PUBLISHER: Allied Market Research | PRODUCT CODE: 1641744
PUBLISHER: Allied Market Research | PRODUCT CODE: 1641744
The global cybersecurity market was valued at $219.04 billion in 2023 and is estimated to reach $578.17 billion by 2033, exhibiting a CAGR of 10.03% from 2024 to 2033. Cybersecurity refers to the practice of protecting computer systems, networks, and data from digital attacks, theft, damage, or unauthorized access. It involves a range of technologies, processes, and practices designed to safeguard sensitive information and ensure the integrity, confidentiality, and availability of data. With cybercrime evolving in scale and complexity, organizations are investing heavily in advanced security frameworks, threat intelligence, and proactive defense mechanisms. The cybersecurity market is expected to expand rapidly, fueled by innovations in AI, ML, & blockchain technology, and rise in regulatory pressure on data protection and privacy.
The rise in remote work trend and BYOD (Bring Your Own Device) policies drives the growth of the cybersecurity market. The employees work remotely and use personal devices to access company networks due to which the organizations face heightened security risks, driving the demand for stronger cybersecurity solutions. In addition, personal devices often lack the security measures of corporate systems, making them more vulnerable to cyberattacks. This shift has increased the demand for strong security solutions such as VPNs, endpoint security, and secure access service edge (SASE) platforms to protect sensitive data and ensure the safety of corporate networks in remote work environments, thereby driving the cybersecurity market growth.
However, the high implementation costs pose a significant barrier to the growth of the cybersecurity market. Cybersecurity solutions often require substantial financial investments, including software licenses, specialized hardware, and ongoing maintenance. These financial expenses hamper market growth On the other hand, organizations invest in managed security services and adopt emerging technologies such as artificial intelligence and machine learning for enhanced threat detection and response. In addition, the surge in emphasis on cybersecurity awareness and training programs presents significant opportunities for market expansion. In 2023, IBM launched its QRadar AI, an artificial intelligence-driven security information and event management (SIEM) solution. QRadar AI uses machine learning to help security teams detect and prioritize threats with greater accuracy, analyzing large data sets in real time. The AI capabilities help identify complex, multi-stage attacks
Segment Review
The cybersecurity market is segmented into offering, deployment, industry vertical, enterprise size, and region. By offering, the market is classified into solutions and services. The solution segment is further categorized into network security, application security, endpoint security, infrastructure security, and others. The service segment is further segregated into professional service and managed service. By deployment, it is divided into on-premises and clouds. By industry vertical, it is fragmented into IT & telecom, automative, BFSI, government, healthcare, energy & utilities, manufacturing, retail, and others. By enterprise size, it is classified into large enterprises and small & medium enterprises. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By offering, the solution segment held the largest share in the cybersecurity market for 2023.
By deployment, the cloud segment held the largest share in the cybersecurity market for 2023.
By industry vertical, the BFSI segment held the largest share in the cybersecurity market for 2023.
By enterprise size, the large enterprises segment held the largest share in the cybersecurity market for 2023.
Region-wise, North America held largest market share in 2023. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period.
Competition Analysis
The key players profiled in the cybersecurity market analysis are Alto Networks, Inc., Cisco Systems, Inc., CrowdStrike, Fortinet, Inc., Check Point Software Technologies Ltd., Trend Micro Incorporated., IBM Corporation, Broadcom Inc., F5, Inc., Proofpoint, Inc., HCL Technologies Limited, Infosys Limited, L&T Technology Services Limited, TATA Consultancy Services Limited, Tech Mahindra Limited, Wipro Limited, Thales S.A., RSA Security LLC, SonicWall, and CyberArk Software Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the cybersecurity market.
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