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Retail Cybersecurity Market Size
- Report ID: GMI6539
- Published Date: Aug 2023
- Report Format: PDF
Retail Cybersecurity Market Size
Retail Cybersecurity Market size was valued at USD 12.1 billion in 2022 and is projected to register a CAGR of 18.8% between 2023 and 2032. The exponential rise in online retail and e-commerce has propelled the market by creating a vast digital landscape for transactions and data exchanges.
According to the Census Bureau of the Department of Commerce, the estimate of U.S. retail e-commerce sales for the second quarter of 2023 was USD 277.6 billion and the total retail sales was USD 1.79 trillion. With more customers shopping online, retailers must secure sensitive information, such as payment details and personal data, from cyber threats. This surge in digital transactions has heightened the urgency for robust cybersecurity measures to protect both businesses & consumers, ensuring safe and trustworthy online shopping experiences.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Retail Cybersecurity Market Size in 2022: | USD 12.1 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 18.8% |
| 2032 Value Projection: | USD 65.8 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 401 |
| Segments covered: | Solution, Deployment Model, Enterprise Size, Vertical, Service |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Highly publicized data breaches in the retail industry have amplified the awareness of cybersecurity vulnerabilities. These incidents, which expose customer information and erode trust, have spurred retailers to invest in comprehensive cybersecurity solutions. As breaches become more sophisticated, retailers must prioritize data protection. Strengthened cybersecurity not only prevents breaches but also bolsters consumer confidence, preserving a retailer's reputation and mitigating financial losses from legal & recovery expenses. These data breaching incidents are propelling the market growth.
The retail cybersecurity market is witnessing evolution of highly sophisticated cyber threats. As malicious actors devise intricate techniques, such as zero-day exploits & polymorphic malware, traditional security measures often struggle to effectively detect and mitigate these advanced attacks. The constant need to stay one step ahead of these rapidly changing threat vectors places significant pressure on cybersecurity professionals and solutions, requiring continuous research, development & adaptation to counter these ever-evolving risks.
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Retail Cybersecurity Market Scope
