Cyber Security Market

The global Cyber Security Market was valued at USD 236.96 Billion in 2022 and is projected to reach a value of USD 479.15 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 9.20% between 2023 and 2030.

Premium Insights:

Cyber Security refers to the protection of internet-connected devices from various threats in cyberspace. It entails safeguarding software, data, and hardware while also assisting in the prevention of fraudsters gaining access to devices or networks. Businesses require cyber security to safeguard their data, cash, and intellectual property. Individuals require it for similar reasons, except that intellectual property is less of a concern and the risk of losing vital information, such as family photos, is greater. When it comes to public services or governmental entities, cyber security ensures that the public can continue to rely on them.

The rise in malware and phishing threats among enterprises, as well as the increased adoption of loT and the BYOD trend, are driving the growth of the cyber security market. Furthermore, the increased demand for cloud-based cyber security solutions has a positive impact on market growth. However, budget constraints among organizations, as well as the complexities of device security, are impeding market growth on the contrary, throughout the projection period, the growing usage of mobile device applications and platforms, the requirement for strong authentication techniques, and the transition of the traditional antivirus software sector are projected to give attractive market expansion prospects.

Market Segmentation:

The Cyber Security Market is segmented on the basis of Component, Software, Security type, Deployment type, Organization size and Verticals. On the basis of Component, the market is segmented into Hardware, Software and Services. On the basis of Software, the market is segmented into APT, Threat Intelligence Platform, SIEM, Security and Vulnerability Management, Network Access Control, Antivirus/Antimalware, Firewall, Secure Web Gateway, SOAR, IAM, Encryption, Disaster Recovery, IDS/IPS, Risk and Compliance Management and Others. On the basis of Security type, the market is segmented into Network security, Endpoint security, Application security, Cloud security and Others. On the basis of Deployment type, the market is segmented into Cloud and On-Premises On the basis of Organization site the market is segmented into Large Enterprise and SMEs. On the basis of Verticals, the market is segmented into Aerospace and Defense, Government, BFSI, IT, Healthcare, Retail, Manufacturing, Energy and Utilities, Telecommunications, Media and Entertainment and Others.

Based on Organization Site:

On the basis of Organization site, the market is segmented into Large Enterprise and SMEs. Small and medium-sized enterprises (SMEs) are expected to grow at the fastest rate. A surge in demand for end-point security solutions across a number of e-commerce firms, including those in the retail and finance sectors, has prompted this expansion. Due to the increased demand for application security services, the large enterprise is expected to grow significantly.

Based on verticals:

On the basis of Verticals, the market is segmented into Aerospace and Defense, Government, BFSI, IT, Healthcare, Retail, Manufacturing, Energy and Utilities, Telecommunications, Media and Entertainment and Others. Among all industries, BFSI is expected to grow at a significant Compound Annual Growth Rate (CAGR) during the forecast period. A growth in demand for comprehensive security and digital privacy technologies across financial, insurance, and banking sectors is driving his expansion. Cloud application security solutions assist banks, insurance companies, and financial institutions in safeguarding highly confidential data while incorporating real-time intelligence against persistent cyber-attacks.

North America is expected to acquire the largest market share during the year 2021

North America is likely to be the fastest-growing regional market over the forecast period with a market share of 39.10%. During the forecast period, North America is expected to have the largest Cyber Security Market share. The regions demand for cloud application security solutions is being driven by an increase in the number of high-level security breaches. The growing number of online e-commerce platforms boosts market growth in countries like the United States and Canada. To provide enhanced security measures to businesses, the government implements advanced network security protocols. End-user investment is increasing, and enterprise security solutions are in high demand, accelerating the adoption of security solutions.

Competitive landscape:

Key players operating in the Global Cyber Security Market include IBM (US) and others

Segmentation of the Global Cyber Security Market: