USD 135.02 billion
Report ID: SQMIG45D2032 | Region: Global | Published Date: April, 2023 | Pages: 155 | Tables: 125 | Figures: 77
Global Cyber Security Services Market size was valued at USD 135.02 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).
Global cyber security services market growth can be attributed to increasing cyber scams and crimes resulting in, huge losses to businesses. As the incidents of cyber crimes are increasing enormously, companies are heavily investing in advanced information security technologies to strengthen their in-house security infrastructure. According to the Center for Strategic and International Studies (CSIS) and McAfee, cyber crimes, resulting in damage and destruction of data, lost property, and stolen money costs around USD 600 billion each year, or 0.8% of the world's GDP.
Governments are reforming their cyber securities strategies and driving the market growth and creating ample opportunities for industry participants. With the rising emergence of AI, IoT, and machine learning, organizations are increasingly relying on vast amounts of data. Amidst the Covid-19 pandemic, cyber scams increased tremendously in the healthcare sector. The healthcare segment is anticipated to exhibit the highest CAGR of 11.4% over the forecast period. Hence, it has prompted healthcare application developers to implement advanced cyber security solutions which will lead to positive market growth in the upcoming years.
US Cyber Security Services Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 135.02 billion
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Global cyber security services market is segmented based on component, application, organization size, vertical, and region. Based on component, it is categorized into solution and service. Based on application, it is categorized into network security, endpoint security, application security, cloud. Based on organization size, it is categorized into SMEs, large enterprises. Based on vertical, it is categorized into banking, financial services, insurance, government and defense, retail, healthcare, it and telecom, energy and utilities, manufacturing. Based on region, it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Cyber Security Services Market Analysis by Component
In 2021, the services segment accounted for the highest revenue share, accounting for more than half of total revenue. This can be attributed to the growing demand for consultation, maintenance, and upgrade services from small and medium-sized businesses. As SMEs have a limited budget and small teams, they frequently rely on consultations before implementing any solutions. Furthermore, the pandemic outbreak increased the use of cyber security services because several organizations planned to strengthen their IT infrastructure and network security while also managing remote working employees and preventing threats from unknown networks and devices..
Cyber Security Services Market Analysis by Organization Size
The SMEs segment is expected to grow at the fastest rate of more than 11% over the forecast period. Due to budget constraints, small and medium-sized businesses are more vulnerable to cyber-attacks with a low level of security. Furthermore, a lack of security policies and employee skills are two critical factors contributing to an increase in cyber-attacks on SMEs. As a result, the growing need to reduce operational and data breach costs while also securing IT assets is expected to drive adoption in SMEs.
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Asia Pacific is expected to grow at the fastest rate, at a CAGR of more than 15% over the forecast period. The high deployment of cloud technologies, the proliferation of IoT devices, and the increasing number of data center constructions can all be attributed to the region's growth. Furthermore, the region's massive working population owns a large number of endpoint devices and generates a large volume of data, prompting several organizations to deploy cyber security solutions. Furthermore, rising government and defense spending in countries such as China, India, Japan, South Korea, and others to protect themselves from cyber warfare is expected to drive market growth.
In 2021, North America had the largest market share, followed by Europe. The early availability and adoption of new technologies has contributed to the North American market's growth in recent years. Furthermore, the large number of capital and IT markets, as well as their diverse businesses, necessitate efficient management of endpoint devices and protection across unknown networks. These factors are causing large enterprises and SMEs throughout the region to increase their spending on cyber security solutions, which is expected to contribute to market growth.
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Cyber Security Services Market Drivers
Cyber Security Services Market Restraint
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The market is fragmented in nature. Palo Alto Networks, Trend Micro Incorporated, VMware, Inc., Broadcom, McAfee, Inc., and others are among the key market players in the global market in 2021. The presence of several players in the market is characterized by the presence of differentiated security solutions with advanced features. Players in the cyber security space are engaged in introducing products with artificial intelligence and machine learning capabilities, which help organizations automate their IT security. Palo Alto Networks, for example, will release an updated version of its Cortex XDR platform in August 2021. The new version is expected to expand investigation, monitoring, and detection capabilities, providing security operation center (SOC) teams with broader and enhanced protection. Furthermore, companies are pursuing inorganic growth strategies such as forming alliances, acquiring smaller players to leverage their technology, and reducing market competitors.
Cyber Security Services Market Top Players in the Global Cyber Security Services Market
Cyber Security Services 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, by component, the services segment accounted for the highest revenue share attributed to the growing demand for consultation, maintenance, and upgrade services from small and medium-sized businesses. By region, Asia Pacific is expected to grow at the fastest rate, at a CAGR of more than 15% owing to high deployment of cloud technologies, proliferation of IoT devices, and increasing number of data center constructions.
|Market size value in 2021||USD 135.02 billion|
|Market size value in 2030||USD 153.65 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Cyber Security Services 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 Services 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.
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