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 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.

Global Cyber Security Market Report Snapshots

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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.

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.

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Global Cyber Security Market Insights

Global Cyber Security Market Report Snapshots

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