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Home » Information and Communication Technology » Cyber Security Market Industry Report 2030

Cyber Security Market By Component (Service, Solution) By Solution (Unified Vulnerability Management Service Offering, Data Security & Privacy Service Offering, Identity & Access Management, Infrastructure Security, Governance Risk & Compliance, Others), By Deployment Model (On-premise, Cloud), By Enterprise Size (Small, medium Enterprises, Large Enterprises), By Industry Vertical (BFSI, Public Sector, Retail, Telecom, Automotive, Healthcare, IT, Energy & Utilities, Manufacturing, Others), Global Report by Size, Industry Analysis & Forecast, 2020 - 2030.

Published On: Jul-2022   |   Base Year: 2021   |   No Of Pages: 140   |   Historical Data: 2015 - 2019   |   Formats: PDF   |   Report ID: 48769962

Report DescriptionTable of Contents

The global cyber security market size was $216.10 Billion in 2021 and is expected to increase to $478.68 Billion by 2030, with a CAGR of 9.5% during the forecast period 2021 to 2030. North America accounted for a sizeable market value of over 25% in the year 2021.

Cybersecurity is the term that is used to describe the protection of internet-connected devices from various online threats. It involves protecting hardware, software, and data while also assisting in preventing fraudsters from gaining access to systems or networks. Businesses need cyber security to safeguard their data, money, and intellectual property. Cybersecurity ensures that the general public continues to rely on public services and governmental organisations. The adoption of IoT and the BYOD trend, as well as an increase in malware and phishing threats among businesses, are driving the expansion of the cyber security industry. As per June 2021 statistics, the total count of ransomeware attack attempts (78.4 million) was greater than 3 out of 4 quarters in 2020. The first half of the year 2021 accounted for 304.7 million attempts which was more than all the ransomwares in 2020. The second half proved to be even worse with the count reaching around 318.6 million. For instance, after thorough survey it can be concluded that Iran has the greatest percentage of mobile devices that are malware-infected at 52.68 percent. In addition, the market is expanding favourably as a result of the spike in demand for cloud-based cyber security solutions. The market's expansion is hampered by organizational budget restrictions and the complexity of device security. On the other hand, increase in the usage of mobile platforms and applications, the demand for secure authentication methods, and the change of the traditional antivirus software sector are anticipated to provide lucrative prospects for market growth throughout the forecasted period.

 

Market Dynamics:

Market Drivers: - (Specialized cyberattacks. Frequency and sophistication are rising . The market's growth may be attributed to the increasing sophistication of cyberattacks)

  • The industry growth may be attributed to the increasing sophistication of cyberattacks. Cybercrimes and scams have escalated, causing enormous losses for enterprises. For instance, from a survey it can be concluded that the global number of breaches and cyberattacks increased by 15.1% in 2021 compared to that in 2020. This increase in cyber frauds as well as cyberattack will act as a key driving feature for the market. A drive-by download is when malicious code is unintentionally downloaded into a computer or mobile device, exposing users to various hazards. Businesses all over the world have focused their expenditure on cutting-edge information security solutions to bolster their internal security infrastructures as cybercrimes have dramatically escalated. An advanced persistent threat (APT) is a prolonged & targeted cyberattack in which an intruder gets access to a network and remains undetected for an extended period.

 

  • The use of targeted assaults, which penetrate targets' network infrastructure while remaining anonymous has increased recently. From a report named “The state of Ransonware in the US” by Emsisoft, a software company, it can be concluded that approximately  2500 schools run by the government along with healthcare providers were affected or were a victim of targeted assaults. Data, and numerous other IT infrastructures are frequently targeted by attackers who have a fixed target in mind. The main goal of targeted assaults is to break into the networks of targeted businesses or organizations and steal important data.

 

Restraint:

  • Small and fledgling businesses in developing economies must be mindful of their budgets otherwise it will result in a huge amount which in turn can plummet the cyber security market growth. Budgets set aside to meet cybersecurity needs are not keeping up with the growth of the attacks in the market. Emerging businesses in developing nations around MEA, Latin America and APAC frequently struggle to find the money and the right funds to implement cybersecurity solutions. For certain small and medium-sized businesses, the lack of capital finance and security professionals can be a significant barrier to adopting the cybersecurity approach. According to a recent study by Cisco, it was predicted that an SMB could face around 5000 security alerts in a single day whereas only 55.6% of these particular alerts are investigated. According to Keeper Security Ponemon Institute’s latest report every 6 out of the 10 SMB’s report that the attacks which are directed towards them are much more sophisticated, targeted and very much damaging. 47% of these companies don’t even have a clue how to provide protection to their companies against these cyberattacks.

 

Opportunity: (Rise in the need for cloud-based cybersecurity solutions)

  • The concept of cloud computing is widely used because of its reliable and flexible architecture. Because they make data storage simpler and provide users with access to limitless computing capacity through remote servers accessible over the internet, cloud solutions are becoming increasingly popular among enterprises. For instance, it can be stated that Amazon Web Services is the biggest cloud computing company in the world based on industry share. AWS, an Amazon subsidiary, presently occupies 31% of the market, followed by Azure Microsoft (20%) and Google Cloud (7%). Adopting cloud-based models enables organisations to manage all the apps because it provides incredibly challenging analytics that runs in the background. When employing the cloud solution to create stable and highly secure platforms, businesses can combine additional infrastructure technologies, such as software-defined perimeters. The development of the global industry is fuelled by governments in various countries establishing legislation and specific recommendations for cloud platform security. SMEs are constantly looking to modernise their applications and infrastructure, and by transitioning to cloud-based platforms like Software-as-a-Service (SaaS) and Infrastructure-as-a-Service.

 

  • The man-in-the-middle (MiTM) attack, a type of cyberattack, includes the attacker covertly intercepting and forwarding messages between two parties who presume they are speaking directly to one another. An attack is a type of eavesdropping in which the perpetrator hears the entire conversation before seizing power. For instance, from a report published by Secureops, a security service provider, it can be concluded that approximate 95% of HTTPS servers are vulnerable to man-in-the-middle attacks. Cybercriminals prey on SMEs in various sectors to exploit gaps in their security architecture. Cloud-based apps cannot be secured against internet threats like malware, ransomware, phishing, and DNS data exfiltration by conventional appliance-based security gateways and firewalls. The demand for cloud-based cybersecurity solutions is being driven by security administrators at these SMEs to improve performance, secure mobile and web applications, and safeguard essential network infrastructures. SMEs are concentrating on utilising cloud computing platforms. With the use of cloud services, cybersecurity solutions can protect users, devices, apps, and data without the need to set up a tonne of security hardware on-premises. Cloud-based cybersecurity solutions employ a strategy that does not assume the presence of a perimeter. The cloud based cybersecurity architectural strategy enables and facilitates Single Sign-On (SSO) and Multi-Factor Authentication (MFA), giving each user access to a specific set of applications and data.

 

Global Cyber Security Market Report Segments Analysis

By Component

  • Service

  • Solution

 

By Solution

  • Unified Vulnerability Management Service Offering

  • Data Security & Privacy Service Offering

  • Identity & Access Management

  • Infrastructure Security

  • Governance Risk & Compliance

  • Others

 

By Deployment Model

  • On-premise

  • Cloud

 

By Enterprise Size

  • Small, medium Enterprises

  • Large Enterprises

 

By Industry Vertical

  • BFSI

  • Public Sector

  • Retail

  • Telecom

  • Automotive

  • Healthcare

  • IT

  • Energy & Utilities

  • Manufacturing

  • Others

 

By Region

North America

  • Canada

  • U.S.

 

Europe

  • France

  • Russia

  • UK

  • Germany

  • Italy

  • Rest of Europe

 

Asia-Pacific

  • Australia

  • China

  • India

  • Japan

  • Rest of Asia-Pacific

 

LAMEA

  • Africa

  • Latin America

  • Middle East

 

Depending on the Component, the cyber security industry is divided into service and solution. Solution segment is divided into Unified Vulnerability Management Service Offering, Data Security & Privacy Service Offering, Identity & Access Management, Infrastructure Security, Governance Risk & Compliance and Others. It is anticipated that the Solution segment would grow as more sectors, including IT & telecom, financial institutions, and others, embrace end-point security hardware, software, and access control technologies. Due to the increased demand for consulting, updating, and maintenance services by large and medium-sized businesses, the service category is predicted to expand at a significant CAGR throughout the projection period.

 

Depending on Deployment model, the market is divided into On-premise and Cloud. Due to the growing need for managed security services, the on-premise category is anticipated to expand significantly. Throughout the projected period, the cloud category is anticipated to have the greatest CAGR. The expansion is the result of an uptick in demand for applications that can store data securely. Additionally, market participants are creating cutting-edge cloud-based security solutions through collaboration and joint ventures with other significant players. As an illustration, in order to integrate its cloud security portfolio with Google's Cloud Platform, Fortinet, Inc. and Google LLC completed their cooperation in December 2019. This enables the customer to move their workloads to a cloud platform for advanced security.

 

Depending on Enterprise Size, the market is divided into large, medium and small enterprises.  The demand for application security services is expected to increase, which will result in significant growth for the major organisations. The CAGR for small and medium-sized businesses (SMEs) is expected to be the greatest. The increased demand for end-point security solutions among various e-commerce companies, especially those in the retail and finance sectors, is responsible for this surge.

 

Depending on Industry vertical, the market is segmented into BFSI, Public Sector, Retail, Telecom, Automotive, Healthcare, IT, Energy & Utilities, Manufacturing and Others. During the predicted period, there will likely be a  significant increase in the healthcare area. Internet security solutions support the provision of data protection for patient medical records throughout the healthcare sector. For instance, Red Hat, Inc. was purchased by IBM Corporation in October 2018. With this acquisition, IBM Corporation expanded its global reach in the development and provision of security solutions. Out of all the industries, BFSI is anticipated to grow with a sizable CAGR throughout the projected period. The desire for reliable security and digital privacy technologies among financial, insurance, and banking institutions is what's causing this increase. Insurance companies as well as banks and other financial institutions can protect extremely sensitive data combined with real-time intelligence against persistent cyber-attacks with the use of cloud application security solutions.

 

Depending on Region the market is divided into LAMEA, Europe, North America, and Asia-Pacific. During the projected period, North America is expected to hold the largest cyber security market share for cybersecurity. The demand for cloud application security solutions in the region is driven by the increase in high section security breaches. Market expansion is accelerated by the rise of online e-commerce platforms in nations like the United States and Canada. To provide businesses with improved security measures, the government employs cutting-edge network security methods. From a recent survey and analysis, it can be stated that there are about 2 million cybersecurity jobs available in the Asia-Pacific region. Meanwhile, there are almost 400,000 cybersecurity jobs open across Europe thereby driving the overall industry.  During the projection period, Europe is anticipated to expand at a significant CAGR. Major businesses in the U.K., Germany, Spain, France, Italy, and other countries are making more investments in internet security projects and other connected areas, which has greatly fuelled the rise. To protect the highly confidential information related and connected to manufacturing operations and boost productivity, important suppliers deploy cutting-edge IT security solutions. The projection period is expected to see exponential growth in the Asia Pacific region. During the projection period, nations like India, China, and Korea are anticipated to rise at a fantastic CAGR. The growth is because of an increase in service providers as well as rising government along with international investor investments in myriad number of security projects. In a survey published in 2019, the internet security company Symantec Corporation ranked India as one of the top ten nations for preventing secure web gateway crimes.

 

Report Attribute

Details

Forecast Period

2021 - 2030

Market size value in 2021

USD 216.10 billion

Revenue forecast in 2030

USD 478.68 billion

Growth rate

CAGR of 9.5%

The base year for estimation

2021

Historical data

2015 – 2019

Unit

USD Billion, CAGR (2021 - 2030)

Segmentation

By Component, By Solution, By Deployment Model, By Enterprise Size, By Industry Vertical, By Region

By Component

Service, Solution

By Solution

Unified Vulnerability Management Service Offering, Data Security & Privacy Service Offering, Identity & Access Management, Infrastructure Security, Governance Risk & Compliance, Others

By Deployment Model

On-premise, Cloud

By Enterprise Size

Small, medium Enterprises, Large Enterprises

By Industry Vertical

BFSI, Public Sector, Retail, Telecom, Automotive, Healthcare, IT, Energy & Utilities, Manufacturing, Others

By Region

North 0041merica, Europe, Asia Pacific, LAMEA

Country Scope

United States of America, Mexico, United Arab Emirates, United Kingdom, Germany, France, Canada, China, India, Japan, South Korea, Brazil, Argentina, Saudi Arabia, South Africa

Company Usability Profiles

HCL Technologies Limited, IBM Corporation, Infosys Limited, Accenture, Broadcom Inc., Capgemini, Cognizant, F5 Networks Inc., FireEye Inc., L&T Technology Services Limited, PwC International Limited Broadcom Inc., Tata Consultancy Services, Tech Mahindra Limite, Wipro Limited

 

Global Cyber Security Market Analysis of Competitive Landscape

The competitive landscape analysis gives data from some well-known players who work in the industry. There are numerous large businesses in the target market, including some of the following:

Key industry players

 

Key Cyber Security Market Trends Recent Developments:

  • On July 14th, 2022 Bishop Fox Inc. raised $75 million in funding as the company sets itself for a worldwide expansion through the channel in the upcoming years. This series B funding was led by Carrick Capital Partners. The company Bishop Fox has a platform called Cosmos that provides simulated cyberattacks in order to detect and identify various vulnerabilities in the customers IT systems. The above funding will be focused on enrichment of core technology platform of Bishop Fox.

 

  • On Feb 23, 2022 there were investments in security incident response and training for organisations throughout APAC. IBM's new Security Operations Center (SOC) is a component of its worldwide network that aids clients globally in responding to cyberattacks. Asia was the most frequently targeted region for cyberattacks in 2021, according to the IBM Security X-Force Threat Intelligence Index, which was just released.

 

  • On Mar 01, 2022 According to a senior official, TCS's cyber security deals increased 3X over the past 12 months. The big IT services provider anticipates growing by 3,000–3,500 personnel in FY23, just for cyber security. Deals involving cyber security for Tata Consultancy Services (TCS) have multiplied by at least 2.5-3 times during the past year. According to a senior TCS executive, the major provider of IT services is already actively expanding its offers in this field. In FY23, it plans to hire between 3,000 and 3,500 new people just for cyber security.

 

  • On May 30, 2022 – A new office for Capgemini with a dedicated Cyber Defense Center (CDC) and a Cloud services Center has been established in Malaga, Spain. The CDC will fortify the Group's global network of Cyber Defense Centers with a focus on incident response, ERP security, and cybersecurity services utilising artificial intelligence (AI). In order to assist national and international businesses in pursuing the goal of an intelligent industry, Capgemini will also offer specialist cloud technology services in Malaga.

 

  • On July 2021: Fortinet, Inc. acquired application security pioneer Skenai to speed up DevSecOps. Sken.ai provides thorough testing for all popular programming languages and frameworks and different kinds of scans (DAST, SAST, SCA, Secrets, and more). Sken.ai uses machine learning  to correlate and assign a security risk level and score to each and every vulnerability across various scan types and apps.

 

Many devices that the market leaders are manufacturing:

 

Name

Features

Key player

 

 

Hybrid cloud solutions

The new generation of hybrid cloud lets you to skill once, build once, and manage through a single pane of glass thus allowing you to build any cloud  common platform you manage .

 

At IBM, Red Hat OpenShift, the industry-leading hybrid cloud container technology, serves as the cornerstone of this strategy. You may create and use cloud services from any cloud, anywhere, with Red Hat OpenShift.Additionally, IBM provides IBM Cloud Pak solutions, a collection of AI-enhanced applications that utilises Red Hat OpenShift.With prediction data insights, security, automation, and modernisation, these solutions may assist enterprises in advancing digital transformation in any cloud environment.

 

 

   IBM Corporation

 

Symantec enterprise cloud

For the biggest, most complex companies in the world, Symantec Enterprise Cloud offers data-centric hybrid security that works on devices, in private data centres, and in the cloud.

Compliance consistent : Apply compliance rules consistently throughout the infrastructure, and manage them accordingly.

Secure Remote Work: Keep vital company assets secure no matter where they are located or from where they are accessible.

 Threat and data Protection Everywhere: Integrate intelligence from different control points to find, stop, and stop specific threats.

 

 Broadcom Inc.

 

Distributed cloud services

With F5 Distributed Cloud Services, you can migrate to a cloud-native environment and streamline the deployment, security, and administration of your apps and infrastructure.

F5 Networks Inc.

 

 

Frequently Asked Question About This Report

b: The global cyber security market size was $216.10 billion in 2021 and is predicted to reach $478.68 billion by 2030, with a CAGR of 9.5%.

b: The global cyber security market is expected to grow at a compound annual growth rate (CAGR) of 9.5% from 2021 to 2030 to reach USD 478.68 billion by 2030.

b: Healthcare/Medical spends the maximum on cybersecurity.

b: By 2030, the Market for cyber security will be worth $478.68 billion.

b: The top enterprise-grade cybersecurity service providers are Cisco, Check Point Software, Symantec, Palo Alto Networks, and McAfee. Nearly all of the top businesses offer network, cloud, email, and endpoint security.

.