

Contact: Greg Muraski, gmuraski@umd.edu

View original content:https://www.prnewswire.com/news-releases/umd-smith-school-researchers-warn-ai-security-lapses-highlight-urgent-need-for-independent-oversight-302834112.html

SOURCE University of Maryland’s Robert H. Smith School of Business

Continue Reading

Trending