Global Cybersecurity Market Insights Forecasts to 2030
- The Global Cybersecurity Market Size was valued at USD 220.51 billion in 2021.
- The Worldwide Market Share is growing at a CAGR of 11.6% from 2022 to 2030
- The Global Cybersecurity Market Size is expected to reach USD 501.60 billion by 2030
- North America is expected to grow the fastest during the forecast period
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The global Cybersecurity market is expected to reach USD 501.60 billion by 2030, at a CAGR of 11.6% during the forecast period 2022 to 2030. The proliferation of smart devices, the rise of e-commerce platforms, the rise in cyberattacks, and these are just a few of the drivers fueling the market's expansion. With the increased use of devices with intelligent and IoT technology, cyber risks are predicted to evolve. In order to detect, mitigate, and reduce the risk of cyberattacks, firms are projected to acquire and deploy advanced cyber security solutions, fueling the expansion of the cybersecurity industry.
The proliferation of smart devices, the rise of e-commerce platforms, the rise in cyberattacks, and these are just a few of the drivers fueling the market's expansion. With the increased use of devices with intelligent and IoT technology, cyber risks are predicted to evolve. In order to detect, mitigate, and reduce the risk of cyberattacks, firms are projected to acquire and deploy advanced cyber security solutions, fueling the expansion of the cybersecurity industry.
This research report categorizes the market for Cybersecurity market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Cybersecurity market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Cybersecurity market.
Due to the shutdown of various firms in the first and second quarters of 2020, cyber security saw a minor decline. However, as more businesses implemented remote working practises together with cyber security solutions, the industry began to rebound by the end of the second quarter. Employees compromised the security of the organisation by connecting to private Wi-Fi or anonymous networks while working on personal devices. As a result, many firms implemented cyber security solutions to control and safeguard the growing number of endpoint devices and to obtain network threat protection. Due to the hybrid working trend, which is likely to last into the future, the industry is anticipated to keep expanding after the pandemic. With the growing BYOD trend, many employees are anticipated to continue working from home or other remote locations. The development of security solutions utilising AI and machine learning by cybersecurity firms is helping businesses automate their IT security. By enabling automated threat identification, these technologies let IT companies spend less time and effort tracking malevolent behaviours and strategies. Real-time monitoring, detection of emerging dangers, and autonomous reaction are all features of these technologies. This lowers the cost of security incident response by enabling the security teams to study the breach information that has been filtered and to identify and address cyberattacks more quickly.
COVID 19 Impact
The ongoing COVID-19 pandemic has prompted preventive actions in numerous nations. Numerous businesses have found a method to let their staff operate from home while schools are closed and communities are urged to stay inside. As a result, more people are utilising video communication tools.
Global Cybersecurity Market Report Coverage
|Market Size in 2021:||USD 220.51 Billion|
|Forecast Period 2021-2030 CAGR:||11.6%|
|2030 Value Projection:||USD 501.60 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||211|
|Tables, Charts & Figures:||118|
|Segments covered:||By Component, By Security Type, By Solution, By Services, By Deployment, By Organization Size, By Applications, By Region, COVID-19 Impact Analysis|
|Companies Covered:||Cisco Systems, Inc., Palo Alto Networks, McAfee, Inc., Broadcom, Trend Micro Incorporated, CrowdStrike, Check Point Software Technology Ltd., Fortinet, Inc., Juniper Networks, Inc., Palo Alto Networks, Inc., IBM, F5 Networks, Inc., FireEye, Inc., Splunk Inc., Symantec Corporation, Oracle, Microsoft Corporation, Intel, Imperva Inc, CyberArk Software Ltd., RSA Security LLC|
|Pitfalls & Challenges:||Due to the increasing number of COVID-19 cases|
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- In 2021, the Services segment holds the largest revenue share over the forecast period.
Based on the component, the global cybersecurity market is segmented into Hardware, Software, Services. Among these, the services segment holds the largest revenue share over the forecast period. This might be due to the growing demand from small and medium businesses for advisory services as well as maintenance and upgrade services. Due to their small teams and tight budgets, SMEs frequently confer with other firms before implementing any solutions. Additionally, the pandemic epidemic increased the need of cyber security services since some businesses planned to improve their network and IT security, manage remote workers, and guard against dangers from untrusted networks and devices.
- In 2021, the Infrastructure segment holds the largest market share over the forecast period.
On the basis of security type, the global cybersecurity market is segmented into Endpoint Security, Cloud Security, Network Security, Application Security, Infrastructure Protection, Data Security, Others. Among these, the infrastructure segment holds the largest market share over the forecast period. The large market share is linked to the growth of connected and IoT devices as well as the development of more data centres. Additionally, various initiatives launched by governments in some regions, such as the European Programme for Critical Infrastructure Protection (EPCIP) and the Critical Infrastructure Protection Program in the United States, are anticipated to support market expansion.
- In 2021, the IAM segment accounts the largest market share over the forecast period.
Based on the solution segment, the global cybersecurity market is segmented into Unified Threat Management (UTM), IDS/IPS, DLP, IAM, SIEM, DDoS, Risk And Compliance Management, Others. Among these, the IAM segment accounts the largest market share over the forecast period. The high market share is attributable to the rise in mobile endpoint devices that put the company at risk of cyberattacks and data breaches. Additionally, the increased requirement to regulate user access to vital information during the epidemic is anticipated to support market expansion. IAM solution adoption is also projected to be influenced by the requirement to automate, monitor, and track end-user actions and security events.
- In 2021, the Managed Service segment is witnessing the highest growth rate over the forecast period.
On the basis of service, the global cybersecurity market is segmented into professional services, managed services. Among these, the managed service segment is witnessing the highest growth rate over the forecast period. The high growth rate might be due to the rising demand for IT security services that are outsourced in order to monitor and maintain security measures and procedures. Managed services offer a cost-effective alternative to internal teams managing the burden for the company's IT security. Additionally, managed service providers are solely focused on identifying threat patterns and improving security procedures in order to reduce the likelihood of cyberattacks, which will lead to a rise in the use of managed services.
- In 2021, the Cloud based segment is witnessing the highest CAGR over the forecast period.
Based on the deployment, the global cybersecurity market is segmented into cloud based, on-premise. Among these, the cloud based segment is witnessing the highest CAGR over the forecast period. The rapid growth can be linked to the expansion of cloud computing infrastructure deployment and the enterprise transfer of on-premises solutions to the cloud. Additionally, cloud-based security solutions are simple, affordable, and quick to administer and upgrade, which is one of the key factors anticipated to support market expansion. Cloud deployment also makes it possible to access solutions remotely from different devices, which is projected to further accelerate the segment's growth.
- In 2021, the SMEs segment is witnessing the highest growth rate over the forecast period.
On the basis of organization size, the global cybersecurity market is segmented into SMEs, Large Enterprises. Among these, the SMEs segment is witnessing the highest growth rate over the forecast period. Due to financial limitations, small and medium-sized businesses are more vulnerable to cyber-attacks with a low level of security. Additionally, one of the major causes of the rise in cyberattacks on SMEs is the lack of security policy and employee capabilities. As a result, it is projected that the adoption in SMEs will be driven by the growing need to reduce operational and data breach expenses and secure IT assets.
- In 2021, the Defence segment holds the highest market share over the forecast period.
Based on application, the global cybersecurity market is segmented into IT & Telecom, Retail, BFSI, Healthcare, Defense/Government, Manufacturing, Energy, Others. Among these, the Defence segment holds the highest market share over the forecast period. Due to the sensitive information they hold, government and defence companies constantly face a security threat from state-sponsored hacktivists. As a result, numerous governments all over the world are making significant investments in enhancing their countries' cyber security, which ultimately contributes to the segment's growth.
Regional Segment Analysis of the Cybersecurity Market
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- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific segment is witnessing the highest CAGR over the forecast period.
The high use of cloud technologies, the spread of IoT devices, and the rise in data centre constructions are all factors in the expansion of the Asia-Pacific region. In addition, the region's big working population has a lot of endpoint devices and produces a lot of data, which is why many businesses are putting cyber security solutions in place. Additionally, it is anticipated that rising government and defence sector spending in nations like China, India, Japan, South Korea, and others to protect themselves from cyberwarfare will propel market expansion.
- In August 2021, A new iteration of Palo Alto Networks' Cortex XDR platform was unveiled. The new version is anticipated to increase the investigation, monitoring, and detection capabilities, providing the security operation centre (SOC) teams with broader and better protection.
- In May 2022, the public release of the Cisco Cloud Controls Framework (CCF) was announced by Cisco Systems Inc. A comprehensive collection of international and domestic security compliance and certification criteria have been consolidated under the Cisco CCF framework.
The report offers the appropriate analysis of the key organizations/companies involved within the global Cybersecurity market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Cisco Systems, Inc.
- Palo Alto Networks
- McAfee, Inc.
- Trend Micro Incorporated
- Check Point Software Technology Ltd.
- Fortinet, Inc.
- Juniper Networks, Inc.
- Palo Alto Networks, Inc.
- F5 Networks, Inc.
- FireEye, Inc.
- Splunk Inc.
- Symantec Corporation
- Microsoft Corporation
- Imperva Inc
- CyberArk Software Ltd.
- RSA Security LLC
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Cybersecurity market based on the below-mentioned segments:
Cybersecurity Market, By Component
Cybersecurity Market, By Security Type
- Endpoint Security
- Cloud Security
- Network Security
- Application Security
- Infrastructure Protection
- Data Security
Cybersecurity Market, By Solution
- Unified Threat Management (UTM)
- Risk And Compliance Management
Cybersecurity Market, By Services
Cybersecurity Market, By Deployment
- Cloud Based
Cybersecurity Market, By Organization Size
- Large Enterprises
Cybersecurity Market, By Application
- IT & Telecom
Cybersecurity Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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