The global cyber security market size was worth USD 184.93 billion in 2021 which is projected to reveal a CAGR of 12% and reach USD 500.7 billion by 2030. Factors likely to drive this growth include the distribution of cloud solutions, increased use of smart devices, and e-commerce websites. Besides, the surge in IoT-infused technological devices is likely to increase cyber threats due to which the implementation of cyber security solutions assists in overcoming security issues.
The first and second quarters of the COVID-19 pandemic resulted in non-functionality and poor operation of various organizations owing to which the market was severely disrupted. Later, towards the end of the second quarter, the adoption of cyber security solutions by organizations resulted in the recovery of the market. This resulted in the provision for protection from cyber as well as network threats, which is projected to boost the market during the forecast period.
One of the most common cyber threats is the data breach that tends to disrupt businesses in terms of a reduction in workforce, reduction in revenue generation, and mislaying brand reputation. According to the IBM report of 2021, an organization tends to spend USD 4.87 billion to combat such a threat. Thus, the adoption of cyber security solutions constitutes the benefit of reducing data breach expenditure, which is projected to up-scale market growth during the forecast period.
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Cyber Security Market Report Highlights
• Based on components insights, the services segment accounted for the largest revenue share of 50% in 2021 owing to the increasing demand for upgradation, consultation, and management services for SMEs
• Based on security-type insights, the infrastructure protection segment upheld the market with 25% revenue in 2021 due to a rise in data center constructions, adoption of IoT devices, and initiation of governmental programs
• Based on solution insights, the identity access management (IAM) segment dominated the market with a 25% revenue share in 2021 on the account of installing mobile endpoint devices to combat data breaching
• Based on service insights, the managed services segment is expected to reveal a 10% growth rate in the forecast period owing to the rising demand for outsourcing IT services to monitor, and maintain security solutions
• Based on deployment insights, the cloud-based segment is constituted a growth rate of 10% during the forecast period due to the placement of cloud computing infrastructure, on-premise solutions, and cost-effective security solutions
• Based on organization size insights, the SMEs segment is projected to reveal an 11% growth rate in the forecast period on the account of cybersecurity implementation to overcome low-security levels and cyber attacks
• Based on application insights, the defense and government segment dominated the market with a 20% revenue share in 2021 owing to high governmental investments in cybersecurity pertaining to information confidentiality
• Based on regional insights, Asia Pacific is projected to reveal a CAGR of 15% during the forecast period due to the expansion in the adoption of cloud technology, IoT devices, endpoint devices, and data center constructions
Cyber Security Market Report Segments
Cyber Security Component Outlook (Revenue, USD Million, 2018 - 2030)
Cyber Security Type Outlook (Revenue, USD Million, 2018 - 2030)
• Endpoint Security
• Cloud Security
• Network Security
• Application Security
• Infrastructure Protection
• Data Security
Cyber Security Solution Outlook (Revenue, USD Million, 2018 - 2030)
• Unified Threat Management (UTM)
• Risk and Compliance Management
Cyber Security Services Outlook (Revenue, USD Million, 2018 - 2030)
• Professional Services
• Managed Services
Cyber Security Deployment Outlook (Revenue, USD Million, 2018 - 2030)
Cyber Security Organization Size Outlook (Revenue, USD Million, 2018 - 2030)
• Large Enterprises
Cyber Security Application Outlook (Revenue, USD Million, 2018 - 2030)
• IT & Telecom
Cyber Security Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
• Rest of Europe
• Asia Pacific
• Rest of Asia Pacific
• Latin America
• Rest of Latin America
• Middle East & Africa
List of Key Players in Cyber Security Market
• Cisco Systems, Inc.
• Palo Alto Networks
• McAfee, Inc.
• Trend Micro Incorporated
• Check Point Software Technology Ltd.