Cybersecurity Market Report Scope & Overview:
The Cybersecurity Market Size was valued at USD 187.6 Billion in 2023 and is expected to reach USD 395 Billion by 2031 and grow at a CAGR of 9.72% over the forecast period 2024-2031.
The cybersecurity market is growing due to the Increasing sophistication of cyber threats, stringent regulatory demands for data protection, and the widespread adoption of digital technologies like cloud computing and IoT. Opportunities abound in AI and ML-driven threat detection, cloud security services, and cybersecurity for IoT devices, with MSS and skilled cybersecurity professionals in high demand. The market's expansion is fueled by the growing adoption of enterprise security solutions in key sectors such as manufacturing, BFSI, and healthcare, driven by the proliferation of e-commerce, smart devices, and cloud deployments. The increase in IoT-equipped devices and intelligent technologies also amplifies cyber threat instances, prompting organizations to invest in advanced cybersecurity solutions to mitigate risks and bolster market growth. 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.
Get more information on Cybersecurity Market - Request Sample Report
Market Dynamics
Drivers:
The cybersecurity arena is undergoing rapid evolution, driven by the increasing frequency and intricacy of cyberattacks across various industries. This trajectory is accentuated by the widespread Adoption of cloud computing and IoT technologies, amplifying the vulnerability landscape to cyber threats. Businesses are placing a growing focus on safeguarding data and privacy, spurred by a heightened understanding of the grave impacts of security breaches. This heightened awareness highlights the imperative for robust cybersecurity protocols to protect sensitive information and uphold stakeholder trust.
Restraints:
Opportunities:
The demand for Managed Security Services (MSS) and Security as a Service (SaaS) solutions is on the rise in the cybersecurity market as organizations seek comprehensive and scalable protection against ever-evolving threats. Governments, enterprises, and SMBs are increasing their investments in cybersecurity to strengthen defenses and manage risks more efficiently. Emerging markets and industries like healthcare and Operational Technology (OT/ICS) are becoming prominent participants in the cybersecurity sector, driving the need for customized solutions to tackle their specific security challenges and regulatory demands.
Challenges:
Impact of Russia-Ukraine War:
The Russia-Ukraine war has significantly impacted the cybersecurity market, due to increased demand for cybersecurity solutions. According to reports, global cybersecurity spending is growing by approximately over 10% in 2022, reaching approximately $156 billion, with industries such as finance, healthcare, and government sectors investing heavily in advanced security measures. This is driven by growing cyber threats stemming from geopolitical tensions, highlighting the Important role of cybersecurity in modern warfare and global stability.
Impact of Economic Downturn:
The economic downturn has paradoxically boosted the cybersecurity market as businesses prioritize protecting their digital assets. This trend is driven by the growing risk of cyber threats during economic uncertainty, prompting organizations across sectors to allocate more resources towards cybersecurity solutions. The downturn has underscored the important role of cybersecurity in maintaining operational dependance and safeguarding against potential financial losses.
Market segmentation
By Offering
By Organization Size
On the basis of Organization size the large enterprises dominate the cybersecurity market with holding revenue share of more than 67%, due to their extensive infrastructure and data assets, making them prime targets for cyberattacks. Their complex networks, coupled with regulatory compliance requirements and the risk of data breaches, drive significant investments in cybersecurity solutions. These factors contribute to the large market size of cybersecurity within the large enterprises segment.
Need any customization research on Cybersecurity Market - Enquiry Now
By Solution Type
By Deployment Mode
By Security Type
By Verticals
Regional Analysis
The North America Region dominates the Market with holding Revenue share of more than 35%, is poised to lead the cybersecurity market due to several key factors. It boasts a concentration of top cybersecurity companies and technology giants, fostering a culture of high adoption rates for cybersecurity solutions. The region faces various cyber threats, prompting substantial investments across both private and public sectors. Moreover, stringent data protection regulations such as GDPR and CCPA drive demand for robust cybersecurity measures. North America's advanced tech infrastructure, coupled with rapid adoption of cloud computing, IoT, and AI, adds complexity to cybersecurity challenges, fueling market growth. The Asia Pacific, particularly India, China, and Korea, is set to experience exponential growth driven by increasing service providers and investments in security projects by governments and foreign entities.
REGIONAL COVERAGE:
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
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).
Recent Development:
In December 2023, IBM Consulting and Palo Alto Networks announced an expansion of their strategic partnership aimed at enhancing enterprise security. The focus of this collaboration is on AI-driven security operations and cloud transformation to address the increasing threats in cybersecurity. The goal is to bolster end-to-end security measures for clients.
In November 2023, IBM unveiled a new product called QRadar SIEM, a cloud native SIEM system specifically designed for hybrid cloud environments. This system integrates advanced AI capabilities to improve threat detection and response efficiency, with a focus on reducing noise and enhancing alert quality. The platform streamlines operations for security teams, enabling quicker identification and management of cybersecurity threats across various IT landscapes.
In June 2023, Cisco introduced Secure Access, a new SSE solution created to enhance hybrid work experiences by simplifying access across different locations, devices, and applications. This solution provides a unified access experience, allowing users to effortlessly access all resources through intelligent and secure traffic direction. With a single, cloud-managed console, security operations are streamlined, leading to increased efficiency. Additionally, Secure Access incorporates faster detection and response capabilities supported by Cisco Talos AI-driven threat intelligence for enhanced threat blocking. The aim of Cisco Secure Access is to provide a more secure and seamless user experience, redefining secure connectivity in today's distributed IT environments.
In March 2023, Orange Cyberdefense partnered with Microsoft to launch two new Managed Security Services (MSS) aimed at enhancing the security features of Microsoft 365 Defender. These services, Managed Workspace Protection and Managed Threat Detection [xdr] for Microsoft 365 Defender, are designed to block attacks, improve security posture, and offer 24/7 threat detection and incident response. This collaboration leverages Orange Cyberdefense's expertise in Microsoft technologies to provide advanced security solutions.
| Report Attributes | Details |
| Market Size in 2023 | USD 187.6 Bn |
| Market Size by 2031 | USD 395 Bn |
| CAGR | CAGR of 9.72% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments |
• By Offering (Solution, Services) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | IBM, Cisco, Check Point, FireEye, Trend Micro, Norton LifeLock, Rapid7, Micro Focus, Microsoft, Amazon Web Services, Oracle, Fortinet, Palo Alto Networks, Accenture, McAfee. |
| Key Drivers | • The increasing sophistication of cyber assaults is responsible for the market's rise. |
| Market Opportunities | • Because of its powerful and flexible infrastructure, cloud computing architecture is frequently used. |
Ans. The projected market size for the Cybersecurity Market is USD 395 billion by 2031.
Ans: The Large enterprise segment dominated the Cybersecurity Market.
Ans: North America region is dominant in Cybersecurity Market.
Ans:
Ans. The Compound Annual Growth rate for the Cybersecurity Market over the forecast period is 9.72%.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Cybersecurity Market, By Offering
9.1 Introduction
9.2 Trend Analysis
9.3 Solution
9.4 Service
10. Cybersecurity Market, By Organization Size
10.1 Introduction
10.2 Trend Analysis
10.3 Large Enterprises
10.4 SMEs
11. Cybersecurity Market, By Solution Type
11.1 Introduction
11.2 Trend Analysis
11.3 IAM
11.4 Antivirus/Antimalware
11.5 Log Management & SIEM
11.6 Firewall
11.7 Encryption & Tokenization
11.8 Compliance & Policy Management
11.9 Patch Management
11.10 Others
12. Cybersecurity Market, By Deployment Mode
12.1 Introduction
12.2 Trend analysis
12.3 On-premises
12.4 Cloud
12.5 Hybrid
13. Cybersecurity Market, By Security Type
13.1 Introduction
13.2 Trend analysis
13.3 Network Security
13.4 Endpoint & IoT Security
13.5 Cloud Security
13.6 Application Security
14. Cybersecurity Market, By Verticals
14.1 Introduction
14.2 Trend analysis
14.3 Government
14.4 BFSI
14.5 Healthcare & Lifesciences
14.6 Aerospace & Défense
14.7 Retail & eCommerce
14.8 Manufacturing
14.9 Energy & Utilities
14.10 IT & Telecommunication
14.11 Transportation & Logistics
14.12 Media & Entertainment
14.13 Others
15. Regional Analysis
15.1 Introduction
15.2 North America
15.2.1 USA
15.2.2 Canada
15.2.3 Mexico
15.3 Europe
15.3.1 Eastern Europe
15.3.1.1 Poland
15.3.1.2 Romania
15.3.1.3 Hungary
15.3.1.4 Turkey
15.3.1.5 Rest of Eastern Europe
15.3.2 Western Europe
15.3.2.1 Germany
15.3.2.2 France
15.3.2.3 UK
15.3.2.4 Italy
15.3.2.5 Spain
15.3.2.6 Netherlands
15.3.2.7 Switzerland
15.3.2.8 Austria
15.3.2.10 Rest of Western Europe
15.4 Asia-Pacific
15.4.1 China
15.4.2 India
15.4.3 Japan
15.4.4 South Korea
15.4.5 Vietnam
15.4.6 Singapore
15.4.7 Australia
15.4.8 Rest of Asia Pacific
15.5 The Middle East & Africa
15.5.1 Middle East
15.5.1.1 UAE
15.5.1.2 Egypt
15.5.1.3 Saudi Arabia
15.5.1.4 Qatar
15.5.1.5 Rest of the Middle East
15.5.2 Africa
15.5.2.1 Nigeria
15.5.2.2 South Africa
15.5.2.3 Rest of Africa
15.6 Latin America
15.6.1 Brazil
15.6.2 Argentina
15.6.3 Colombia
15.6.4 Rest of Latin America
16. Company Profiles
16.1 IBM
16.1.1 Company Overview
16.1.2 Financials
16.1.3 Products/ Services Offered
16.1.4 SWOT Analysis
16.1.5 The SNS View
16.2 Cisco
16.2.1 Company Overview
16.2.2 Financials
16.2.3 Products/ Services Offered
16.2.4 SWOT Analysis
16.2.5 The SNS View
16.3 Check Point
16.3.1 Company Overview
16.3.2 Financials
16.3.3 Products/ Services Offered
16.3.4 SWOT Analysis
16.3.5 The SNS View
16.4 FireEye
16.4 Company Overview
16.4.2 Financials
16.4.3 Products/ Services Offered
16.4.4 SWOT Analysis
16.4.5 The SNS View
16.5 Trend Micro
16.5.1 Company Overview
16.5.2 Financials
16.5.3 Products/ Services Offered
16.5.4 SWOT Analysis
16.5.5 The SNS View
16.6 Norton LifeLock
16.6.1 Company Overview
16.6.2 Financials
16.6.3 Products/ Services Offered
16.6.4 SWOT Analysis
16.6.5 The SNS View
16.7 Rapid7
16.7.1 Company Overview
16.7.2 Financials
16.7.3 Products/ Services Offered
16.7.4 SWOT Analysis
16.7.5 The SNS View
16.8 Micro Focus
16.8.1 Company Overview
16.8.2 Financials
16.8.3 Products/ Services Offered
16.8.4 SWOT Analysis
16.8.5 The SNS View
16.9 Microsoft
16.9.1 Company Overview
16.9.2 Financials
16.9.3 Products/ Services Offered
16.9.4 SWOT Analysis
16.9.5 The SNS View
16.10 Amazon Web Services
16.10.1 Company Overview
16.10.2 Financials
16.10.3 Products/ Services Offered
16.10.4 SWOT Analysis
16.10.5 The SNS View
17. Competitive Landscape
17.1 Competitive Benchmarking
17.2 Market Share Analysis
17.3 Recent Developments
17.3.1 Industry News
17.3.2 Company News
17.3.3 Mergers & Acquisitions
18. USE Cases and Best Practices
19. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Payment Security Market size was valued at USD 22.82 billion in 2022 and is expected to grow to USD 66.01 billion by 2030 and grow at a CAGR of 14.2 % over the forecast period of 2023-2030.
The Public Key Infrastructure (PKI) Market is anticipated to increase at a CAGR of 20.1% from 2023 to 2030, from a value of USD 4.71 billion in 2022 to USD 20.38 billion in 2030.
The Video Conferencing System Market size was valued at USD 13.51 billion in 2023 and is expected to grow to USD 55.46 billion by 2031 and grow at a CAGR of 19.3% over the forecast period of 2024-2031.
The Multichannel Campaign Management Market size was valued at USD 3.47 Bn in 2022 and is expected to reach USD 13.63 Bn by 2030, and grow at a CAGR of 18.63% over the forecast period 2023-2030.
The Signals Intelligence (SIGINT) Market size was USD 15.3 billion in 2022 and is expected to Reach USD 21.9 billion by 2030 and grow at a CAGR of 4.6% over the forecast period of 2023-2030.
The Conversational Systems Market size was USD 12.2 billion in 2022 and is expected to Reach USD 83.1 billion by 2030 and grow at a CAGR of 27% over the forecast period of 2023-2030.
Hi! Click one of our member below to chat on Phone
© 2024 All Rights Reserved by SNS Insider Pvt Ltd
