Sri Lanka Cyber Security Market (2022-2028) | Trends, Value, Revenue, Forecast, Analysis, Outlook, Growth, Industry, Size, Share, Segmentation & COVID-19 IMPACT

Latest 2023 Development of the Sri Lanka Cyber Security Market

Sri Lanka Cyber Security Market is projected to experience significant growth due to the increasing adoption of digital technologies in the country. Also, the government is putting efforts to strengthen the country's cybersecurity capabilities by implementing several initiatives. The increasing demand for cybersecurity solutions and services in the country is primarily being driven by the rising e-commerce, wide adoption of cloud computing, and the increasing threat of cyberattacks. Moreover, the emergence of local cybersecurity startups and companies is offering innovative solutions to address the challenges of the country's cybersecurity. The country’s cyber security market is continued to grow as it embraces digital transformation and organizations across various sectors prioritize cybersecurity to protect their privacy and assets from cyber threats.

Increasing cyber threats and cyber-attacks in Sri Lanka have led to significant demand for cyber security solutions to protect against data breaches and other cyber threats. The growing awareness about cyber threats and the need for cyber security solutions among individuals and government organizations is propelling the Sri Lanka Cyber Security Market size to a great extent. Further, investments in cyber security solutions are growing gradually, particularly by organizations across the banking, financial services, insurance (BFSI), and retail sectors. Thereby, proliferating the growth of this cyber security industry in Sri Lanka.

Sri Lanka Cyber Security Market Synopsis

Sri Lanka Cyber Security Market is projected to proliferate at a CAGR of XX% during the forecast period. The major growth factors for the market are the increasing awareness about cyber threats, the increasing number of internet users, the rising number of online transactions stringent government regulations, and the growing adoption of cloud-based solutions. However, the lack of awareness among businesses and individuals about cyber security threats is plunging the growth of the Sri Lanka Cyber Security Market in forthcoming years. In addition, inadequate technical proficiency and a dearth of highly trained personnel are some of the challenges faced by the market players. The swashbuckling growth of globalization and digitalization lead to the surging need for better cyber security. The outlook for Sri Lanka Cyber Security Industry seems promising by growing internet users. Further, the cyber security threats are also expected to upsurge in the coming time frame which will further proliferate the demand for better cyber security solutions during the forecast period.

According to 6Wresearch, Sri Lanka Cyber Security Market is expected to grow during 2022-2028. The favourable initiatives by the government to promote digitalization and the increasing number of internet users are the major drivers for the growth of the Sri Lanka Cyber Security Market in the imminent years. The rising awareness about cyber threats and data breaches is further propelling the demand for this market owing to the growing need for securing important data. However, the lack of skilled personnel is restraining the growth of this market to some extent. Notwithstanding, the government is encouraging businesses to move towards a digital economy. This changeover is resulting in an increase in the use of digital technologies and online services which is further propelling the cyber security market in Sri Lanka. With the growing number of cyber-attacks, there is an increasing concern over data security. Therefore, businesses are heavily investing in cybersecurity solutions to protect their data from unauthorized access and theft.

Impact of COVID-19 on the Sri Lanka Cyber Security Market

The COVID-19 pandemic is expected to have a positive impact on the Sri Lanka Cyber Security Market growth as organizations invested heavily in securing their remote workforce and data. The government has also contributed to boosting the country’s digital infrastructure to create opportunities for the growth of the Sri Lanka Cyber Security Market during the forecast period.

Market analysis based on End-User Industry

By End-User Industry, the market is categorized into Aerospace & Defense, Healthcare, Manufacturing, Retail, Utility, IT & Telecom, and Others. The Retail industry is expected to boost the market growth potential and is projected to lead the Sri Lanka Cyber Security Market share over the forecast period backed by the immense deployment of e-commerce platforms.

Competitive Landscape

The Sri Lanka Cyber Security Market is highly competitive with a large number of international key players. These companies have a strong presence in the market and offer a wide range of products and services to meet the needs of businesses of all sizes. Many players have a strong foothold in the market due to their advanced product offerings and wide geographical presence. However, the market is also fragmented with the presence of many small and medium-sized players.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2018 to 2021.
• Base Year: 2021.
• Forecast Data until 2028.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Sri Lanka Cyber security Market Overview
• Sri Lanka Cyber Security Market Outlook
• Sri Lanka Cyber Security Market Forecast
• Historical Data of Sri Lanka Cyber security Market Revenues for the Period 2018-2021
• Sri Lanka Cyber Security Market Size and Sri Lanka Cyber Security Market Forecast of Revenues, Until 2028
• Historical Data of Sri Lanka Cyber Security Market Revenues, by Product, for the Period 2018-2021
• Market Size & Forecast of Sri Lanka Cyber security Market Revenues, by Product, Until 2028
• Historical Data of Sri Lanka Cyber Security Market Revenues, by Deployment Mode, for the Period 2018-2021
• Market Size & Forecast of Sri Lanka Cyber security Market Revenues, by Deployment Mode, Until 2028
• Historical Data of Sri Lanka Cyber Security Market Revenues, by Regions, for the Period 2018-2021
• Market Size & Forecast of Sri Lanka Cyber security Market Revenues, by Regions, Until 2028
• Market Drivers and Restraints
• Sri Lanka Cyber Security Market Trends and Industry Life Cycle
• Porter’s Five Force Analysis
• Market Opportunity Assessment
• Sri Lanka Cyber security Market Share, By Players
• Sri Lanka Cyber security Market Share, By Regions
• Sri Lanka Cyber security Market Overview on Competitive Benchmarking

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Product Type

• Solutions
  • Identity & Access Management
  • Threat Detection & Prevention
  • DDoS & Mitigation
  • IDS
  • Security Information & Event Management And Others
• Services

By End-User Industry

• Aerospace & Defense
• Healthcare
• Manufacturing
• Retail
• Utility
• IT & Telecom
• Others

By Deployment

• On-Premise
• Cloud