Cybersecurity Market

Report Scope & Overview:

Cybersecurity Market Size was valued at USD 227.93 billion in 2022 and is expected to reach USD 431.36 billion by 2030, and grow at a CAGR of 8.3% over the forecast period 2023-2030.

Cyber security refers to the safeguarding of equipment linked to the internet that defends against numerous risks in cyberspace. It involves protecting software, data, and hardware, as well as aiding in the prevention of fraudsters gaining access to devices or networks. Businesses require cyber security to secure their data, cash, and intellectual property. Individuals require it for similar reasons, however intellectual property is less of a worry and the risk of losing important information, such as family photographs, is higher. Once it pertains to governmental body services, cyber security assures that the public can continue to rely on them.

                           To get more information on Cybersecurity Market - Request Sample Report

The surge in malware and phishing threats among businesses, as well as the adoption of IoT and the BYOD trend, are driving the cyber security industry forward. Furthermore, the increased demand for cloud-based cyber security solutions has a beneficial influence on market growth. However, market development is hampered by financial restrictions among businesses and the complexity of device security. Increased usage of mobile device apps and platforms, the requirement for robust authentication techniques, and the transition of the conventional antivirus software sector, on the other hand, are projected to provide lucrative prospects for market development throughout the forecast period.

MARKET DYNAMICS:

KEY DRIVERS:

• The increasing sophistication of cyber assaults is responsible for the market's rise.

•  Businesses throughout the world have boosted their investment on advanced information security technology to bolster their in-house security infrastructures since cybercrime has expanded considerably.

RESTRAINTS:

• Cybersecurity requirements are outpacing money set aside to solve them.

•  Most small businesses do not have the financial resources or IT security knowledge to implement advanced cybersecurity solutions to protect their networks and IT infrastructures from different cyber assaults.

OPPORTUNITIES:

• Because of its powerful and flexible infrastructure, cloud computing architecture is frequently used.

• Many businesses are turning to cloud solutions to ease data storage and allow remote server accessible through the internet, giving them access to almost infinite computer capacity.

CHALLENGES:

• The design and execution problems of deploying the cybersecurity model on a new or existing infrastructure are numerous.

• The paradigm encourages enterprise IT teams to rethink network security, moving away from a network perimeter-based strategy and toward a user-based and application-based approach.

• Redesigning and redeploying online and mobile apps may be time-consuming and exhausting.

IMPACT OF COVID-19:

The COVID-18 outbreak is expected to have a favorable influence on the cyber security industry's growth. This is due to the advent of COVID-18; organizations will be able to manage security challenges and promote safe information access when working remotely by utilizing cyber security services. Furthermore, as internet traffic has increased, the risk of cyber-attacks has increased dramatically in many businesses, necessitating the deployment of cyber security services. Market growth has been spurred by innovations and developments in cyber security solutions, such as cloud security and AI-integrated solutions, as well as a rise in the number of cyber-attacks since the pandemic began. According to research from Palo Alto Networks' Unit 42 security consultancy division, the average ransomware payment increased by 82 percent from $314,000 in 2020 to $570,000 in the first half of 2021. As a result, an increase in ransomware or cyber-attacks boosts demand for cyber security solutions and services, propelling the worldwide cyber security market forward.

MARKET ESTIMATION:

Components, solutions, deployment models, enterprise size, industry vertical, and geography are all used to segment the worldwide cyber security market. The market is divided into solutions and services based on the component. The market is divided into identity and access management, infrastructure security, governance, risk, and compliance, unified vulnerability management service providing, data security and privacy service offering, and others based on the solution. It is divided into cloud and on-premises deployment models. Large businesses and small businesses are divided into two categories based on their size. Telecom, automotive, BFSI, public sector, retail, healthcare, IT, energy & utilities, manufacturing, and others are the different industrial verticals.

KEY PLAYERS:

Major vendors in the global cybersecurity market include IBM (US), Cisco (US), Check Point (Israel), FireEye (US), Trend Micro (Japan), Norton LifeLock (US), Rapid7  (US), Micro Focus (UK),  Microsoft (US), Amazon Web Services (US),  Oracle (US),  Fortinet (US), Palo Alto Networks (US), Accenture (Ireland), McAfee (US).

KEY MARKET SEGMENTATION:

On the basis of Components

• Hardware

• Software

• Services

On the basis of Software

• 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

• Others

On the basis of Security Type

• Network security

• Endpoint security

• Application security

• Cloud security

• Others

On the basis of Deployment Type

• Cloud

• On-Premises

On the basis of Organization Size

• Large Enterprise

• SMEs

On the basis of Verticals

• Aerospace and Defense

• Government

• BFSI

• IT

• Healthcare

• Retail

• Manufacturing

• Energy and Utilities

• Telecommunications

• Media and Entertainment

• Others

                          To get more information on Cybersecurity Market - Request Sample Report

REGIONAL ANALYSIS:

Over the projected period, Asia Pacific is predicted to develop at the quickest rate, with a CAGR of more than 15%. The high adoption of cloud technologies, the proliferation of IoT devices, and the growing number of data centre constructions are all contributing to the region's growth. Furthermore, because the region's huge working population has a big number of endpoint devices and creates a large volume of data, numerous firms are installing cyber security solutions. Furthermore, rising government and defence expenditure in nations such as China, India, Japan, South Korea, and others to protect themselves from cyber warfare is likely to propel market expansion.

In 2021, North America had the largest market share, followed by Europe. The North American market has grown in recent years thanks to the early availability and acceptance of new technology. Furthermore, the large number of capital and IT markets throughout the world, as well as their diverse enterprises, necessitate efficient endpoint device administration and protection across unfamiliar networks. As a result of these reasons, major corporations and small businesses throughout the area are increasing their expenditure on cyber security solutions, which is likely to drive market growth.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • South Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America