Global Cyber Security Services Market

Cyber Security Services Market Size, Share, Growth Analysis, By Component(Solution, Service), By Application(Network Security, Endpoint Security), By Organization Size(SMEs, Large Enterprises), By Vertical(Banking, Financial Services) - Industry Forecast 2024-2031


Report ID: SQMIG45D2032 | Region: Global | Published Date: February, 2024
Pages: 155 | Tables: 125 | Figures: 77

Cyber Security Services Market Insights

Cyber Security Services Market size was valued at USD 135.02 billion in 2019 and is poised to grow from USD 153.65 billion in 2023 to USD 424.97 billion by 2031, growing at a CAGR of 13.8% in the forecast period (2024-2031).

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.

Market snapshot - 2024-2031

Global Market Size

USD 135.02 billion

Largest Segment

Solution

Fastest Growth

Solution

Growth Rate

13.8% CAGR

Global Cyber Security Services Market 2021-2028 ($ Mn)
Country Share for Asia Pacific Region- 2021 (%)
Global Cyber Security Services Market Size by Component 2021-2028 ($ Mn)
Global Cyber Security Services Market Size by Component 2021-2028 (%)

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Cyber Security Services Market Segmental Analysis

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.

Global Cyber Security Services Market By Component, 2021 (%), 2019 (%)

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Cyber Security Services Market Regional Insights

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.

Global Cyber Security Services Market By Geography, 2021 - 2028, 2024-2031
  • Largest
  • Fastest

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Cyber Security Services Market Dynamics

Cyber Security Services Market Drivers

  • As a result of the growing IoT and BYOD trend in businesses, devices and applications have become more vulnerable to advanced persistent threats (APTs). Furthermore, as the number of mobile devices in enterprises grows, IT staff will find it more difficult to control and trace data flow across multiple systems. As a result, businesses are increasingly relying on cybersecurity systems to protect sensitive data by monitoring, classifying, and resolving various types of threats, thereby fueling market growth. For example, according to a 2021 report, cyber criminals used the COVID-19 crisis to launch 667% more phishing attacks and are actively attempting to exploit security vulnerabilities, which boosts market growth. Furthermore, in 2020, more than 15% of employees accessed sensitive data from non-work devices. Furthermore, many businesses recognize that the benefits of BYOD in the workplace far outweigh any potential risks. In most cases, potential security threats can be mitigated. There are numerous advantages to having a BYOD policy, including increased productivity, employee satisfaction, and lower company costs, which increases the adoption of cybersecurity.

Cyber Security Services Market Restraint

  • With the rising number of online security threats, the requirement for advanced solutions is growing exponentially. The outmoded network security solutions are not proficient enough in securing enterprises from the advanced network, cloud, and endpoint security threats. Factors such as the lack of professionals and experts in developing and advancing security solutions are considered key restraining factors. The high cost of implementing and updating internet security solutions and services impedes the adoption among small and medium enterprises (SMEs).

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Cyber Security Services Market Competitive Landscape

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.

Top Players in the Cyber Security Services Market

  • IBM Corporation
  • Cisco Systems, Inc.
  • Symantec Corporation
  • McAfee, LLC
  • Palo Alto Networks, Inc.
  • FireEye, Inc.
  • Fortinet, Inc.
  • Check Point Software Technologies Ltd.
  • Sophos Group plc
  • Rapid7, Inc.
  • F-Secure Corporation
  • Trend Micro, Inc.
  • Trustwave Holdings, Inc.
  • Secureworks Corp.
  • Kaspersky Lab ZAO
  • Proofpoint, Inc.
  • Cybereason, Inc.
  • Cylance Inc.
  • Carbon Black, Inc.
  • CrowdStrike, Inc.

Cyber Security Services Market Recent Developments

  • In October 2020, IBM Security announced new capabilities for Cloud Pak for Security, including, a data security solution that allows companies to detect, respond to and protect against threats to sensitive data across hybrid cloud environments.
  • In July 2020, Google Cloud announced two new security offerings, Confidential VMs and Assured Workloads, for governments to provide customers with advanced security tools to support compliance and data confidentiality.

Cyber Security Services Key Market Trends

  • Key players in this market are implementing core technologies such as machine learning, the internet of things (IoT), cloud, and big data in their business security units. They are also implementing a signature-less IoT and machine learning security system. This adoption would aid players in understanding uncertain activities and trials, as well as identifying and detecting uncertain threats.
  • IoT solutions are gaining popularity across a variety of information security applications as the IoT market expands. As a result, one of the rapidly emerging market trends is the adoption of advanced technologies in internet security. Furthermore, big data and cloud technology assist businesses in learning about and investigating potential risks.

Cyber Security Services Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2019 USD 135.02 billion
Market size value in 2031 USD 424.97 billion
Growth Rate 13.8%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Component
    • Solution, Service
  • Application
    • Network Security, Endpoint Security, Application Security, Cloud
  • Organization Size
    • SMEs, Large Enterprises
  • Vertical
    • Banking, Financial Services, Insurance, Government, Defense, Retail, Healthcare, IT, Telecom, Energy, Utilities, Manufacturing
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
  • IBM Corporation
  • Cisco Systems, Inc.
  • Symantec Corporation
  • McAfee, LLC
  • Palo Alto Networks, Inc.
  • FireEye, Inc.
  • Fortinet, Inc.
  • Check Point Software Technologies Ltd.
  • Sophos Group plc
  • Rapid7, Inc.
  • F-Secure Corporation
  • Trend Micro, Inc.
  • Trustwave Holdings, Inc.
  • Secureworks Corp.
  • Kaspersky Lab ZAO
  • Proofpoint, Inc.
  • Cybereason, Inc.
  • Cylance Inc.
  • Carbon Black, Inc.
  • CrowdStrike, Inc.
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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 Services 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
  • 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 Services 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
  • 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
  • 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(%)

Methodology

For the 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 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.

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 Services Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Cyber Security Services 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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FAQs

Cyber Security Services Market size was valued at USD 135.02 billion in 2019 and is poised to grow from USD 153.65 billion in 2023 to USD 424.97 billion by 2031, growing at a CAGR of 13.8% in the forecast period (2024-2031).

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 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. 'IBM Corporation', 'Cisco Systems, Inc.', 'Symantec Corporation', 'McAfee, LLC', 'Palo Alto Networks, Inc.', 'FireEye, Inc.', 'Fortinet, Inc.', 'Check Point Software Technologies Ltd.', 'Sophos Group plc', 'Rapid7, Inc.', 'F-Secure Corporation', 'Trend Micro, Inc.', 'Trustwave Holdings, Inc.', 'Secureworks Corp.', 'Kaspersky Lab ZAO', 'Proofpoint, Inc.', 'Cybereason, Inc.', 'Cylance Inc.', 'Carbon Black, Inc.', 'CrowdStrike, Inc.'

As a result of the growing IoT and BYOD trend in businesses, devices and applications have become more vulnerable to advanced persistent threats (APTs). Furthermore, as the number of mobile devices in enterprises grows, IT staff will find it more difficult to control and trace data flow across multiple systems. As a result, businesses are increasingly relying on cybersecurity systems to protect sensitive data by monitoring, classifying, and resolving various types of threats, thereby fueling market growth. For example, according to a 2021 report, cyber criminals used the COVID-19 crisis to launch 667% more phishing attacks and are actively attempting to exploit security vulnerabilities, which boosts market growth. Furthermore, in 2020, more than 15% of employees accessed sensitive data from non-work devices. Furthermore, many businesses recognize that the benefits of BYOD in the workplace far outweigh any potential risks. In most cases, potential security threats can be mitigated. There are numerous advantages to having a BYOD policy, including increased productivity, employee satisfaction, and lower company costs, which increases the adoption of cybersecurity.

Key players in this market are implementing core technologies such as machine learning, the internet of things (IoT), cloud, and big data in their business security units. They are also implementing a signature-less IoT and machine learning security system. This adoption would aid players in understanding uncertain activities and trials, as well as identifying and detecting uncertain threats.

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.

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