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 2024-2031

Report ID: SQMIG45D2087 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 178 | Figures: 79

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 Market Report Snapshots

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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 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. '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)'

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.

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.

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Global Cyber Security Market Regional Insights

Global Cyber Security Market Report Snapshots

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