Global Cybersecurity Market Size Projected to Reach $298 Billion by 2028 Amid Rising Cyber Threats

The cybersecurity market is experiencing significant growth driven by the increasing frequency and sophistication of cyber threats, heightened regulatory compliance requirements for data protection, and the growing adoption of digital technologies such as cloud computing and the Internet of Things (IoT). Additionally, the rising awareness of cybersecurity risks among businesses and consumers, coupled with the need for robust protection in the context of expanding remote work and digital transactions, is substantially fueling market growth. According to a report by MarketsAndMarkets, the global cybersecurity market, valued at USD 190.4 billion in 2023, is expected to reach USD 298.5 billion by 2028, growing at a CAGR of 9.4% during the forecast period. The report states, “The cybersecurity market is witnessing substantial opportunities, driven by the escalating demand for advanced security solutions due to the rising incidence of cyberattacks. Opportunities are emerging in areas such as AI and ML for threat detection and response, cloud security services due to the shift towards cloud computing, and cybersecurity for IoT devices. The market is also experiencing growth in Managed Security Services (MSS) and the need for skilled cybersecurity professionals, offering significant prospects for service providers and job seekers in the cybersecurity sector.” Active companies in the market this week include Scope Carbon Corp. (OTCQB: SCPCF) (CSE: SCPE), SentinelOne (NYSE: S), Cloudflare, Inc. (NYSE: NET), Oracle Corporation (NYSE: ORCL), and Varonis Systems, Inc. (NASDAQ: VRNS).

MarketsAndMarkets further explains, “The widespread adoption of cloud computing, known for its robust and flexible infrastructure, is creating significant opportunities in the cybersecurity market. Organizations are increasingly moving towards cloud solutions for easier data storage and access to powerful computing resources via the Internet. This shift enables effective management of applications and complex analytics. Additionally, the integration of cloud technologies with software-defined perimeters is enhancing platform security… The rising demand for these cloud-based cybersecurity solutions points to a significant growth opportunity in the market, particularly as SMEs seek to secure their data and information on the cloud. The North American region is anticipated to have the largest market size in the cybersecurity market for several reasons. Firstly, North America, particularly the US, is home to many leading cybersecurity companies and technology giants. The concentration of technology firms results in a higher adoption rate of cybersecurity solutions. Secondly, the region faces a significant number of cyber threats and attacks, necessitating robust cybersecurity measures.”

Scope Carbon Corp. (CSE: SCPE) (OTCQB: SCPCF) to Acquire Advanced Quantum Security Technology to Enhance Data Protection

Scope Carbon Corp. is pleased to announce that it has entered into a technology agreement dated July 9, 2024, with Ovryde Ltd. (“Ovryde”) whereby Ovryde will transfer its ownership and rights related to the delivery and application of quantum resilient entropy (QSE Technology). Quantum resilient entropy is an advanced security measure designed to protect data against future threats posed by quantum computing, ensuring sensitive information remains secure in an increasingly digital world.

Key Benefits of the Acquisition:

Enhanced Cyber-Security Product Suite:
Immediate Expansion: This acquisition broadens Scope AI’s cybersecurity offerings by integrating Ovryde’s advanced quantum security technologies, providing more comprehensive solutions for clients.
Addressing New Threats: With QSE Technology, Scope AI can tackle emerging quantum-computing threats, ensuring robust protection for sensitive data in transit and at rest.

Efficient Synergies and New Revenue Streams:
Faster Deployment: The integration of QSE Technology creates synergies that enable faster and more efficient deployment of solutions.
New Revenue Opportunities: This opens new revenue streams by catering to industries with stringent data security needs, such as finance, healthcare, and government sectors.

Regulatory Compliance and Future-Readiness:
Meeting Regulations: Helps clients comply with new and evolving regulatory standards for quantum-resistant encryption and data protection.
Future-Proof Solutions: Prepares businesses for future quantum-computing advancements with robust and scalable security solutions.

Market Leadership and Innovation

Leading the Market: Positions Scope AI as a leader in quantum-resilient security solutions, setting it apart from competitors.

Sustainable Growth: Provides a foundation for sustainable growth by continuously adapting to technological advancements in cybersecurity.

James Young, CEO of Scope AI Corp., stated, “We are pleased to announce the acquisition of the QSE Technology. The product suite is established, complete, and ready to onboard customers now. This acquisition enables us to provide our customers with extremely robust security solutions that are easy to integrate into existing infrastructures. With the QSE Technology, we can address the emerging threats posed by quantum computing and ensure our clients are prepared for the future of digital security.”

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