The global cyber security market size was valued at USD 188.4 billion in 2021 and is projected to reach USD 518.26 billion by 2030, growing at a CAGR of 11.9 % during the forecast years.
Some factors driving the market expansion include the proliferation of smart devices, the deployment of cloud solutions, and the rise in cyberattacks with the emergence of e-commerce platforms. With the increased use of devices with intelligent and IoT technology, cyber risks are predicted to evolve. To detect, mitigate, and minimize the threat of cyberattacks, many organizations are projected to acquire and deploy advanced cybersecurity solutions, which will boost market expansion.
COVID-19 Impact Analysis
The coronavirus outbreak has pushed digital business and increased the demand for boards with a robust digital presence. During the COVID-19 pandemic, companies experienced a 37% increase in cybersecurity attacks. As an effect, businesses must now adopt cybersecurity services to modernize their corporate governance and revelations, workplace health and safety, data privacy, supply chain, and working capital, all of which are exaggerated by COVID-19. There are numerous sorts of digital transformation and other new technology that cybersecurity teams are requested to secure. Businesses like Accenture offer online compliance and risk training to help companies to deal with COVID-19-related business disruptions. Since everyone is working from home due to the COVID-19 situation, innovative antiviral solutions have become crucial for enabling live streaming, eLearning, and other daily activities.
By deployment mode, the on-premises mode has the most elevated market size during the forecast years.
The on-premises segment is expected to have the most considerable growth in the Cyber Security Market over the projected period. Using on-site cyber security tools allows for more flexible IT security customization for various businesses. In addition, on-premise security solutions, which enterprises’ knowledgeable IT staff may handle, offer better data protection and control. Security managers also provide special attention to giving internal users and visitors secure access to various on-premises tools for utilizing on-premise cybersecurity solutions to access on-premises web apps.
By vertical, healthcare is to increase at the most elevated CAGR during the forecast years
The healthcare segment is expected to mention the substantial growth of the market during the forecast period. Healthcare organizations keep information about patients in large databases, including names, phone numbers, social security numbers, insurance information, email addresses, biometric data, and medical records. Additionally, they maintain records of financial transactions and credit/debit card data, which might make them an accessible target for hackers conducting cyberattacks. The three key technologies that will influence the future of healthcare are robotics, augmented reality, and Internet of Things devices. This demonstrates the need for significant investment in the healthcare sector’s security strategy.
Provision of CSMA to improve the security system
CSMA aims to increase the composability and scalability of security with the aid of several supporting layers and the modularization of security services. By encouraging a more integrated and collaborative security environment, the CSMA in the cybersecurity market enables an organization to achieve more security with less funding. This security strategy is particularly suited to the trend of hybrid, multi-cloud scenarios where enterprises may need to provide uniform protection across various, changing, and expanding IT environments. The CSMA enables a more collaborative, adaptable, and scalable method to address evolving security threats. The four main elements of CSMA are centralized policy and posture management, distributed identity fabric, unified dashboards, and security analytics and intelligence. CSMA has defined the fundamental layers to increase the interoperability of security systems. In terms of security, the company benefits in a variety of ways from this, including improved productivity, constant security, flexible and scalable security, enhanced cooperation, and intelligent security design.
High penetration of IoT security to protect from cyberattacks
It is possible to think of IoT security as a cybersecurity strategy and defense mechanism that guards against the possibility of cyberattacks that specifically target physically connected IoT devices. Any connected IoT device is vulnerable to being breached, compromised, and under the control of a bad actor, opening the door for them to ultimately infiltrate, steal user data, and bring down systems. Due to the technology’s rapid development and adoption, IoT devices currently account for up 30% of all devices on enterprise networks, which has led to a change in business operations. Rich data sources from these devices provide insightful data for precise predictive modeling and in-the-moment decision-making. IoT is a key enabler of digital transformation in the workplace in the cybersecurity sector, with the potential to raise employee happiness, workforce productivity, corporate efficiency, and profitability.
North American Cyber Security Market is anticipated to maintain the most considerable market share during the forecast years.
North America will hold the largest share of the global cybersecurity market in 2021. The proliferation of cybersecurity vendors like Rapid7, Microsoft, Palo Alto Networks, and many others is the primary driver of the market’s expansion. The region has a relatively high infrastructure and technological adoption level, making it vulnerable to cyberattacks. The region’s key growth drivers for cybersecurity are cloud installations and the firm observance of data compliance regulations. The widespread use of cloud-based applications is responsible for the increasing cyberattacks in the region. As a result, businesses in this region are putting comprehensive cybersecurity solutions in place. After the pandemic, it’s anticipated that the widespread use of personal devices, such as smartphones and laptops, to support businesses in carrying out their operations, secure data stored in organizations, and transfer it over business networks, will significantly speed up the adoption of cybersecurity solutions in the area. Due to these characteristics and the fact that North American nations have the most robust economies globally, the cybersecurity industry will be the largest during the anticipated timeframe.
Key Market Players and Competitive Landscape
The key players in the global cybersecurity market include:
IBM, Cisco, NortonLifeLock, Rapid7, Trellix, Microsoft, Oracle, Fortinet, Palo Alto Networks, CyberArk, Amazon Web Services (AWS), Qualys, SentinelOne, RevBits, Forcepoint, Imperva, Securden, Splunk, DataVisor, BluVector, RSA Security, Proofpoint, Juniper Networks, SonicWall, Nozomi Networks (United States)
WiJungle, Aristi Labs (India)
Micro Focus, Sophos (United Kingdom)
Check Point, Cynet (Israel),
Trend Micro (Japan)
This report categorizes the global cybersecurity market as follows,
Based on Component:
Based on Security Type:
- Endpoint Security
- Cloud Security
- Network Security
- Application Security
- Infrastructure Protection
- Data Security
Based on the Solution:
- Unified Threat Management (UTM)
- Risk and Compliance Management
Based on Services:
- Professional Services
- Managed Services
Based on Deployment Mode:
Based on Organization Size:
Based on Application:
- IT & Telecom
Regional Outlook (Revenue, USD Million, 2018 – 2030)
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
Cyber Security Market Report Scope
|Market size value in 2022
|USD 210.81 billion
|Revenue forecast in 2030
|USD 518.26 billion
|CAGR of 11.9% from 2022 to 2030
|Base year for estimate
|2017 – 2021
|2022 – 2030
|Revenue in USD million and CAGR from 2022 to 2030
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Component, Security Type, Deployment Type, Solutions, Services, , Organization size, Applications, Region
|North America; Europe; Asia Pacific; Latin America; MEA
|U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico
|Key companies profiled
|IBM, Microsoft, Cisco, Rapid7, NortonLifeLock, Amazon Web Services (AWS), Trellix, Oracle, Fortinet, Palo Alto Networks, CyberArk, Qualys, SentinelOne, RevBits and others