Cyber Security Market

Analysts at GMI Research estimates that the Cyber Security Market was worth USD 169.5 billion in 2022, and forecast to touch USD 352.9 billion in 2030, growing at a significant higher CAGR of 9.6% from 2023-2030.

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Major Cyber Security Market Drivers

Growing use of cybersecurity solutions to expose, examine, counter, and report cyber threats to maintain data confidentiality is one of the major factors driving the global cybersecurity market size. The advent of e-commerce platforms, rapid digitalization, accelerating penetration of smart devices, and the adoption of cloud computing are likely to propel market growth. With the growing use of advanced technologies, including IoT, the frequency of cyber-attacks has increased. Thus, organizations have adopted advanced cyber security solutions like firewalls and antivirus software to reduce the risk of cyber-attacks. Governments across Germany, France, India, and Brazil have invested in internet security solutions to safeguard data privacy, thereby raising the Cyber security market size. The internal and external transfer of information through a digital interface, the rising trend of bring your own device model, and the deployment of social media applications by several organizations to share information have raised the chances of fraud, which increases the need for cyber defense.

Further, as per the Cyber security market analysis, the adoption of work from home trend by organizations in the wake of coronavirus brought new security challenges for the organizations and government agencies. The Cyber security market global forecast projects that the growing reliance on digital modes of communication, such as Zoom, has increased the vulnerability to cyberattacks. For example, the spear-phishing-e-mail attacks witnessed a 667% increase due to COVID-19 in February 2020. Thus, organizations have deployed cyber security solutions to ensure data safety and facilitate efficiency. However, insufficient knowledge and budget constraints among small and medium-sized enterprises is likely to hinder the Cyber security market share.

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Product Type – Segment Analysis

Solutions segment is forecast to expand at a faster CAGR over the forecast period. Surging adoption of cloud technologies across BFSI, IT, and telecommunication and rising investment will propel the segment’s growth. For instance, in 2020, Quick Heal Technologies introduced advanced cyber security solutions for government, businesses, and consumers, that ensure cloud-based email security by preventing phishing, spam, and infected mails.

End-User Industry – Segment Analysis

Aerospace, defense & intelligence segment is anticipated to hold a larger share over the coming years, owing to the surging adoption of Machine-to-Machine technologies across the aerospace industry. With the rising vulnerability of cyber-attacks in airplane navigation and guidance systems, the government agencies are emphasizing on cyber security to combat cyber terrorism, which has fueled the market growth.

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Region – Segment Analysis

Asia-Pacific region is predicted to expand at a faster CAGR over the forecast period, owing to the increasing adoption of IoT and cloud technologies. Also, Government across the APAC region has taken strategic initiatives to develop a powerful cyber defense environment with trained professionals to secure IT networks, which is another factor contributing to regional growth.

Top Market Players

Leading players operating in the market include FireEye, Inc., Cisco Systems Inc., Avast Software s.r.o., Check Point Software Technologies Ltd., CyberArk Software Ltd., Dell Inc., IBM, Fortinet, Inc., Imperva, Intel Corporation, among others.

Key Developments

• • In April 2021, IBM Security partnered with HCL to streamline threat management for clients through an advanced Security Operation Center (SOC) platform.
  • In March 2021, IBM Security launched a service designed to encourage manage their cloud security policies, strategies, and controls across hybrid cloud environments. The service brings together IBM, cloud-native, and third-party technologies.
  • In 2020, FireEye, Inc. adopted Respond Software, the cybersecurity investigation automation company and the creator of Respond Analyst. This acquisition is intended to offer eXtended Detection and Response (XDR) capabilities to different customers.
  • In 2020, CyberArk Software Ltd., a key player in Identity and Access Management Solutions, declared the upgradation of its Next-Gen Access (NGA) platform. This update includes endpoint security and password-less capabilities to the platform.

Segments covered in the Report:

The global cyber security market has been segmented on the basis of product type, deployment, end-user industry, and key regions. Based on product type, the market is segmented into solutions and services. The solutions segment is further segmented into identity & access management, unified threat management & threat mitigation, security & vulnerability management, DDoS mitigation, next generation firewall, IDS/IPS, security information & event management, email security, endpoint security, IoT security, and other solutions. Based on deployment, the market is segmented into on-cloud and on-premises. Based on end-user industry, the market is segmented into aerospace, defense & intelligence, banking, financial services, & insurance, healthcare, manufacturing, retail, public utility, IT & telecommunication, and other end-user industries. 

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Market Segmentation

Global Cyber Security Market by Product Type

• • Solutions
    • Identity & Access Management
    • Unified Threat Management & Threat Mitigation
    • Security & Vulnerability Management
    • DDoS Mitigation
    • Next Generation Firewall
    • IDS/IPS
    • Security Information & Event Management
    • Email Security
    • Endpoint Security
    • IoT Security
    • Other Solutions
  • Services

Global Cyber Security Market by Deployment

• • On-Cloud
  • On-Premises

Global Cyber Security Market by End-User Industry

• • Aerospace, Defense & Intelligence
  • Banking, Financial Services & Insurance
  • Healthcare
  • Manufacturing
  • Retail
  • Public Utility
  • IT & Telecommunication
  • Other End-User Industries

Global Cyber Security Market by Region

• • North America Cyber Security Market (Option 1: As a part of the free 25% customization)
    • By Product Type
    • By Deployment
    • By End-User Industry
    • US Market All-Up
    • Canada Market All-Up
  • Europe Cyber Security Market (Option 2: As a part of the free 25% customization)
    • By Product Type
    • By Deployment
    • By End-User Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Cyber Security Market (Option 3: As a part of the free 25% customization)
    • By Product Type
    • By Deployment
    • By End-User Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Cyber Security Market (Option 4: As a part of the free 25% customization)
    • By Product Type
    • By Deployment
    • By End-User Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Cyber Security (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Avast Software s.r.o.
  • FireEye, Inc.
  • Cisco Systems Inc.
  • Check Point Software Technologies Ltd.
  • Dell Inc.
  • CyberArk Software Ltd.
  • IBM
  • Fortinet, Inc.
  • Imperva
  • Intel Corporation