REPORT HIGHLIGHT
Cyber security market size was valued at USD 175,081.6 Million in 2022, expanding at a CAGR of 9.3% from 2023 to 2030.
Cybersecurity is defined as protecting devices connected to the internet that safeguard from several threats in cyberspace. Additionally, it entails safeguarding hardware, software, and data while also helping in the prevention of fraudsters getting access to networks or devices. Cyber security is required by the business, to save their cash, data, and intellectual property. Individuals need it for similar reasons, while intellectual property is less of a risk and the concern of losing essential information, such as family pictures, is greater. Furthermore, cyber security ensures that the public may continue to rely on their services when it comes to public services or governmental entities.
Cyber Security Market- Market Dynamics:
- Increase in adoption of IoT and BYOD trends and malware and phishing threats among enterprises
- Malware, such as trojans and viruses, has practicably expanded its ability to harm, control, and enter whole electronic information networks. Additionally, cybercriminals frequently use malware to obtain control of devices or equipment to make money. This is done to undertake fraudulent transactions or criminal operations so that the machine may be immediately used. Moreover, because of the importance of data created in these businesses, industries such as healthcare, BFSI, and government are especially exposed to such assaults. This in turn, increase in the risk of phishing and malware attacks is a primary element driving the cybersecurity market. However, the complexities of device security and organizations' budget constraints are expected to hamper market growth. Furthermore, advanced persistent threats (APTs) devices and applications have become more vulnerable as a result of the growing BYOD and IoT trend among businesses. Cybersecurity systems are used by businesses to protect sensitive data by classifying, resolving, and monitoring various types of threats, propelling the market growth.
Cyber Security Market- Key Insights:
- As per the analysis shared by our research analyst, the global cyber security market is estimated to grow annually at a CAGR of around 9.3% over the forecast period (2023-2030)
- The cyber security industry is projected to grow at a significant rate due to the growing safety concern to protect sensitive data
- Based on component segmentation, services was predicted to show maximum market share in the near future
- Based on solution segmentation, IAM was the leading type in 2022
- On the basis of region, Asia Pacific was the leading revenue generator in 2022
Cyber Security Market- Segmentation Analysis:
- The global cyber security market is segmented on the basis of component, security type, solution, services, organization size, application, and region.
- The market is divided into three categories based on components: services, hardware, and software. The services segment is expected to gain the largest revenue share. The rising demand for consultation services and upgradation and maintenance services increased the segment growth from the small and medium enterprises. Additionally, owing to various organizations planning to strengthen their network security and IT infrastructure while also managing remote working employees and preventing threats from unknown devices and networks, the pandemic outbreak led to a rise in the adoption of cyber security services.
- The market is divided into six categories based on security type: infrastructure protection, endpoint security, network security, cloud security, application security, data security, and others. The infrastructure protection segment is expected to increase the market share. The adoption of connected & IoT devices and the rising number of data center constructions are attributed to an increase in segment growth. The cloud security segment is expected to drive the highest growth. The rising adoption of cloud-based solutions by enterprises, owing to the convenience and the cost-effectiveness of working with cloud-based platforms is increasing the adoption of cloud-based solutions by enterprises.
- The market is divided into seven categories based on the solution: IDS/IPS, DDoS, DLP, SIEM, IAM, unified threat management (UTM), risk and compliance management, and others. The IAM segment is likely to possess the revenue share. The growing number of mobile endpoint devices subjecting the organization to cyber-attacks and data breaches is projected to increase the segment growth. Moreover, the requirement to track and automate end-user activities and security incidents is likely to drive IAM solutions adoption.
- The market is divided into two categories based on services: managed services and professional services. The managed services segment is expected to register lucrative growth during the near future. The segment is growing based on the rising demand for outsourcing IT security services to monitor and maintain security solutions and actions. Additionally, to manage the company's IT security workload, managed services provide a cost-effective way without requiring internal teams. Furthermore, these service providers are focused on observing threat patterns and improving security operations attributed to mitigating cyber-attacks as a result, increasing the adoption of managed services.
- The market is divided into two categories based on organization size: large enterprises and SMEs. The SMEs segment is expected to gain the largest revenue share. Due to budget constraints small and medium enterprises are more prone to cyber-attacks with a low level of security. Additionally, the lack of skills of employees and the lack of security policies are some of the major factors responsible for increasing cyber-attack across SMEs.
- The market is divided into seven categories based on application: energy, retail, IT & telecom, healthcare, BFSI, defense/government, manufacturing, and others. The defense/government segment is expected to hold the largest market share. Due to the confidential nature of the information they possess, government and defense organizations are under a constant security threat from state-sponsored hacktivists. Moreover, such various governments globally are heavily investing in strengthening the cyber security of their nations, thus contributing to the segment growth.
Cyber Security Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Cyber Security Market- Competitive Landscape:
Due to the rise in internet traffic, the danger of cyber-attacks has grown significantly in various enterprises leading to the implementation of cyber security services. Additionally, in cyber security solutions advancements and innovations including AI-integrated solutions and cloud security along with the rise in the number of cyber-attacks have fueled market development. Further, companies are focusing on adopting inorganic growth strategies by engaging in partnerships, reducing the competitors in the market, and acquiring smaller players to leverage their technology. For instance, in June 2023, Check Point® Software Technologies and Everphone announced a partnership for corporate smartphones in the area of advanced threat prevention. Additionally, the collaboration will see Everphone enhance its DaaS solution by integrating Check Point Harmony Mobile, an industry-leading Mobile Threat Defense (MTD) solution that protects comprehensive protection against a wide range of cyber threats.
Recent Developments:
For instance, in June 2023, Trend Micro Incorporated a global leader in cybersecurity unveiled the next generation of cybersecurity platforms, setting a new standard for strengthening security posture and threat defense. With its encompassing robust attack surface risk management, next-generation XDR, and cross-layer protection across hybrid environments now amplified by powerful generative AI technology, the new Trend Vision One™ platform release represents a significant advancement in enterprise cybersecurity
Key features of the study:
- This proposed research study on cyber security market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
- The report provides the client the latest up-to-date and trending insights about the cyber security market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for cyber security market.
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the cyber security market.
- Impact of COVID-19 on cyber security market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on cyber security market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the cyber security market, we have also included competitive landscape and key innovator analysis for the cyber security market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants who will help users to understand their financial information and strategic initiatives of players operating in the cyber security market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global cyber security market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL CYBER SECURITY MARKET KEY PLAYERS
- Accenture
- Cisco Systems, Inc.
- Capgemini
- Palo Alto Networks
- F5 Networks Inc.
- McAfee, Inc.
- FireEye Inc.
- Broadcom
- HCL Technologies Limited
- Infosys Limited
- Trend Micro Incorporated
- CrowdStrike
- Wipro Limited
- Check Point Software Technology Ltd.
- IBM Corporation
GLOBALCYBER SECURITY MARKET, BY COMPONENT
- Services
- Hardware
- Software
GLOBAL CYBER SECURITY MARKET, BY SECURITY TYPE
- Infrastructure Protection
- Endpoint Security
- Network Security
- Cloud Security
- Application Security
- Data Security
- Others
GLOBAL CYBER SECURITY MARKET, BY SOLUTION
- IDS/IPS
- DDoS
- DLP
- SIEM
- IAM
- Unified Threat Management (UTM)
- Risk And Compliance Management
- Others
GLOBAL CYBER SECURITY MARKET, BY SERVICES
- Managed Services
- Professional Services
GLOBAL CYBER SECURITY MARKET, BY ORGANIZATION SIZE
GLOBAL CYBER SECURITY MARKET, BY APPLICATION
- Energy
- Retail
- IT & Telecom
- Healthcare
- BFSI
- Defense/Government
- Manufacturing
- Others
GLOBAL CYBER SECURITY MARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA