USD 174.04 billion
Global Cyber Security Market Size, Share, Growth Analysis, By Offering(Solution and Services), By Solution Type(IAM, Antivirus/Antimalware), By Deployment Mode(On-premises, Cloud), By Organization Size(Large Enterprises, SEMs), By Security Type(Network Security, Endpoint & IoT Security), By Verticals(Government, BFSI) - Industry Forecast 2023-2030
Report ID:
SQMIG45D2087 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
178 |
Figures:
79
Global Cyber Security Market Insights
Global Cyber Security Market was valued at USD 174.04 billion in 2022 and is poised to grow from USD 190.40 billion in 2023 to USD 357.10 billion by 2031, growing at a CAGR of 9.4% during the forecast period (2024-2031).
The Global Cyber Security Market is witnessing substantial growth and is expected to continue on an upward trajectory. One of the primary drivers of this growth is the increasing frequency and sophistication of cyber threats targeting businesses, governments, and individuals. Cyber attacks, including ransomware, phishing, and data breaches, have become more prevalent and damaging, prompting organizations to invest heavily in cybersecurity solutions. Additionally, the rapid digitization across various sectors, such as healthcare, finance, and retail, has expanded the attack surface, necessitating robust cybersecurity measures.
Furthermore, the adoption of cloud computing, IoT devices, and remote work arrangements has further heightened the need for advanced cybersecurity solutions to protect sensitive data and networks. Moreover, stringent government regulations and compliance requirements, especially in sectors dealing with personal and financial information, are compelling organizations to invest in cybersecurity to avoid penalties and reputational damage. On the other hand, the market faces challenges such as the shortage of skilled cybersecurity professionals, making it difficult for organizations to find and retain talent.
Additionally, the complexity of cyber threats and evolving attack methods require continuous innovation and investment in cybersecurity solutions. Another challenge is the high cost associated with implementing comprehensive cybersecurity measures, particularly for small and medium-sized enterprises (SMEs). Despite these challenges, the Global Cyber Security Market presents significant opportunities for growth, driven by the increasing threat landscape, digital transformation across industries, regulatory requirements, and the need for robust cybersecurity posture to safeguard critical assets and data.
US Cyber Security Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Network Security
Fastest Growth
Network Security
Growth Rate
9.4% CAGR
Global Cyber Security Market2021-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
Global Cyber Security Market Size by Type 2021-2028 ($ Mn)
Global Cyber Security Market Size by Type 2021-2028 (%)
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Global Cyber Security Market Segmental Analysis
The global cyber security market is segmented based on offering, Solution Type, Deployment Mode, Organization size, Security Type and Verticals. Based on offering, the market is segmented as solution and services. Based on the solution type, the market is segmented as IAM, Antivirus/Antimalware, Log Management & SIEM, Firewall, Encryption & Tokenization, Compliance & Policy Management, Patch management and Others. Based on Deployment mode, the market is segmented into On-premises, cloud & hybrid. Based on organization size, the market is segmented as Large Enterprises & SMEs. Based on security type, the market is segmented into network security, Endpoint & IoT security, Cloud Security, Application security. Based on verticals, the market is segmented as, Government, BFSI, Healthcare & Lifescience, Aerospace & Defence, Retail & ecommerce, manufacturing, energy & utilities, telecommunication and others.
Cyber Security Market Analysis by Deployment
Cloud security stands out as the most preferred deployment mode in the cybersecurity landscape. Cloud providers excel in security measures, providing economies of scale with access to advanced tools and specialized expertise. This, combined with the scalability and reduced upfront costs of cloud solutions, presents an attractive option for numerous businesses. Compared to the complexities of managing their own security infrastructure, the allure of cloud-based security lies in its ability to offer robust protection, cost-effectiveness, and flexibility, aligning well with the evolving needs of modern enterprises.
Cloud security is also the fastest-growing segment, driven by the escalating demands of an expanding cloud market. The rapid proliferation of cloud services necessitates robust security measures to safeguard user data and applications. In contrast, traditional on-premise security solutions may struggle to scale effectively. Cloud providers offer specialized expertise and advanced security tools, available at a fraction of the cost for individual businesses. Moreover, the simplicity of deployment and scalability inherent in cloud security solutions further propels its swift growth. As organizations increasingly turn to cloud-based services, the appeal of cloud security lies in its ability to efficiently address the evolving security challenges of the modern digital landscape.
Cyber Security Market Analysis by Organization Size
Large enterprises currently represent the largest segment in the cybersecurity market. These include those big ones, which through the larger security budgets they get to spend, deploy top notch solutions and solutions. Enterprises manage an extensive digital footprint hence susceptible to the more advanced cyber-attacks. This, therefore, compels them to implement multiple layered cybersecurity protocols such as network firewalls and endpoint security, as well as cloud-based solutions. Along with the regulatory compliance framework and making sure that confidential information is safe, the cybersecurity solutions become big providers among the various large companies in countries.
While large enterprises dominate in terms of market size, SMEs (Small and Medium-sized Enterprises) emerge as the fastest-growing segment in the cybersecurity market. Small and medium-sized enterprises (SMEs) are gaining the strong conviction that cybersecurity becomes a prerequisite to inclusive and defence against modern-day cyber threats. The cost of countering the cyber-attacks that have evolved will be covered by SMEs that are investing in cost-effective but complete cybersecurity solutions which matches their needs. On the top of that, regulatory requirements and industry demands enable the growth of cybersecurity solutions in this market segment, driving the speed rate of implementation.
Global Cyber Security Market By Type, 2021 (%), 2022 (%)
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Global Cyber Security Market Regional Insights
Based on the geographical viewpoint, the global cyber security market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2023, the North American region is projected to hold the most substantial share of more than 35% in the market. This is attributed to the region having the highest number of cyber security solutions as well as the high number of cyber threats. To meet the needs of customers, major firms such as IBM, Oracle, Fortinet, Microsoft, and Trend Micro, as well as various start-ups in the region, are offering upgraded cybersecurity software solutions and services; which significantly contributes to the market growth.
On the other hand, the Asia-Pacific region is projected to grow at the fastest rate during the forecast period. This is attributed to the wide presence of numerous market incumbents and growing security threats in the region. In addition, the rising frequency of malware and ransomware assaults in the region is also a major driver of cybersecurity solutions adoption.
Global Cyber Security MarketBy Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
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Global Cyber Security Market Dynamics
Cyber Security Market Drivers
- The key aspect driving the market growth includes the increasing demand for cybersecurity mesh. The cybersecurity mesh is a new paradigm about security architectures. It allows decentralized companies to deliver and extend security where it's required the most. It's a decentralized notion that tries to secure users' or computers' identities, and it's one of the most popular tactics right now. Whether on-premises or in the cloud, the goal is to limit access to an organization's network to authorized individuals (or systems). The cybersecurity mesh aids IT professionals in managing protection from each access point while also preventing attackers from obtaining access to the system.
- Rising malware and phishing threats among enterprises are other factors encouraging cyber security adoption. Malware, such as viruses and Trojan horses, has significantly increased its ability to infiltrate, control, and damage entire electronic information networks. Cybercriminals frequently employ malware to gain control of devices or equipment in order to profit. This is done so that the machine may be used to carry out fraudulent transactions or criminal activities right away. This further drives the industry's growth.
Cyber Security Market Restraint
- Implementing and sustaining strong cybersecurity solutions can pose a significant financial challenge, particularly for small and medium-sized enterprises (SMEs). The expenses associated with security software, skilled personnel, and continuous updates can create a substantial barrier to entry. For SMEs with limited resources, the ongoing costs of maintaining a comprehensive cybersecurity posture may outweigh the benefits, leaving them vulnerable to cyber threats. As a result, SMEs often struggle to allocate sufficient budget and resources to effectively safeguard their digital assets and sensitive information.
- The cybersecurity landscape is expansive and constantly evolving, presenting a formidable challenge for businesses. Staying abreast of the latest threats and selecting the appropriate security solutions can be daunting, particularly for organizations lacking dedicated security expertise. The dynamic nature of cyber threats requires continuous vigilance and adaptation, which can overwhelm businesses without specialized knowledge in cybersecurity. Without the necessary expertise, organizations may struggle to identify and mitigate emerging risks, leaving their valuable data and assets vulnerable to cyber attacks.
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Global Cyber Security Market Competitive Landscape
The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Top Players in the Global Cyber Security Market
- Check Point Software Technologies Ltd.
- McAfee LLC
- Palo Alto Networks, Inc.
- Microsoft
- Symantec Corporation (now part of Broadcom Inc.)
- IBM Corporation
- Fortinet, Inc.
- Trend Micro Incorporated
- FireEye, Inc.
- Proofpoint, Inc.
- Sophos Group plc
- Rapid7, Inc.
- CrowdStrike Holdings, Inc.
- Splunk Inc.
- Carbon Black, Inc. (now part of VMware)
- F5 Networks, Inc.
- Akamai Technologies, Inc.
- CyberArk Software Ltd.
- Qualys, Inc.
- RSA Security LLC (a subsidiary of Dell Technologies)
Cyber Security Market Recent Developments
- In December 2023, Acronis announced the launch of Acronis Cyber Protect Home Office, an innovative software that offers a comprehensive suite of features that seamlessly integrate secure backup, and AI-based security for individuals, families, home office users, and small businesses.
- In November 2023, Tata Consultancy Services launched a new Cyber Insights Platform that leverages AI and Amazon Security Lake to help customers enhance their cyber security and compliance. The Cyber Insights Platform leverages TCS’ expertise in managed detection and response to help customers unify diverse security datasets residing across public and private clouds, on-premises environments and third-party security providers into a central repository, powered by Amazon Security Lake.
- In September 2023, Global cybersecurity firm, Kaspersky and Savex Technologies, a leading Information Technology distribution house in India, announced their strategic partnership. Kaspersky will collaborate with Savex Technologies on its full business solution portfolio enabling Savex Technologies to offer organizations top-tier security solutions for safeguarding their businesses against emerging, unfamiliar, and elusive threats while maintaining resource efficiency.
Global Cyber Security Key Market Trends
- The key trend driving cloud computing services is the increasing shift of the consumers towards online services. The rising network of online services, such as banking and financial services, is also driving the market. In the last decade, only mobile payments surpassed the $400,000 million mark. With such large quantities of money transactions, cyber-attacks are always a possibility. Cyber security costs billions of dollars for businesses and governments. Hence, security of which requires cyber security, which, in turn, is projected to drive the market growth.
- The expanding use of social media and cloud services is another important driving factor for the market. With a massive amount of personal information stored on web servers and cloud storage; hacking is always a possibility. The number of cases of personal information being hacked and made public is on the rise. Cyber security is also becoming more popular among individuals, which is driving market growth.
- Airplane navigation and guidance systems are also vulnerable to cyber-attacks, which can have many further consequences. As a result, all ground and airborne activities require a solid security architecture for computers and networks. The rapid adoption of machine-to-machine technologies (M2M) in the aerospace and governments sector increased the focus on cybersecurity to combat cyber terrorism. This has further fueled the demand for the cybersecurity industry in this sector in recent years.
- The growing usage of a variety of technologies in the retail, banking, telecom, and manufacturing sectors is creating the need for vast amounts of sensitive data to be assimilated, processed, and stored. A breach of such confidential information might result in significant financial losses for a company. This further catalyzes market growth.
Global Cyber Security Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
The market is constantly developing in response to the shifting dynamics of the cyber threat landscape. The fragmentation of the industry is increasing as technology advances, allowing additional technology providers to enter the market by delivering effective real-time solutions to enterprises. Despite fragmentation, increased investment on security solutions creates an opportunity for industry participants. Furthermore, prominent security firms are aggressively pursuing mergers and acquisitions to capitalise on their market positions. For example, Investcorp, an alternative investment product manager for institutional and private firms, acquired Avira Operations GmbH & Co. KG. Investcorp intends to boost Avira's business growth and accelerate its business profitability across OEMs and consumer market segments with this acquisition.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 174.04 billion |
| Market size value in 2031 | USD 357.10 billion |
| Growth Rate | 9.4% |
| Base year | 2022 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Cyber Security Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Cyber Security Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Cyber Security Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cyber Security Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cyber Security Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Cyber Security Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Cyber Security Market Report Snapshots
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