USD 135.08 billion
Report ID: SQSG50B2001 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 116 | Figures: 76
Global Cyber Security Market size was valued at USD 135.08 billion in 2021 and is poised to grow from USD 153.65 billion in 2022 to USD 424.97 billion by 2030, growing at a CAGR of 13.8% in the forecast period (2023-2030).
Cyber security refers to the safeguarding of devices connected to the internet that protect against numerous risks in cyberspace. It involves protecting software, data, and hardware, as well as assisting in the prevention of fraudsters gaining access to devices or networks. Companies need cyber security to protect their data, cash, and intellectual property. Individuals require it for comparable reasons, despite the fact that intellectual property is less of a problem and the risk of losing critical information, such as family photographs, is greater. When it comes to public services or governmental organizations, cyber security assures that the public can continue to rely on them.
Cyber-attacks are a serious concern, particularly to high-value targets including government agencies, defense, and aerospace. Governments all around the world have strict cyber security regulations in place to protect individuals' and corporations' data and privacy. The market is being driven by such governmental rules and regulations.
US Cyber Security Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 135.08 billion
Largest Segment
Network Security
Fastest Growth
Network Security
Growth Rate
13.8% CAGR
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Global cyber security market is segmented on the basis of type, solution, industry vertical, and region. Based on the type, the Cyber Security Market is segmented as network security, application security, mobile security, wireless security, cloud security, and others. Based on the solution, the Cyber Security Market is segmented as disaster recovery, anti-malware and anti-virus, mobile device management, firewalls, authentication and authorization, intrusion detection and protection systems (ID/IP systems), network access control, data loss prevention, encryption, DDOS mitigation, security information and event management (SIEM), whitelisting, and other. Based on the industry vertical, the Cyber Security Market is segmented into government, defense, aerospace, banking and financial services industries, travel and transportation, telecommunication, healthcare, retail, manufacturing, and others. Based on region, Cyber Security Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Cyber Security Market Analysis by Type
In 2021, the network security segment held more than a 20% share in the global market. The segmental growth is attributed to increase in number of malware assaults and adoption of the Bring Your Own Device (BYOD) trend. Network security includes firewall, antivirus/antimalware, Unified Threat Management (UTM), NAC, Intrusion Detection System/Intrusion Prevention System (IDS/IPS), Distributed Denial of Service (DDoS) mitigation, Data Loss Prevention (DLP), secure web gateways, vulnerability scanning, sandboxing, and others.
Cyber Security Market Analysis by Solution
In 2021, the firewall segment held more than a 15% share in the global market. The segmental growth is attributed to the increased demand for advanced security for NextGen technologies. Further, new vulnerabilities in SS7, administrative regulations, and advancement of digital transformation in the telecom industry are other driving factors for the segment growth.
Cyber Security Market Analysis by Industry Vertical
In 2021, the BFSI segment held a significant share of more than 17% share in the global market. The segmental growth of the market is attributed to an upsurge in online banking activities, which has encouraged money lenders to more emphasis on their security. Hence, this contributes to the segmental growth of the market during the forecast period.
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Based on geography, the global cyber security market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the North American region is projected to hold the most substantial share of 35% in the global market. This is attributed to the highest number of cyber security solutions as well as the high number of cyber threats in the region. 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, rising frequency of malware and ransomware assaults in the region is also a major driver of cybersecurity solutions adoption.
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Cyber Security Market Drivers
Cyber Security Market Restraint
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Global cyber security 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
Cyber Security Market Recent Developments
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.
According to our analysis, the market is witnessing rapid growth and is expected to expand at a notable CAGR during the forecast period. Currently, North America is the most prominent region as it captures substantial share of 39% in the global cyber security market.
However, Asia Pacific Excluding Japan is expected to show high growth rate by the end of 2029, owing to increasing adoption of IoT devices, rising cyber-secure IT infrastructure, and increasing awareness regarding security threats.
Report Metric | Details |
---|---|
Market size value in 2021 | USD 135.08 billion |
Market size value in 2030 | USD 153.65 billion |
Growth Rate | 13.8% |
Base year | 2021 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
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Product ID: SQSG50B2001