USD 150.02 Billion
Cyber Security Market Size, Share, Growth Analysis, By Type(Data Privacy, Data Security, Cloud Security, Industry Security, IAM, Network Security, Security Services and Others), Industry, Deployment Mode, Organization Size, and Region - Industry Forecast 2024-2031
Report ID:
SQMIG45D2087 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
132
|Figures:
77
Cyber Security Market Insights
Global Cyber Security Market size was valued at USD 150.02 Billion in 2022 poised to grow from USD 168.04 Billion in 2023 to USD 452.08 Billion by 2031, growing at a CAGR of 13.38% in the forecast period (2024-2031).
The cybersecurity market is driven by the increased complexity and frequency of cyberattacks, the necessity to comply with data protection regulations as well as the rising popularity of digital technologies such as cloud computing or Internet-of-Things. Moreover, another reason for which the market has grown is as both end-users and businesses have become more conscious of cyber dangers while demanding robust levels of security amid continued increase in mobile working setups and online transactions. With the rapidly increasing frequency of cyberattacks and growing demand for complex security solutions, the field of cybersecurity is experiencing huge growth. As a result, sections offering opportunities are emerging, including IoT device’s cybersecurity, cloud security services owing to cloud computing migration and AI plus ML as applied in threat detection and response.
With rising market proclivity to MSS and the need for trained cyber security experts, there are enormous pros for service providers and job hunters in cyber security sector. The security cyber industry has proven to be strong in the times of economic decline. The issue of cyber security remains one of the leading corporate themes despite the general budget constraints. This is brought on by both the persistent lack of cybertalent and the rise in cyberthreats. Businesses still place a high priority on cybersecurity as they understand its vital value.
US Cybersecurity Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Cloud Based
Fastest Growth
On Premise & Hybrid
Growth Rate
13.38% CAGR
Global Cyber Security Market ($ Bn)
Country Share by North America (%)
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Cyber Security Market Segmental Analysis
The global cyber security market is segmented based on Component, Organization Outlook, Type Outlook and Region. Based on Component, the market is segmented into Hardware, Software and Services. Based on Organization Outlook, the market is segmented into Large Enterprises and SMEs. Based on Type Outlook, the market is segmented into Network Security, Endpoint Security, Application Security, Cloud Security and Others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Central & South America and Middle East & Africa.
Analysis by Component
As per categorization by component, the market is classified as hardware, software and services. Among these, services earned the largest share and continue to dominate the market. As they can provide customized solutions, proactive monitoring, and quick incident response, services including consultancy, managed security services, and training are essential components of the global cybersecurity market. They can handle various security needs effectively, adapt their expertise and adjust to ever-changing threats, which makes them excellent in dealing with any cyber security situation.
Due to the necessity of dependable and specific security appliances such as firewalls, intruder detection systems and encryption equipment rising quickly, the global cyber security hardware segment is projected to grow rapidly. Enterprises wishing to strengthen their digital infrastructures against advanced attacks need hardware solutions as the cyber threat escalates, thereby necessitating stronger defenses.
Analysis by Organization Outlook
As they make large investments in cloud security, compliance solutions, and advanced threat detection, large organizations control most of the worldwide cybersecurity market. There large budgetary allocations facilitate such cutting-edge initiatives as total security solutions including AI-driven threat intelligence. What reinforces their market dominance is their top-tier status that makes sure proactive protection against complex cyber threats is offered.
Due to rising levels of digitization and cyberattacks aimed at smaller companies, the forecast for SMEs organizations in the global cybersecurity industry is one of rapid growth. Adoption rates are increasing since SME needs may be catered for in managed services and inexpensive cloud-based security solutions. The need for affordable, reliable cybersecurity defences against changing threats is what's driving this development.
Global Cyber Security Market By Component (%)
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Cyber Security Market Regional Insights
Due to several important variables, North America dominates the global cybersecurity market. The place benefits greatly from many cybersecurity firms, internet goliaths, and government schemes promoting online safety. Continuous investments in research and development encourage invention in conformity, information shielding and the identification of hazards among other things. What is more, very severe laws stipulating strict safety measures, including the CCPA and GDPR, has resulted in an increased call for advanced security technologies. The region’s proactive approach to cybersecurity and widespread adoption of cloud services and IoT further strengthen North America’s role as the leader in safeguarding digital assets across sectors.
For several reasons, Europe has the fastest-growing cybersecurity industry globally. In the wake of strict regulations such as GPDR, organizations now have to put more money into cybersecurity solutions if they intend to remain compliant and protect their confidential information. This is increasingly necessary in Europe than in any other part of the world due to increased digitization levels across various sectors such as government health services banking among others. Furthermore, increased awareness and investment in cutting-edge security technology have resulted from an increase in cyber threat and data breach events. The increasing startups and initiatives to innovate in cyber-security in Europe indicates that it will still be able to maintain its rapid progress in protecting its digital infrastructure from fast-paced attacks over the internet.
Global Cyber Security Market By Geography
- Largest
- Fastest
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Cyber Security Market Dynamics
Cyber Security Market Drivers
Increased Use of Target-Based Cyberattacks
- The frequency and sophistication of cyberattacks have increased dramatically over the past ten years, which is a major factor driving the expansion of the cybersecurity market. Businesses everywhere are devoting more resources to advanced information security technology innovation in order to tighten their security infrastructures amid the growing threat landscape.
Cloud-Based Cybersecurity Solutions' Uptake by SMEs
- With its dependable and adaptable infrastructure, cloud computing is becoming widely used, which is opening up a lot of potential for the cybersecurity industry. Cloud solutions are becoming more and more popular among organizations as a convenient way to store data and gain online access to strong computing capabilities. This change makes advanced analytics and application administration possible.
Restraints
Absence of Knowledgeable Cybersecurity Experts
- The severe lack of qualified cybersecurity personnel is one of the biggest obstacles facing the cybersecurity industry. Due to the expanding complexity of cybersecurity networks and the increasing number of potential entry points for cyberattacks in contemporary virtual organizations, there is an increasingly critical lack of these people.
Challenges in Deployment and Implementation
- A cybersecurity model's design and execution present issues for both new and old infrastructures. It requires IT teams in businesses to make a fundamental change in their approach to network security: instead of focusing on the traditional network perimeter-based paradigm, they should priorities user and application-based security.
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Cyber Security Market Competitive Landscape
One of the most important business strategies used by manufacturers in the Cyber Security sector to benefit customers and expand the market is local manufacturing to reduce operating costs. The industry has provided some of the biggest medical benefits in recent years are trying to increase market demand by making investments in R&D operations.
Top Players in the Global Cyber Security Market
- IBM (US)
- Cisco (US)
- Microsoft (US)
- Palo Alto Networks (US)
- Fortinet (US)
- Check Point (US)
- Trellix (US)
- Trend Micro (Japan)
- Rapid7 (US)
- Micro Focus (Open text) (UK)
- AWS (US)
- Oracle (US)
- Accenture (Ireland)
- CyberArk (US)
- SentinelOne (US)
Cyber Security Market Recent Developments
- In December 2023, in order to improve business security factors, The security company named Palo Alto Networks alongside IBM Blockchain has broadened its strategic partnership focusing on cloud changes and AI-supported security interactions. As a result of such an agreement, customers’ end to end security levels will be elevated to combat increasing cyber threats.
- In November 2023, IBM introduced a brand-new cloud born SIEM system named QRadar SIEM which is able to be used on hybrid clouds. The software has got the most modernized AI options for improved awareness of threats and their immediate reaction, it is oriented at reducing frequency of false alarms among other things. Tools included work to lessen activities causing security incidents within any organization in today save thus save the detecting and responding time.
- In June 2023, Cisco revealed Secure Access, which is a new SSE solution, in order to make better the experiences of hybrid work by making it easier to get to numerous places, devices and applications. By ingeniously and securely steering traffic, it offers a shared-access experience, providing its users with an easy and single point access to all resources; it also offers higher productivity levels and accelerates the security response by using a single console that’s cloud managed.
Cyber Security Key Market Trends
- Enhancing Threat Detection and Response in the Digital Age: As artificial intelligence (AI) and computerized reasoning are becoming more and more ubiquitous, the cybersecurity business has seen substantial changes. These developments facilitate the ongoing assessment and response of associations to modern digital threats, enabling the more efficient and effective location of anomalies and examples.
- Driving Business Investments in Network Security and Compliance: Experts from all over the world are enforcing strict information security and protection regulations, which is compelling businesses to invest heavily in network security assessments to maintain consistency. The need for policies that effectively protect against digital threats and assist organizations with gathering administrative requirements has therefore skyrocketed.
Cyber Security Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, strong data protection laws, an increase in the sophistication and frequency of cyberattacks, and the growing adoption of digital technologies like cloud computing and the Internet of Things are all contributing to the cybersecurity market's amazing rise. An increased consciousness about cybersecurity among consumers and corporations has led to a surge in the preference for enhanced security given the rise in remote work and e-commerce.
This growth allows for opportunities in cloud security services, IoT cybersecurity and AI and ML for threat detection and response. The cybersecurity sector is strong despite economic issues mainly due to the abundance of malware alongside the requirement for competent professionals. Cybersecurity is the most important thing for companies, they understand why it matters.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 150.02 Billion |
| Market size value in 2031 | USD 452.08 Billion |
| Growth Rate | 13.38% |
| Base year | 2023 |
| 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 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 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 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 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 Cyber Security Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the 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.
Cyber Security Market Report Snapshots
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