From the period of 2022 to 2028, the Global Cyber Security Market is expected to reach USD 374.9 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 9.5%.
The introduction of e-commerce platforms, the deployment of cloud solutions, and the proliferation of smart devices are some of the reasons driving the market's growth. Cyber dangers are predicted to rise as the use of devices with intelligent and IoT technologies grows. As a result, businesses are likely to embrace and install advanced cyber security solutions in order to detect, mitigate, and minimize the risk of cyber-attacks, resulting in market growth. Businesses around the world have increased their spending on advanced information security technologies to strengthen their in-house security infrastructures as cybercrime has increased significantly. Furthermore, due to powerful and adaptable infrastructure, the cloud computing model is widely used. Many organizations are shifting their preference toward cloud solutions to simplify data storage and also because it provides remote server access over the internet, allowing access to unlimited computing power. All these factors drive the market growth.
Key Highlights from the Report
- On the basis of Component, the market is segmented into Hardware, Software and Services. During the forecast period, the Cyber Security services segment is expected to grow at the fastest Compound Annual Growth Rate (CAGR). Because of the increasing adoption of cloud-based services for managing critical enterprise infrastructure, managed services are expected to grow rapidly. The increasing number of new entrants offering cyber-security solutions, as well as growing concerns about data security and privacy, are expected to drive faster growth in the services segment during the forecast period.
- On the basis of Deployment type, the market is segmented into Cloud and On-Premises. During the forecast period, the cloud segment is expected to have the highest Compound Annual Growth Rate (CAGR). The increase is due to an increase in demand for applications that store and secure data using enhanced security techniques. In addition, market participants are collaborating and partnering to develop advanced cloud-based security solutions. Because of the increased demand for managed security services, the on-premise segment is expected to grow significantly.
- Asia Pacific is the fastest regional segment in terms of growth. Over the forecast period, the Asia Pacific region is expected to have the highest market growth for Cyber Security solutions. The presence of several market incumbents, combined with recent security threats in the region, is expected to accelerate the development of these solutions even further. India has seen a rapid increase in cybercrime registration, ranking fifth in terms of overall DNS hijacks.
Some of the key players in the Cyber Security Market include IBM (US), Cisco (US), Check Point (Israel), FireEye (US), Trend Micro (Japan), NortonLifeLock (US), Rapid7 (US), Micro Focus (UK), Microsoft (US), Amazon Web Services (US), Oracle (US), Fortinet (US), Palo Alto Networks (US), Accenture (Ireland), McAfee (US), RSA Security (US), Forcepoint (US), Sophos PLC (UK), Imperva (US), Proofpoint (US), Juniper Network (US), Splunk (US), SonicWall (US), CyberArk (US), F-secure (Finland), Qualys (US), F5 (US), AlgoSec (US), SentinelOne (US), DataVisor (US), RevBits (US), Wi-Jungle (India), BluVector (US), Aristi Labs (India), Securden (US). and others.
Malware and phishing risks are on the rise among businesses.
Malware, such as viruses and Trojans, has significantly increased its ability to infiltrate, control, and harm entire electronic information networks. Malware is frequently used by cybercriminals to gain control of devices or equipment in order to profit from them. This is done so that the machine can be used to conduct fraudulent transactions or criminal operations right away. Furthermore, because of the importance of the data created in these industries, industries such as BFS1, healthcare, and government are particularly vulnerable to such attacks. As a result, an increase in the risk of malware and phishing attacks is a major driver of the Cyber Security Market.
Increase in adoption of loT and BYOD trend
As a result of the growing loT and BYOD trend in businesses, devices and applications have become more vulnerable to advanced persistent threats (APTs). Furthermore, as the number of mobile devices in enterprises grows, IT personnel will find it more difficult to control and trace data flow in diverse systems. As a result, businesses are utilizing Cyber Security systems to secure sensitive data by monitoring, classifying, and resolving various types of threats, thereby driving market growth.
North America dominated the cyber security market in 2021 with a market share of 39.10% and is expected to maintain its position during the forecast period, owing to the abundance of cyber security solutions vendors such as Microsoft Corporation, Palo Alto Networks, Cisco Systems, Inc., and others, which aid in the growth of the cyber security market. However, due to increased technological investments in sectors such as cloud and digital technologies, Asia-Pacific is expected to grow significantly during the forecast period.