Cyber Security Market Size, Share & Trends Analysis Report By Component, By Security Type, By Solution, By Services, By Deployment, By Organization Size, By Applications, By Region And Segment Forecasts From 2022 To 2030

Report ID: MN17617591  |  Published: November 2022  |  No of Pages: 110
Format: Electronic (PDF)  |  Industry: Computing & Technology

The global cyber security market is expected to be worth USD 500.7 billion by 2030 and reveal a CAGR of 12%. The emergence of cloud solution deployment, e-commerce websites, and the expansion of smart devices are the reasons for the increase in cyber-attacks as well as major factors driving the industry growth. Besides, a surge in the utilization of devices along with the implementation of internet of things (IoT) technology is projected to pave the growth of cyber threats. To overcome this issue, the adoption of the latest cybersecurity solutions by organizations is expected to reduce, mitigate, and detect cyber-attacks, thus likely to boost the industry during the forecast period.

In the first and second quarters of 2020, the industry experienced a drop owing to the COVID-19 pandemic which resulted in the non-functionality of various organizations across the world. But, towards the end of the second quarter of 2020, the industry recovered because organizations implemented cybersecurity solutions for remote working culture. Additionally, the use of personal devices for business purposes through private network connections constituted security risks pertaining to organizations. Hence, the adoption of cybersecurity solutions for securing and managing endpoint devices as well as protection from network threats is likely to up-scale the industry in the forecast period.

Data breach is one of the most common cyber threats that result in business disruption, revenue loss, poor brand reputation, and workforce reduction. Organizations tend to disburse a huge amount of money to retrieve the losses, and overcome risks that are associated with data breaching. The average cost of a data breach in an organization is intended to be USD 4.87 billion according to the IBM report of 2021. Therefore, the implementation of cybersecurity solutions for threat detection assists in lowering the cost of data breaches, which is likely to boost the industry.

In terms of segment, the services segment dominated the market due to the rising demand for services from small and medium enterprises (SMEs) pertaining to upgradation, maintenance, and consultation. SMEs tend to comprise small teams, and a limit on their budget owing to which these organizations are dependent on consultation services before the implementation of cybersecurity solutions. Besides, a rise in cybersecurity services is expected to boost the industry since organizations are on the verge to expand their network security as well as IT infrastructure to overcome security threats.

In terms of region, Asia Pacific dominated the market owing to the adoption of cloud technologies, increased utilization of IoT devices, and expansion in the construction of data centers. Additionally, the use of endpoint devices by the population within the region tends to generate a huge volume of data based on which organizations are occupied with the distribution of cybersecurity solutions. Besides, an increase in spending from defense, and government sectors to combat cyber warfare in countries like India, China, South Korea, and Japan are projected to drive market growth.

Key players are effectively engaged in the inauguration of products that comprise machine learning, and artificial intelligence capabilities that assist organizations to operate their IT security. For instance, Palo Alto Networks launched an improvised version of the Cortex XDR platform in August 2021. This version is constituted to enhance monitoring, detection, and investigation capabilities for amplifying protection to security operation teams, thus likely to uplift the market during the forecast period.

Cyber Security Market Report Key Takeaways

  • In 2021, the services segment upheld the market with the largest revenue share of more than 50%. This is attributed to a rise in demand for services catering to management, upgradation, and consultation for SMEs, which is likely to boost the segment’s growth
  • In 2021, the infrastructure protection segment dominated the market with 25% of overall revenue. An increase in the construction of data centers, implementation of IoT devices, and the launch of government-issued programs are subject to the segment’s growth
  • The identity access management (IAM) segment accounted for the overall revenue share of more than 25% in 2021. A high surge in the installation of mobile endpoint devices in organizations resulted in overcoming cyber-attacks and data breaching is expected to boost the segment
  • The managed services segment is projected to reveal the highest growth rate of 10% during the forecast period. This growth is subjected to the rise in demand for outsourcing IT security services for maintaining and monitoring security actions and solutions
  • The cloud-based segment is constituted to witness more than 10% growth in the forecast period. The expansion in the distribution of cloud computing infrastructure, migration solutions, and cost-effective and easy security solutions are expected to be the primary reasons for this growth
  • The SMEs segment is anticipated to reveal an 11% growth rate during the forecast period. The adoption of cyber security in this segment owing to increased cyber-attacks, poor security levels due to budget limitations, absence of security policies, and absence of skills pertaining to digital security is likely to drive the growth
  • In 2021, the defense and government segment dominated the market with the highest revenue share of 20%. The segment is severely impacted by security threats regarding the confidentiality of information due to which investments are initiated by governments to expand cyber security at various levels
  • Asia Pacific is projected to reveal a 15% CAGR during the forecast period. This growth is attributed on the account of cloud technology implementation, expansion of IoT devices, increase in adoption of endpoint devices by workers, and expansion in the construction of data centers


Cyber Security Market Segments

  • Cyber Security Component Outlook (Revenue, USD Million, 2018 - 2030)
    • Hardware
    • Software
    • Services
  • Cyber Security Type Outlook (Revenue, USD Million, 2018 - 2030)
    • Endpoint Security
    • Cloud Security
    • Network Security
    • Application Security
    • Infrastructure Protection
    • Data Security
    • Others
  • Cyber Security Solution Outlook (Revenue, USD Million, 2018 - 2030)
    • Unified Threat Management (UTM)
    • IDS/IPS
    • DLP
    • IAM
    • SIEM
    • DDoS
    • Risk and Compliance Management
    • Others
  • Cyber Security Services Outlook (Revenue, USD Million, 2018 - 2030)
    • Professional Services
    • Managed Services
  • Cyber Security Deployment Outlook (Revenue, USD Million, 2018 - 2030)
    • Cloud-based
    • On-premises
  • Cyber Security Organization Size Outlook (Revenue, USD Million, 2018 - 2030)
    • SMEs
    • Large Enterprises
  • Cyber Security Application Outlook (Revenue, USD Million, 2018 - 2030)
    • IT & Telecom
    • Retail
    • BFSI
    • Healthcare
    • Defense/Government
    • Manufacturing
    • Energy
    • Others
  • Cyber Security Regional Outlook (Revenue, USD Million, 2018 - 2030)
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
  • List of Key Players in Cyber Security Market
    • Cisco Systems, Inc.
    • Palo Alto Networks
    • McAfee, Inc.
    • Broadcom
    • Trend Micro Incorporated
    • CrowdStrike
    • Check Point Software Technology Ltd.
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